State Street SPDR S&P 500 ETF Trust(SPY)
AI Look-Through Summary
AI GeneratedThe State Street SPDR S&P 500 ETF Trust maintains a massive asset base of $640 billion while charging an expense ratio of 0.09%, reflecting its status as one of the largest and most liquid vehicles for accessing broad U.S. equity exposure. However, the fund's internal composition reveals a significant concentration within the technology sector, which accounts for over one-third of total portfolio weight at 37.3%. This heavy tilt is driven by substantial holdings in mega-cap names such as NVIDIA, Apple, Microsoft, and Broadcom, whose combined allocation exceeds 26% of the entire trust. Such clustering amplifies sensitivity to shifts in semiconductor demand or consumer electronics spending rather than providing a more diversified representation across all fifty underlying indices.
Geographically, the fund inherently tracks U.S.-listed equities with no explicit international weighting provided in its structure, meaning investors receive exposure solely to domestic market dynamics. Sector analysis further highlights that Financial Services and Communication Services each hold 11% of assets, while Consumer Cyclical and Healthcare follow at under 10%, creating a profile where growth-oriented industries dominate the risk-return characteristics. The top ten holdings alone represent nearly half of the fund's total value, with the remaining positions distributed across smaller caps within those same sectors or other laggards in weight percentage. This concentration suggests that performance will be heavily correlated with the fortunes of these specific large-cap leaders rather than the broader market average.
Quantitatively, the combination of low costs and extreme liquidity makes this vehicle highly suitable for institutional trading and programmatic execution where speed and minimal friction are paramount. Yet, the data indicates a portfolio skewed toward high-beta technology stocks that may outperform in bull markets but could suffer disproportionate drawdowns during rotations away from growth or periods of rising interest rates affecting valuation multiples. The fund effectively serves as a leveraged bet on the continued dominance of current market leaders rather than an equal-weighted basket of American industry, requiring careful consideration regarding how much specific large-cap volatility aligns with individual risk tolerances.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-20 04:34:31.04287+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 10/100The investment theme implied by the name "SPDR S&P 500 ETF Trust" is a broad-based replication of the largest U.S. publicly traded companies, rather than exposure to any specific industry or factor. The actual holdings align perfectly with this mandate, as the portfolio consists entirely of constituents from diverse sectors including technology, financial services, healthcare, and energy. There are no unrelated assets that deviate from the stated objective of tracking a major market index, nor is there an over-reliance on thematic naming conventions to obscure a narrow focus; instead, the fund maintains strict adherence to its benchmark composition through a wide dispersion across sixty-nine holdings in technology alone alongside significant representation in other industries.
Sector weights demonstrate high coherence with the goal of capturing the overall performance of the U.S. equity market rather than isolating specific growth drivers or defensive plays. While Technology represents a substantial portion at 37.3%, this concentration reflects the current capitalization-weighted reality of the S&P 500 index itself, ensuring the fund remains differentiated from sector-specific strategies while still mirroring the aggregate behavior of the broader economy. The presence of major players across financials, communication services, and industrials confirms that the vehicle functions as a genuine market proxy rather than an attempt to mimic broad-market returns through narrow thematic selection, thereby fulfilling its structural role within the investment landscape without deviation from its defined scope.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 12:14:50.209058+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors across the top holdings of the State Street SPDR S&P 500 ETF Trust reveal a distinct convergence around regulatory headwinds in three critical areas: climate change compliance, data privacy and cybersecurity, and artificial intelligence governance. A significant portion of the fund's largest positions explicitly flag that adherence to evolving environmental regulations could materially impact their financial conditions, while simultaneously noting that stricter AI usage rules may increase operational costs or alter competitive dynamics. These disclosures indicate a broad macro-level threat where external regulatory frameworks are becoming primary drivers of potential cost escalation and strategic uncertainty for major technology and industrial leaders within the portfolio.
The concentration of these specific risk categories among the fund's highest-weighted assets suggests a high degree of correlated downside exposure should regulators implement stringent new mandates in these sectors. With NVIDIA, Apple, Microsoft, Amazon, Google, Meta, Broadcom, AMD, and Tesla all representing substantial portions of the total net asset value, any systemic tightening regarding carbon emissions reporting, cross-border data transfer laws, or AI liability standards could simultaneously pressure earnings across a wide swath of the index. This clustering implies that the fund is not insulated from regulatory shifts in these domains; rather, its performance may be tightly linked to how effectively this specific group of companies can navigate an increasingly complex and costly compliance landscape without eroding margins or market share.
While systemic risks dominate the current disclosures, company-specific factors also warrant attention due to their heavy weighting. NVIDIA's singular 8.3% allocation means that any material adverse impact from climate regulations or AI liability rules carries disproportionate significance for the fund compared to smaller constituents like Exxon Mobil or Johnson & Johnson. Although these other companies face similar macro trends, they are not currently highlighted with the same frequency in the provided risk factors as the technology giants. Consequently, regulatory developments targeting specific aspects of semiconductor manufacturing or generative AI could create outsized volatility within this ETF relative to a more diversified basket of equities that does not rely so heavily on these particular names.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-24 05:09:57.821997+00
🏢 Sector Analysis
AI GeneratedThe State Street SPDR S&P 500 ETF Trust exhibits a sector allocation heavily skewed toward growth-oriented industries, with Technology comprising over one-third of the total portfolio value. This significant weighting is reinforced by an investment thesis that prioritizes exposure to large-cap innovators driving digital transformation and artificial intelligence advancements. The top five holdings alone account for nearly 38% of assets under management, all concentrated within just three sectors: Technology, Consumer Cyclical, and Communication Services. Such a structure indicates a fund design intended to capture the performance of market leaders rather than providing broad industrial diversification, as these mega-cap tech names dominate both sector weightings and individual stock influence.
This concentration creates distinct factor tilts toward large-market-capitalization growth while simultaneously introducing elevated idiosyncratic risk tied to specific company outcomes. The heavy reliance on a handful of equities means that volatility in the performance of top holdings like semiconductor or software giants will disproportionately impact overall portfolio returns compared to a more evenly distributed index fund. Furthermore, the underweighting of defensive sectors such as Utilities and Real Estate suggests the vehicle is not structured for capital preservation during economic downturns but rather aims to maximize upside potential when cyclical growth drivers outperform traditional value assets. The data reflects a passive replication strategy that inherently accepts this sector imbalance because it mirrors the current composition of the S&P 500 index, where market cap weighting naturally amplifies the influence of dominant players in high-growth industries over time.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 08:56:27.206014+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPY's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPY's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 505 | 99.9% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 498 | 99.6% |
| QUSQUS | $1B | — | 458 | 98.8% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 422 | 98.3% |
| SPLGSPLG | $97B | — | 488 | 98.2% |
100% of SPY's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPY's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPY'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
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 98% 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 86% 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SPY collectively pay out 36% 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 67% 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
ProprietarySPY is up 28.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +39.4%. Despite earnings growth, valuations have contracted by 10.8% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 84% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPY's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPY's analyzed weight, 78% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 22% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 80% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDSPY's top holding NVDA at 8.3% is above the 8% elevated-concentration threshold. The effective number of stocks is 45 vs. the actual count of 50.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². 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.
SPY has a Passive Crowding Score of 36/100. On average, 10.7% of the market capitalization of SPY'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 52 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 | NVDA | NVIDIA CORP Technology | 8.35% | 32.4x | 4/9 |
| 2 | AAPL | APPLE INC Technology | 7.01% | 37.7x | 8/9 |
| 3 | MSFT | MICROSOFT CORP Technology | 4.87% | 26.8x | 5/9 |
| 4 | AMZN | AMAZON.COM INC Consumer Cyclical | 4.10% | 31.7x | 6/9 |
| 5 | GOOGL | ALPHABET INC CL A Communication Services | 3.53% | 29.0x | 6/9 |
| 6 | AVGO | BROADCOM INC Technology | 3.08% | 86.9x | 8/9 |
| 7 | GOOG | ALPHABET INC CL C Communication Services | 2.81% | 28.7x | 6/9 |
| 8 | META | META PLATFORMS INC CLASS A Communication Services | 2.08% | 23.0x | 5/9 |
| 9 | TSLA | TESLA INC Consumer Cyclical | 1.84% | 399.8x | 5/9 |
| 10 | BRK.B | BERKSHIRE HATHAWAY INC CL B Financial Services | 1.38% | 14.1x | — |
| 11 | MU | MICRON TECHNOLOGY INC Technology | 1.34% | 45.9x | 7/9 |
| 12 | LLY | ELI LILLY + CO Healthcare | 1.29% | 39.2x | 7/9 |
| 13 | JPM | JPMORGAN CHASE + CO Financial Services | 1.28% | 14.3x | 3/9 |
| 14 | AMD | ADVANCED MICRO DEVICES Technology | 1.15% | 172.6x | 7/9 |
| 15 | XOM | EXXON MOBIL CORP Energy | 1.02% | 24.5x | 5/9 |
Historical Holdings Snapshots
Browse how SPY’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 45.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.35% | 291,237,232 | — |
| 2 | AAPL | 7.01% | 175,953,754 | — |
| 3 | MSFT | 4.87% | 88,995,373 | — |
| 4 | AMZN | 4.10% | 117,077,081 | — |
| 5 | GOOGL | 3.53% | 69,775,052 | — |
| 6 | AVGO | 3.08% | 56,822,510 | — |
| 7 | GOOG | 2.81% | 56,047,888 | — |
| 8 | META | 2.08% | 26,211,674 | — |
| 9 | TSLA | 1.84% | 33,704,357 | — |
| 10 | BRK.B | 1.38% | 21,974,807 | — |
| 11 | MU | 1.34% | 13,487,306 | — |
| 12 | LLY | 1.29% | 9,495,969 | — |
| 13 | JPM | 1.28% | 32,310,179 | — |
| 14 | AMD | 1.15% | 19,544,657 | — |
| 15 | XOM | 1.02% | 50,077,316 | — |
2026-05-23
15 holdings · 45.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.35% | 291,237,232 | — |
| 2 | AAPL | 7.01% | 175,953,754 | — |
| 3 | MSFT | 4.87% | 88,995,373 | — |
| 4 | AMZN | 4.10% | 117,077,081 | — |
| 5 | GOOGL | 3.53% | 69,775,052 | — |
| 6 | AVGO | 3.08% | 56,822,510 | — |
| 7 | GOOG | 2.81% | 56,047,888 | — |
| 8 | META | 2.08% | 26,211,674 | — |
| 9 | TSLA | 1.84% | 33,704,357 | — |
| 10 | BRK.B | 1.38% | 21,974,807 | — |
| 11 | MU | 1.34% | 13,487,306 | — |
| 12 | LLY | 1.29% | 9,495,969 | — |
| 13 | JPM | 1.28% | 32,310,179 | — |
| 14 | AMD | 1.15% | 19,544,657 | — |
| 15 | XOM | 1.02% | 50,077,316 | — |
2026-05-22
15 holdings · 45.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.51% | 291,985,857 | — |
| 2 | AAPL | 6.96% | 176,406,056 | — |
| 3 | MSFT | 4.89% | 89,224,121 | — |
| 4 | AMZN | 4.06% | 117,378,015 | — |
| 5 | GOOGL | 3.55% | 69,954,404 | — |
| 6 | AVGO | 3.11% | 56,968,578 | — |
| 7 | GOOG | 2.82% | 56,191,942 | — |
| 8 | META | 2.07% | 26,279,037 | — |
| 9 | TSLA | 1.84% | 33,791,012 | — |
| 10 | BRK.B | 1.38% | 22,031,305 | — |
| 11 | MU | 1.29% | 13,521,968 | — |
| 12 | JPM | 1.28% | 32,393,230 | — |
| 13 | LLY | 1.27% | 9,520,402 | — |
| 14 | AMD | 1.14% | 19,594,901 | — |
| 15 | XOM | 1.02% | 50,206,053 | — |
2026-05-21
15 holdings · 45.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.50% | 291,138,357 | — |
| 2 | AAPL | 6.96% | 175,894,016 | — |
| 3 | MSFT | 4.91% | 88,965,161 | — |
| 4 | AMZN | 4.02% | 117,037,335 | — |
| 5 | GOOGL | 3.58% | 69,751,364 | — |
| 6 | AVGO | 3.09% | 56,803,218 | — |
| 7 | GOOG | 2.85% | 56,028,862 | — |
| 8 | META | 2.09% | 26,202,777 | — |
| 9 | TSLA | 1.80% | 33,692,912 | — |
| 10 | BRK.B | 1.40% | 21,967,345 | — |
| 11 | LLY | 1.28% | 9,492,742 | — |
| 12 | JPM | 1.26% | 32,299,210 | — |
| 13 | MU | 1.25% | 13,482,728 | — |
| 14 | XOM | 1.08% | 50,060,313 | — |
| 15 | AMD | 1.07% | 19,538,021 | — |
2026-05-20
15 holdings · 45.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.51% | 293,454,857 | — |
| 2 | AAPL | 6.88% | 177,293,592 | — |
| 3 | MSFT | 4.95% | 89,672,985 | — |
| 4 | AMZN | 4.07% | 117,968,527 | — |
| 5 | GOOGL | 3.64% | 70,306,340 | — |
| 6 | AVGO | 3.14% | 57,255,202 | — |
| 7 | GOOG | 2.89% | 56,474,614 | — |
| 8 | META | 2.10% | 26,411,221 | — |
| 9 | TSLA | 1.82% | 33,961,052 | — |
| 10 | BRK.B | 1.41% | 22,142,169 | — |
| 11 | JPM | 1.28% | 32,556,198 | — |
| 12 | LLY | 1.23% | 9,568,346 | — |
| 13 | MU | 1.21% | 13,589,984 | — |
| 14 | AMD | 1.08% | 19,693,493 | — |
| 15 | XOM | 1.06% | 50,458,669 | — |
2026-05-19
15 holdings · 45.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 8.61% | 291,321,982 | — |
| 2 | AAPL | 6.93% | 176,004,958 | — |
| 3 | MSFT | 4.93% | 89,021,269 | — |
| 4 | AMZN | 4.06% | 117,111,149 | — |
| 5 | GOOGL | 3.63% | 69,795,356 | — |
| 6 | AVGO | 3.17% | 56,839,046 | — |
| 7 | GOOG | 2.89% | 56,064,196 | — |
| 8 | META | 2.11% | 26,219,300 | — |
| 9 | TSLA | 1.87% | 33,714,167 | — |
| 10 | BRK.B | 1.39% | 21,981,203 | — |
| 11 | MU | 1.28% | 13,491,230 | — |
| 12 | JPM | 1.26% | 32,319,581 | — |
| 13 | LLY | 1.25% | 9,498,735 | — |
| 14 | AMD | 1.09% | 19,550,345 | — |
| 15 | XOM | 1.04% | 50,091,890 | — |
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.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove SPY Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe SPY ETF is trading below its 50-day moving average but above the 200-day moving average, suggesting it's in a short-term downtrend relative to recent highs. The RSI reading of 37.8 indicates that momentum may be weakening and leaning towards bearish territory, though not yet oversold.
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 SPY’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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.