SPMD(SPMD)
AI Look-Through Summary
AI GeneratedThe portfolio has a notable tilt towards "Other" sectors, which likely encompasses a diverse range of industries not explicitly listed here, making up nearly 60% of its allocation. This is accompanied by a significant presence in Industrials and Technology sectors, with smaller allocations to Consumer Cyclical and Real Estate. The market-cap profile appears to be skewed towards large-cap stocks, given the relatively high weighted P/E ratio of 22.7x and weighted P/B ratio of 4.31x.
The concentration risk is moderate, with no single stock dominating the portfolio, but rather a group of mid-sized holdings (around 0.7-0.9% each) led by TWLO. The sector mix diverges from the broader market, which may be beneficial in certain macro environments. A strong economic recovery or cyclical upswing could favor this portfolio's Industrials and Technology exposures. Conversely, a market downturn or sector rotation towards defensive areas might put pressure on its valuation posture.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:17:24.736303+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The thematic alignment between the ETF's name, which implies a focus on mid-cap stocks in the materials and manufacturing sector, and its actual holdings is notably weak. While several top positions such as FTI operate within the Energy or Industrials sectors, many significant constituents like FLEX, TWLO, CW, NVT, UTHR, P, XPO, MTZ, STRL, ILMN, WWD, and ATI lack clear sector classifications in the provided data or belong to diverse industries unrelated to a cohesive materials theme. The presence of technology firms alongside industrial entities suggests that the fund may be utilizing broad market names rather than maintaining strict adherence to its stated investment philosophy.
Sector coherence is further challenged by a fragmented distribution across multiple unconnected areas, including Real Estate, Financial Services, and Consumer Defensive sectors, which dilutes any potential thematic focus on manufacturing or materials. Although Industrials represents the largest single sector at 10%, it shares weight with Technology and other unrelated fields, indicating that the portfolio behaves more like a diversified small-to-mid-cap blend than a specialized industry fund. With a top-ten concentration of only 8.2% and holdings spread across twenty-one different sectors in the consumer cyclical category alone, the fund offers little differentiation from a broad market index. The data suggests the vehicle captures general mid-cap performance rather than delivering targeted exposure to specific materials or industrial sub-sectors as its name might imply.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 16:02:29.087052+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPMD presents a distinct divergence from traditional broad-market indices, characterized by an overwhelming concentration in the Industrials sector which accounts for ten percent of the portfolio. This heavy weighting suggests a specific investment thesis centered on industrial exposure rather than diversification across all economic drivers. While Technology and Consumer Cyclical sectors are present at six and 4.6 percent respectively, their combined influence remains secondary to the primary focus on industrials, indicating that the fund's performance will be highly sensitive to macroeconomic factors affecting manufacturing, construction, and infrastructure rather than consumer spending or digital innovation trends.
The distribution of remaining assets reveals a deliberate underweighting in defensive sectors such as Consumer Defensive and Utilities, which together comprise less than two percent of total holdings. This structural choice implies an aggressive stance that may prioritize growth potential over capital preservation during periods of economic volatility. Furthermore, the significant allocation to Real Estate and Financial Services at roughly four percent each adds layers of interest rate sensitivity that contrast with the operational leverage typically found in industrial equities. The top-10 concentration metric stands at 8.2 percent, reflecting a relatively dispersed holding pattern within its selected universe rather than reliance on single-stock drivers, though the sheer dominance of the Industrials category creates a concentrated sectoral risk profile independent of individual stock dispersion.
Overall, this allocation structure highlights a fund designed for investors seeking targeted exposure to industrial dynamics while accepting elevated sensitivity to cyclical economic shifts and potential headwinds in non-industrial areas. The minimal presence of Utilities and Consumer Defensive stocks underscores a lack of hedging against recessionary scenarios often associated with defensive sectors. Consequently, the portfolio's risk-return profile appears tailored for environments where industrial activity is robust, leaving it vulnerable if such growth falters or if market conditions favor stability over expansion in non-industrial domains.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 03:23:22.060164+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPMD's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPMD's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 401 | 99.9% |
| MDYMDY | $24B | — | 399 | 99.6% |
| VXFVXF | $84B | — | 292 | 88.0% |
| ONEOONEO | $25M | — | 304 | 85.0% |
| VBVB | $170B | — | 257 | 82.3% |
100% of SPMD's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPMD's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPMD's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 78% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 71% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SPMD collectively pay out 63% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 32% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietarySPMD is up 20.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +21.3%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 67% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPMD's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPMD's analyzed weight, 33% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 67% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 49% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SPMD has a Passive Crowding Score of 34/100. On average, 10.1% of the market capitalization of SPMD's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 17 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | TWLO | TWILIO INC A | 0.87% | 553.6x | 6/9 |
| 2 | ILMN | ILLUMINA INC Healthcare | 0.80% | 34.6x | 7/9 |
| 3 | FTI | TECHNIPFMC PLC Energy | 0.80% | 27.6x | 9/9 |
| 4 | CRS | CARPENTER TECHNOLOGY Industrials | 0.77% | 58.5x | 7/9 |
| 5 | CW | CURTISS WRIGHT CORP Industrials | 0.74% | 52.4x | 8/9 |
| 6 | XPO | XPO INC | 0.72% | 71.7x | 5/9 |
| 7 | ATI | ATI INC Industrials | 0.71% | 61.4x | 8/9 |
| 8 | NVT | NVENT ELECTRIC PLC | 0.69% | 43.9x | 6/9 |
| 9 | OKTA | OKTA INC Technology | 0.69% | 109.0x | 7/9 |
| 10 | WWD | WOODWARD INC Industrials | 0.65% | 47.2x | 9/9 |
| 11 | UTHR | UNITED THERAPEUTICS CORP | 0.63% | 21.0x | 6/9 |
| 12 | MKSI | MKS INC | 0.62% | 49.6x | 7/9 |
| 13 | BURL | BURLINGTON STORES INC Consumer Cyclical | 0.62% | 32.6x | 6/9 |
| 14 | USFD | US FOODS HOLDING CORP | 0.61% | 31.2x | 6/9 |
| 15 | P | EVERPURE INC A | 0.60% | 125.8x | — |
Historical Holdings Snapshots
Browse how SPMD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 10.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.87% | 774,846 | — |
| 2 | ILMN | 0.80% | 772,422 | — |
| 3 | FTI | 0.80% | 2,035,465 | — |
| 4 | CRS | 0.77% | 253,655 | — |
| 5 | CW | 0.74% | 188,582 | — |
| 6 | XPO | 0.72% | 599,406 | — |
| 7 | ATI | 0.71% | 696,723 | — |
| 8 | NVT | 0.69% | 825,615 | — |
| 9 | OKTA | 0.69% | 855,952 | — |
| 10 | WWD | 0.65% | 304,175 | — |
| 11 | UTHR | 0.63% | 216,688 | — |
| 12 | MKSI | 0.62% | 344,839 | — |
| 13 | BURL | 0.62% | 320,751 | — |
| 14 | USFD | 0.61% | 1,124,286 | — |
| 15 | P | 0.60% | 1,610,937 | — |
2026-07-18
15 holdings · 10.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.87% | 774,846 | — |
| 2 | ILMN | 0.80% | 772,422 | — |
| 3 | FTI | 0.80% | 2,035,465 | — |
| 4 | CRS | 0.77% | 253,655 | — |
| 5 | CW | 0.74% | 188,582 | — |
| 6 | XPO | 0.72% | 599,406 | — |
| 7 | ATI | 0.71% | 696,723 | — |
| 8 | NVT | 0.69% | 825,615 | — |
| 9 | OKTA | 0.69% | 855,952 | — |
| 10 | WWD | 0.65% | 304,175 | — |
| 11 | UTHR | 0.63% | 216,688 | — |
| 12 | MKSI | 0.62% | 344,839 | — |
| 13 | BURL | 0.62% | 320,751 | — |
| 14 | USFD | 0.61% | 1,124,286 | — |
| 15 | P | 0.60% | 1,610,937 | — |
2026-07-17
15 holdings · 10.7% tracked weight2026-07-16
15 holdings · 10.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.93% | 772,731 | — |
| 2 | FTI | 0.83% | 2,029,915 | — |
| 3 | ILMN | 0.81% | 770,307 | — |
| 4 | CRS | 0.80% | 252,965 | — |
| 5 | CW | 0.78% | 188,072 | — |
| 6 | NVT | 0.73% | 823,365 | — |
| 7 | OKTA | 0.73% | 853,612 | — |
| 8 | ATI | 0.72% | 694,818 | — |
| 9 | XPO | 0.69% | 597,771 | — |
| 10 | P | 0.68% | 1,606,542 | — |
| 11 | MKSI | 0.68% | 343,894 | — |
| 12 | WWD | 0.66% | 303,350 | — |
| 13 | MTZ | 0.63% | 313,699 | — |
| 14 | UTHR | 0.63% | 216,103 | — |
| 15 | USFD | 0.62% | 1,121,211 | — |
2026-07-15
15 holdings · 10.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.93% | 772,731 | — |
| 2 | FTI | 0.82% | 2,029,915 | — |
| 3 | ILMN | 0.81% | 770,307 | — |
| 4 | CRS | 0.79% | 252,965 | — |
| 5 | CW | 0.77% | 188,072 | — |
| 6 | NVT | 0.72% | 823,365 | — |
| 7 | ATI | 0.71% | 694,818 | — |
| 8 | XPO | 0.69% | 597,771 | — |
| 9 | P | 0.67% | 1,606,542 | — |
| 10 | MKSI | 0.67% | 343,894 | — |
| 11 | WWD | 0.67% | 303,350 | — |
| 12 | OKTA | 0.66% | 853,612 | — |
| 13 | UTHR | 0.64% | 216,103 | — |
| 14 | USFD | 0.63% | 1,121,211 | — |
| 15 | MTZ | 0.62% | 313,699 | — |
2026-07-14
15 holdings · 10.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TWLO | 0.91% | 772,731 | — |
| 2 | ILMN | 0.81% | 770,307 | — |
| 3 | CRS | 0.80% | 252,965 | — |
| 4 | FTI | 0.80% | 2,029,915 | — |
| 5 | CW | 0.78% | 188,072 | — |
| 6 | NVT | 0.73% | 823,365 | — |
| 7 | ATI | 0.71% | 694,818 | — |
| 8 | P | 0.70% | 1,606,542 | — |
| 9 | MKSI | 0.70% | 343,894 | — |
| 10 | XPO | 0.68% | 597,771 | — |
| 11 | WWD | 0.68% | 303,350 | — |
| 12 | OKTA | 0.65% | 853,612 | — |
| 13 | UTHR | 0.65% | 216,103 | — |
| 14 | MTZ | 0.64% | 313,699 | — |
| 15 | USFD | 0.62% | 1,121,211 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove SPMD Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How SPMD’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.