SPYD(SPYD)
AI Look-Through Summary
AI GeneratedThe SPYD ETF, managing approximately $7.0 billion in assets, exhibits a distinct sector profile that heavily favors Real Estate at 26.4%, followed by Consumer Defensive and Utilities sectors comprising over one-quarter of the portfolio combined. This allocation creates a defensive-leaning tilt compared to broader market indices, with significant exposure to utilities and consumer staples intended to buffer against volatility. The top ten holdings reveal a notable concentration in specific industries beyond just Real Estate; Energy and Basic Materials each command substantial representation through multiple high-weight positions like APA, EOG, PSX, OKE, LYB, and DOW. Such clustering suggests the fund's performance will be acutely sensitive to commodity price fluctuations and industrial demand cycles rather than broad-based equity growth.
Geographically, while specific country weights are not provided in the data, the sector composition implies a heavy reliance on domestic or developed market exposure typical of these traditional industries, though international diversification within Real Estate and Utilities could vary based on individual holding domiciles. The fund's structure lacks a clear technology tilt despite SWKS appearing in the top ten, indicating an intentional avoidance of high-growth volatility sectors in favor of income generation and stability from established firms. With single-stock weights hovering around 1.5% to 1.7%, the portfolio maintains moderate concentration, meaning that underperformance by any one major holding will have a measurable but not overwhelming impact on total returns relative to more concentrated strategies.
Quantitatively, the blend of high-dividend-yielding sectors like Real Estate and Utilities alongside cyclical industries such as Energy positions the vehicle for potential income generation rather than aggressive capital appreciation. The presence of communication services and financial services further rounds out a balanced yet traditional industrial mix. Investors analyzing this profile should consider how their specific risk tolerance aligns with the inherent volatility of energy prices and real estate markets, noting that returns will likely correlate closely with macroeconomic conditions affecting these specific sectors rather than overall market momentum.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 09:56:12.151455+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The thematic alignment between the fund's name and its actual composition is extremely low, as the portfolio lacks any discernible focus on a specific industry or growth narrative. Instead of concentrating on a single sector, the holdings are widely dispersed across Real Estate, Consumer Defensive, Utilities, Financial Services, Energy, Healthcare, Basic Materials, Communication Services, Technology, Industrials, and Consumer Cyclical industries. This lack of specialization suggests that despite any implied theme in its ticker or marketing materials, the fund operates more like a broad-market basket than a targeted thematic vehicle. The inclusion of major diversified giants alongside specific sector players further dilutes any potential purity, indicating that the portfolio is constructed to capture general market movements rather than exploiting a unique economic trend.
Sector coherence appears fragmented, with Real Estate dominating at 26.2% while Energy and Utilities hold significant but distinct positions that do not form a unified industrial or defensive strategy. The presence of minimal exposure in Technology (1.4%) and Basic Materials (3.4%), contrasted with heavy weighting in traditional staples like Consumer Defensive (16.1%) and Financial Services, creates a profile inconsistent with most specialized thematic strategies which typically seek higher concentration within their chosen niche. Furthermore, the top-ten holdings represent only 15.7% of assets, suggesting broad diversification that mirrors large-cap index behavior rather than the concentrated bets often found in pure-play thematic funds. Consequently, the fund's sector weights and holding distribution indicate it functions as a generalized equity exposure with no clear differentiation from standard market benchmarks.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-15 19:36:39.033016+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of SPYD exhibits a distinct tilt toward defensive and income-generating industries, with Real Estate, Consumer Defensive, Utilities, and Financial Services collectively comprising over 64% of the portfolio. This heavy weighting in sectors historically associated with lower volatility suggests an investment thesis centered on capital preservation during periods of economic uncertainty or market stress rather than aggressive growth chasing. The near absence of exposure to Technology, which holds only 1.5%, further reinforces a strategy that deliberately avoids high-beta equities often found in broader index funds, prioritizing stability over potential upside from the tech sector's recent performance trends.
Despite the defensive nature of the primary sectors, significant concentration risk exists within specific industries such as Real Estate and Energy. The top ten holdings account for 15.4% of assets under management, indicating that while individual stock positions may appear diversified across names like APA and IRM, a substantial portion of performance will be driven by a narrow set of large-cap value stocks in cyclical or commodity-linked areas. This structure implies that the fund's returns are heavily influenced by macroeconomic factors affecting real estate prices and energy demand, potentially leading to heightened sensitivity to interest rate fluctuations despite the defensive label of some holdings.
The inclusion of Basic Materials and Industrials alongside heavy Real Estate exposure creates a unique factor profile that blends value characteristics with commodity beta. While this approach aims to capture dividends from established companies in stable sectors, it also means the fund may underperform during bull markets driven by innovation or consumer spending spikes outside these specific industries. The limited representation in Communication Services and Healthcare further narrows the scope of growth opportunities available within the portfolio, suggesting a deliberate choice to focus on mature business models with predictable cash flows rather than emerging market leaders.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 00:16:44.996289+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPYD's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPYD's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 82 | 99.7% |
| SPYVSPYV | $32B | — | 81 | 99.7% |
| SPLGSPLG | $97B | — | 81 | 99.7% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 81 | 99.7% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 79 | 98.5% |
100% of SPYD's portfolio by weight is also held by SPTM, which commands 2× more assets under management. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPYD's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPYD'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 85% 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
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 SPYD collectively pay out 77% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 71% 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
ProprietarySPYD is up 16.9% over the last 12 months. The underlying weighted earnings growth of its constituents is -7.2%. The remaining +24.1% 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 95% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPYD's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPYD'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 87% of fund weight with available data. Not investment advice.
Passive Crowding Score
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SPYD has a Passive Crowding Score of 53/100. On average, 16.0% of the market capitalization of SPYD'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 30 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 | APA | APA CORP Energy | 1.72% | 8.5x | 6/9 |
| 2 | IRM | IRON MOUNTAIN INC Real Estate | 1.62% | 139.4x | 4/9 |
| 3 | LYB | LYONDELLBASELL INDU CL A Basic Materials | 1.61% | — | 3/9 |
| 4 | EOG | EOG RESOURCES INC Energy | 1.54% | 13.1x | 3/9 |
| 5 | DOW | DOW INC Basic Materials | 1.51% | — | 3/9 |
| 6 | SWKS | SKYWORKS SOLUTIONS INC Technology | 1.50% | 32.4x | 6/9 |
| 7 | VTRS | VIATRIS INC | 1.49% | — | — |
| 8 | VZ | VERIZON COMMUNICATIONS INC Communication Services | 1.47% | 11.7x | 5/9 |
| 9 | PSX | PHILLIPS 66 Energy | 1.46% | 17.4x | 6/9 |
| 10 | OKE | ONEOK INC Energy | 1.46% | 15.0x | 6/9 |
| 11 | BEN | FRANKLIN RESOURCES INC Financial Services | 1.44% | 23.7x | 7/9 |
| 12 | MO | ALTRIA GROUP INC Consumer Defensive | 1.44% | 14.5x | 6/9 |
| 13 | HST | HOST HOTELS + RESORTS INC Real Estate | 1.43% | 15.6x | 8/9 |
| 14 | TGT | TARGET CORP Consumer Defensive | 1.42% | 16.8x | 6/9 |
| 15 | KMI | KINDER MORGAN INC Energy | 1.40% | 20.9x | 6/9 |
Historical Holdings Snapshots
Browse how SPYD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 22.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.72% | 3,314,555 | — |
| 2 | IRM | 1.62% | 937,724 | — |
| 3 | LYB | 1.61% | 1,697,576 | — |
| 4 | EOG | 1.54% | 814,099 | — |
| 5 | DOW | 1.51% | 3,096,337 | — |
| 6 | SWKS | 1.50% | 1,502,487 | — |
| 7 | VTRS | 1.49% | 6,740,847 | — |
| 8 | VZ | 1.47% | 2,241,773 | — |
| 9 | PSX | 1.46% | 621,053 | — |
| 10 | OKE | 1.46% | 1,160,273 | — |
| 11 | BEN | 1.44% | 3,453,845 | — |
| 12 | MO | 1.44% | 1,440,229 | — |
| 13 | HST | 1.43% | 4,709,193 | — |
| 14 | TGT | 1.42% | 829,612 | — |
| 15 | KMI | 1.40% | 3,077,948 | — |
2026-05-23
15 holdings · 22.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.72% | 3,314,555 | — |
| 2 | IRM | 1.62% | 937,724 | — |
| 3 | LYB | 1.61% | 1,697,576 | — |
| 4 | EOG | 1.54% | 814,099 | — |
| 5 | DOW | 1.51% | 3,096,337 | — |
| 6 | SWKS | 1.50% | 1,502,487 | — |
| 7 | VTRS | 1.49% | 6,740,847 | — |
| 8 | VZ | 1.47% | 2,241,773 | — |
| 9 | PSX | 1.46% | 621,053 | — |
| 10 | OKE | 1.46% | 1,160,273 | — |
| 11 | BEN | 1.44% | 3,453,845 | — |
| 12 | MO | 1.44% | 1,440,229 | — |
| 13 | HST | 1.43% | 4,709,193 | — |
| 14 | TGT | 1.42% | 829,612 | — |
| 15 | KMI | 1.40% | 3,077,948 | — |
2026-05-22
15 holdings · 22.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.77% | 3,311,357 | — |
| 2 | LYB | 1.64% | 1,695,938 | — |
| 3 | IRM | 1.60% | 936,818 | — |
| 4 | EOG | 1.57% | 813,313 | — |
| 5 | DOW | 1.53% | 3,093,349 | — |
| 6 | VTRS | 1.52% | 6,734,343 | — |
| 7 | SWKS | 1.52% | 1,501,038 | — |
| 8 | PSX | 1.51% | 620,453 | — |
| 9 | BEN | 1.46% | 3,450,512 | — |
| 10 | VZ | 1.46% | 2,239,610 | — |
| 11 | OKE | 1.45% | 1,159,154 | — |
| 12 | MO | 1.43% | 1,438,840 | — |
| 13 | HST | 1.43% | 4,704,648 | — |
| 14 | KMI | 1.40% | 3,074,978 | — |
| 15 | EIX | 1.38% | 1,454,539 | — |
2026-05-21
15 holdings · 23.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.85% | 3,311,357 | — |
| 2 | LYB | 1.69% | 1,695,938 | — |
| 3 | EOG | 1.60% | 813,313 | — |
| 4 | DOW | 1.59% | 3,093,349 | — |
| 5 | IRM | 1.58% | 936,818 | — |
| 6 | PSX | 1.54% | 620,453 | — |
| 7 | OKE | 1.51% | 1,159,154 | — |
| 8 | VTRS | 1.49% | 6,734,343 | — |
| 9 | VZ | 1.46% | 2,239,610 | — |
| 10 | MO | 1.45% | 1,438,840 | — |
| 11 | BEN | 1.45% | 3,450,512 | — |
| 12 | SWKS | 1.44% | 1,501,038 | — |
| 13 | KMI | 1.44% | 3,074,978 | — |
| 14 | TGT | 1.44% | 828,811 | — |
| 15 | CVX | 1.42% | 527,093 | — |
2026-05-20
15 holdings · 23.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.82% | 3,311,357 | — |
| 2 | LYB | 1.72% | 1,695,938 | — |
| 3 | DOW | 1.63% | 3,093,349 | — |
| 4 | EOG | 1.59% | 813,313 | — |
| 5 | IRM | 1.59% | 936,818 | — |
| 6 | PSX | 1.53% | 620,453 | — |
| 7 | VTRS | 1.52% | 6,734,343 | — |
| 8 | BEN | 1.51% | 3,450,512 | — |
| 9 | OKE | 1.49% | 1,159,154 | — |
| 10 | MO | 1.45% | 1,438,840 | — |
| 11 | SWKS | 1.44% | 1,501,038 | — |
| 12 | ADM | 1.44% | 1,298,106 | — |
| 13 | VZ | 1.43% | 2,239,610 | — |
| 14 | KMI | 1.42% | 3,074,978 | — |
| 15 | CVS | 1.42% | 1,078,492 | — |
2026-05-19
15 holdings · 23.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APA | 1.79% | 3,306,027 | — |
| 2 | LYB | 1.76% | 1,693,208 | — |
| 3 | DOW | 1.66% | 3,088,374 | — |
| 4 | IRM | 1.62% | 935,313 | — |
| 5 | EOG | 1.58% | 812,003 | — |
| 6 | VTRS | 1.54% | 6,723,508 | — |
| 7 | BEN | 1.52% | 3,444,962 | — |
| 8 | PSX | 1.50% | 619,453 | — |
| 9 | OKE | 1.48% | 1,157,289 | — |
| 10 | MO | 1.46% | 1,436,525 | — |
| 11 | ADM | 1.45% | 1,296,016 | — |
| 12 | VZ | 1.44% | 2,236,005 | — |
| 13 | CVS | 1.43% | 1,076,757 | — |
| 14 | KMI | 1.43% | 3,070,028 | — |
| 15 | SWKS | 1.43% | 1,498,623 | — |
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 SPYD 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 SPYD’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.