SPSM(SPSM)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards other industries, comprising over 64% of its holdings, with technology and financial services making up relatively minor portions at around 5.5% each. The presence of healthcare and consumer cyclical sectors is also notable, albeit to a lesser extent.
Concentration risk is elevated due to the top-10 list being populated by single stocks that collectively account for nearly 7% of the portfolio's assets. The sector mix diverges from the broader market, with an underweight in traditionally dominant areas like technology and financial services. A favorable macro environment for this portfolio would likely be one characterized by strong growth across various sectors, while a downturn in other industries could exacerbate its already elevated valuation posture, as evidenced by its 18.5x weighted P/E ratio.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:25:47.774558+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The thematic alignment of the SPSM fund is notably weak when compared to its implied investment theme, which typically suggests a focus on space or satellite infrastructure. The top holdings list reveals significant divergence from this narrative, featuring companies in sectors such as Healthcare (MOH), Basic Materials (ESI, EMN), and Financial Services that have no direct connection to aerospace or orbital mechanics. Furthermore, the sector breakdown shows an almost equal weighting between Technology and Industrials at roughly 5%, with substantial allocations to Consumer Cyclical and Real Estate, indicating a broad market exposure rather than a concentrated thematic approach. The presence of generic holding names alongside diverse industrial sectors suggests the fund may be utilizing wide-ranging equities to stabilize returns, effectively diluting any specific space-related focus intended by its ticker or name.
Concentration risk appears elevated relative to true thematic purity, as evidenced by the top-10 concentration metric and the sheer breadth of holdings across unrelated industries. The sector weights lack coherence with a specialized theme; for instance, heavy exposure to Financial Services and Consumer Defensive sectors contradicts an aggressive growth narrative often associated with space technology funds. While the fund holds names that could theoretically relate to aerospace supply chains, their minimal weightings within a portfolio spanning eleven distinct sectors suggest the vehicle functions more like a diversified broad-market index than a differentiated thematic strategy. This structural dispersion means the fund's performance will likely mirror general market trends rather than specific sectoral outperformance in space-related activities, rendering it less suitable for investors seeking pure exposure to that niche.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-18 13:06:48.466255+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of SPSM reveals a highly diversified structure with no single industry driving the portfolio's exposure. Financial Services, Technology, and Industrials collectively account for approximately 15% of assets, while Consumer Cyclical and Healthcare follow closely behind at roughly 9%. This broad distribution across ten distinct sectors suggests an investment thesis centered on capturing aggregate market growth rather than betting on a specific economic cycle or industry trend. The relatively low weightings in defensive sectors like Utilities (1.0%) and Communication Services (0.8%), contrasted with moderate exposure to cyclical areas, indicate that the fund is not explicitly structured as a hedge against recessionary pressures but instead seeks participation across the entire equity spectrum regardless of macroeconomic conditions.
Concentration risk appears minimal given the Top-5 individual holdings represent less than 3.7% of total assets and the top ten positions combined constitute only 6.1%. This low concentration metric implies that idiosyncratic risks associated with any single company are unlikely to materially impact overall portfolio performance, pointing toward a strategy that prioritizes breadth over deep specialization in specific large-cap leaders. The presence of multiple small-to-mid-sized holdings within each sector further supports the notion that this vehicle functions as a micro-cap or broad-based small-cap index proxy rather than an active manager selecting a handful of high-conviction stocks.
Factor tilts inferred from the data suggest a bias toward value and size factors, given the significant representation in Industrials and Financial Services alongside smaller average market capitalizations implied by the numerous holdings per sector. The absence of dominant technology or consumer discretionary weights distinguishes this allocation from many growth-oriented small-cap funds that often skew heavily toward software and internet services. Ultimately, the fund's construction reflects a passive approach designed to mirror a broad segment of the stock market with an emphasis on diversification across industries rather than aggressive factor loading in specific high-growth niches.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 08:42:03.857398+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPSM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPSM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 602 | 99.8% |
| SLYVSLYV | $4B | — | 462 | 70.2% |
| SLYGSLYG | $4B | — | 347 | 63.8% |
| VTWOVTWO | $15B | — | 281 | 62.0% |
| VBRVBR | $62B | — | 132 | 34.3% |
100% of SPSM's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPSM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPSM'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 57% 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 57% 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 SPSM collectively pay out 45% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 22% 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
ProprietarySPSM is up 31.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +9.3%. The remaining +22.6% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 53% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPSM's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPSM's analyzed weight, 37% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 63% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 33% 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.
SPSM has a Passive Crowding Score of 32/100. On average, 9.7% of the market capitalization of SPSM'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 21 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 | MOH | MOLINA HEALTHCARE INC Healthcare | 0.64% | 60.3x | 4/9 |
| 2 | MTCH | MATCH GROUP INC Communication Services | 0.51% | 15.4x | 7/9 |
| 3 | VSAT | VIASAT INC | 0.51% | — | 6/9 |
| 4 | GKOS | GLAUKOS CORP | 0.50% | — | — |
| 5 | KRYS | KRYSTAL BIOTECH INC | 0.49% | 36.0x | 7/9 |
| 6 | JXN | JACKSON FINANCIAL INC A | 0.48% | — | — |
| 7 | ALKS | ALKERMES PLC Healthcare | 0.47% | 20.8x | 5/9 |
| 8 | ESI | ELEMENT SOLUTIONS INC Basic Materials | 0.47% | 42.6x | 5/9 |
| 9 | CORT | CORCEPT THERAPEUTICS INC Healthcare | 0.47% | 258.6x | 5/9 |
| 10 | ESE | ESCO TECHNOLOGIES INC Technology | 0.46% | 57.1x | 3/9 |
| 11 | FORM | FORMFACTOR INC | 0.46% | 136.2x | 4/9 |
| 12 | KMX | CARMAX INC Consumer Cyclical | 0.45% | 36.3x | 6/9 |
| 13 | PTGX | PROTAGONIST THERAPEUTICS INC | 0.44% | — | — |
| 14 | TRNO | TERRENO REALTY CORP | 0.43% | 15.7x | 6/9 |
| 15 | EAT | BRINKER INTERNATIONAL INC Consumer Cyclical | 0.43% | 13.7x | 8/9 |
Historical Holdings Snapshots
Browse how SPSM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 7.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.64% | 489,774 | — |
| 2 | MTCH | 0.51% | 2,192,362 | — |
| 3 | VSAT | 0.51% | 1,277,027 | — |
| 4 | GKOS | 0.50% | 552,011 | — |
| 5 | KRYS | 0.49% | 246,272 | — |
| 6 | JXN | 0.48% | 656,046 | — |
| 7 | ALKS | 0.47% | 1,568,100 | — |
| 8 | ESI | 0.47% | 2,152,790 | — |
| 9 | CORT | 0.47% | 898,888 | — |
| 10 | ESE | 0.46% | 243,481 | — |
| 11 | FORM | 0.46% | 732,590 | — |
| 12 | KMX | 0.45% | 1,335,233 | — |
| 13 | PTGX | 0.44% | 568,939 | — |
| 14 | TRNO | 0.43% | 996,882 | — |
| 15 | EAT | 0.43% | 403,235 | — |
2026-07-18
15 holdings · 7.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.64% | 489,774 | — |
| 2 | MTCH | 0.51% | 2,192,362 | — |
| 3 | VSAT | 0.51% | 1,277,027 | — |
| 4 | GKOS | 0.50% | 552,011 | — |
| 5 | KRYS | 0.49% | 246,272 | — |
| 6 | JXN | 0.48% | 656,046 | — |
| 7 | ALKS | 0.47% | 1,568,100 | — |
| 8 | ESI | 0.47% | 2,152,790 | — |
| 9 | CORT | 0.47% | 898,888 | — |
| 10 | ESE | 0.46% | 243,481 | — |
| 11 | FORM | 0.46% | 732,590 | — |
| 12 | KMX | 0.45% | 1,335,233 | — |
| 13 | PTGX | 0.44% | 568,939 | — |
| 14 | TRNO | 0.43% | 996,882 | — |
| 15 | EAT | 0.43% | 403,235 | — |
2026-07-17
15 holdings · 7.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.67% | 486,621 | — |
| 2 | BTSG | 0.59% | 1,477,122 | — |
| 3 | VSAT | 0.52% | 1,267,971 | — |
| 4 | MTCH | 0.51% | 2,173,530 | — |
| 5 | GKOS | 0.50% | 548,215 | — |
| 6 | KRYS | 0.50% | 244,659 | — |
| 7 | FORM | 0.49% | 727,304 | — |
| 8 | ESI | 0.49% | 2,134,349 | — |
| 9 | ALKS | 0.48% | 1,559,920 | — |
| 10 | JXN | 0.48% | 652,329 | — |
| 11 | CORT | 0.47% | 894,151 | — |
| 12 | AGX | 0.47% | 130,328 | — |
| 13 | ESE | 0.46% | 241,601 | — |
| 14 | KMX | 0.46% | 1,328,160 | — |
| 15 | PTGX | 0.45% | 565,917 | — |
2026-07-16
15 holdings · 7.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.69% | 486,621 | — |
| 2 | BTSG | 0.61% | 1,477,122 | — |
| 3 | VSAT | 0.52% | 1,267,971 | — |
| 4 | ESI | 0.51% | 2,134,349 | — |
| 5 | FORM | 0.50% | 727,304 | — |
| 6 | GKOS | 0.49% | 548,215 | — |
| 7 | MTCH | 0.49% | 2,173,530 | — |
| 8 | KRYS | 0.49% | 244,659 | — |
| 9 | AGX | 0.48% | 130,328 | — |
| 10 | CORT | 0.48% | 894,151 | — |
| 11 | ALKS | 0.47% | 1,559,920 | — |
| 12 | JXN | 0.47% | 652,329 | — |
| 13 | ESE | 0.46% | 241,601 | — |
| 14 | SNEX | 0.44% | 658,249 | — |
| 15 | PTGX | 0.44% | 565,917 | — |
2026-07-15
15 holdings · 7.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.70% | 486,378 | — |
| 2 | BTSG | 0.61% | 1,476,381 | — |
| 3 | KRYS | 0.53% | 244,536 | — |
| 4 | VSAT | 0.52% | 1,267,335 | — |
| 5 | ESI | 0.50% | 2,133,278 | — |
| 6 | MTCH | 0.49% | 2,172,438 | — |
| 7 | GKOS | 0.49% | 547,939 | — |
| 8 | ALKS | 0.48% | 1,559,140 | — |
| 9 | FORM | 0.47% | 726,938 | — |
| 10 | JXN | 0.47% | 652,002 | — |
| 11 | AGX | 0.46% | 130,262 | — |
| 12 | ESE | 0.46% | 241,481 | — |
| 13 | CORT | 0.45% | 893,704 | — |
| 14 | EAT | 0.45% | 399,863 | — |
| 15 | SNEX | 0.44% | 657,919 | — |
2026-07-14
15 holdings · 7.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MOH | 0.67% | 487,278 | — |
| 2 | BTSG | 0.62% | 1,480,381 | — |
| 3 | VSAT | 0.55% | 1,270,735 | — |
| 4 | KRYS | 0.53% | 245,536 | — |
| 5 | FORM | 0.50% | 729,438 | — |
| 6 | ESI | 0.50% | 2,143,078 | — |
| 7 | MTCH | 0.50% | 2,182,438 | — |
| 8 | GKOS | 0.49% | 549,539 | — |
| 9 | AGX | 0.48% | 130,662 | — |
| 10 | CORT | 0.48% | 893,704 | — |
| 11 | ALKS | 0.48% | 1,559,140 | — |
| 12 | ESE | 0.47% | 242,321 | — |
| 13 | SNEX | 0.46% | 660,019 | — |
| 14 | JXN | 0.45% | 652,002 | — |
| 15 | PTGX | 0.44% | 565,635 | — |
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 SPSM 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 SPSM’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.