SPYD(SPYD)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation reveals a defensive posture, with a significant weighting towards Real Estate and Consumer Defensive sectors, which could be indicative of an investor seeking stability and income generation. The presence of Utilities and Financial Services also underscores this risk-averse approach. Notably, Energy is underrepresented relative to the broader market.
Concentration risk is evident due to the 10% top-holding weight in a relatively small group of stocks, with each holding around 1.5%. This raises questions about potential idiosyncratic risks associated with these individual companies. The sector mix diverges from the broader market, which could be beneficial or detrimental depending on macroeconomic conditions. A favorable environment might arise during periods of economic stability and low inflation, while a more turbulent market could expose this portfolio's defensive stance as insufficiently diversified.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:58:27.194099+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 |
|---|---|---|---|---|
| SPLGSPLG | $97B | — | 79 | 99.4% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 79 | 99.4% |
| SPTMSPTM | $12B | — | 79 | 99.4% |
| SPYVSPYV | $32B | — | 79 | 99.4% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 78 | 99.4% |
99% of SPYD's portfolio by weight is also held by SPLG, which commands 14× more assets under management. When SPLG 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
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 87% 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.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SPYD collectively pay out 76% 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 70% 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 17.8% over the last 12 months. The underlying weighted earnings growth of its constituents is -4.2%. The remaining +22.0% 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, 31% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 69% 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 52/100. On average, 15.5% 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 35 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 | PSX | PHILLIPS 66 Energy | 1.64% | 19.9x | 6/9 |
| 2 | VTRS | VIATRIS INC | 1.53% | — | — |
| 3 | TGT | TARGET CORP Consumer Defensive | 1.52% | 18.5x | 6/9 |
| 4 | BEN | FRANKLIN RESOURCES INC Financial Services | 1.51% | 25.5x | 7/9 |
| 5 | CVS | CVS HEALTH CORP Healthcare | 1.51% | 46.7x | 6/9 |
| 6 | IRM | IRON MOUNTAIN INC Real Estate | 1.50% | 131.7x | 4/9 |
| 7 | EIX | EDISON INTERNATIONAL Utilities | 1.49% | 8.5x | 6/9 |
| 8 | APA | APA CORP Energy | 1.49% | 8.0x | 6/9 |
| 9 | BBY | BEST BUY CO INC Consumer Cyclical | 1.48% | 15.8x | 7/9 |
| 10 | EOG | EOG RESOURCES INC Energy | 1.47% | 13.6x | 3/9 |
| 11 | HST | HOST HOTELS + RESORTS INC Real Estate | 1.46% | 16.1x | 8/9 |
| 12 | DOC | HEALTHPEAK PROPERTIES INC Real Estate | 1.44% | 70.3x | 5/9 |
| 13 | KIM | KIMCO REALTY CORP Real Estate | 1.43% | 30.0x | 8/9 |
| 14 | PFG | PRINCIPAL FINANCIAL GROUP | 1.43% | 16.8x | 4/9 |
| 15 | HPQ | HP INC | 1.42% | 7.5x | 5/9 |
Historical Holdings Snapshots
Browse how SPYD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 22.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.64% | 620,584 | — |
| 2 | VTRS | 1.53% | 6,735,631 | — |
| 3 | TGT | 1.52% | 828,930 | — |
| 4 | BEN | 1.51% | 3,451,119 | — |
| 5 | CVS | 1.51% | 1,078,660 | — |
| 6 | IRM | 1.50% | 937,002 | — |
| 7 | EIX | 1.49% | 1,454,821 | — |
| 8 | APA | 1.49% | 3,311,980 | — |
| 9 | BBY | 1.48% | 1,320,613 | — |
| 10 | EOG | 1.47% | 813,509 | — |
| 11 | HST | 1.46% | 4,705,563 | — |
| 12 | DOC | 1.44% | 4,907,869 | — |
| 13 | KIM | 1.43% | 4,201,718 | — |
| 14 | PFG | 1.43% | 964,983 | — |
| 15 | HPQ | 1.42% | 4,500,765 | — |
2026-07-17
15 holdings · 22.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.63% | 621,193 | — |
| 2 | BEN | 1.55% | 3,454,503 | — |
| 3 | IRM | 1.55% | 937,920 | — |
| 4 | TGT | 1.53% | 829,743 | — |
| 5 | CVS | 1.53% | 1,079,719 | — |
| 6 | APA | 1.52% | 3,315,229 | — |
| 7 | BBY | 1.51% | 1,321,909 | — |
| 8 | VTRS | 1.50% | 6,742,237 | — |
| 9 | HST | 1.50% | 4,710,177 | — |
| 10 | EOG | 1.49% | 814,307 | — |
| 11 | EIX | 1.49% | 1,456,249 | — |
| 12 | PFG | 1.46% | 965,928 | — |
| 13 | HPQ | 1.43% | 4,505,178 | — |
| 14 | ADM | 1.43% | 1,299,649 | — |
| 15 | DOC | 1.43% | 4,912,681 | — |
2026-07-16
15 holdings · 22.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.67% | 620,787 | — |
| 2 | IRM | 1.54% | 937,308 | — |
| 3 | CVS | 1.53% | 1,079,013 | — |
| 4 | BEN | 1.53% | 3,452,247 | — |
| 5 | APA | 1.53% | 3,313,063 | — |
| 6 | EOG | 1.50% | 813,775 | — |
| 7 | EIX | 1.49% | 1,455,297 | — |
| 8 | TGT | 1.49% | 829,201 | — |
| 9 | BBY | 1.49% | 1,321,045 | — |
| 10 | HPQ | 1.48% | 4,502,236 | — |
| 11 | HST | 1.47% | 4,707,101 | — |
| 12 | VTRS | 1.47% | 6,737,833 | — |
| 13 | PFG | 1.46% | 965,298 | — |
| 14 | ADM | 1.43% | 1,298,801 | — |
| 15 | OKE | 1.43% | 1,159,700 | — |
2026-07-15
15 holdings · 22.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.64% | 620,381 | — |
| 2 | APA | 1.53% | 3,310,897 | — |
| 3 | IRM | 1.53% | 936,696 | — |
| 4 | CVS | 1.53% | 1,078,307 | — |
| 5 | EOG | 1.52% | 813,243 | — |
| 6 | BEN | 1.51% | 3,449,991 | — |
| 7 | TGT | 1.49% | 828,659 | — |
| 8 | HPQ | 1.49% | 4,499,294 | — |
| 9 | EIX | 1.48% | 1,454,345 | — |
| 10 | VTRS | 1.47% | 6,733,429 | — |
| 11 | PFG | 1.46% | 964,668 | — |
| 12 | HST | 1.45% | 4,704,025 | — |
| 13 | BBY | 1.44% | 1,320,181 | — |
| 14 | OKE | 1.43% | 1,158,942 | — |
| 15 | DOC | 1.42% | 4,906,265 | — |
2026-07-14
15 holdings · 22.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.57% | 621,599 | — |
| 2 | BEN | 1.55% | 3,456,759 | — |
| 3 | IRM | 1.53% | 938,532 | — |
| 4 | CVS | 1.51% | 1,080,425 | — |
| 5 | TGT | 1.51% | 830,285 | — |
| 6 | APA | 1.49% | 3,317,389 | — |
| 7 | VTRS | 1.47% | 6,746,635 | — |
| 8 | EIX | 1.47% | 1,457,195 | — |
| 9 | BBY | 1.47% | 1,322,773 | — |
| 10 | EOG | 1.47% | 814,839 | — |
| 11 | HST | 1.47% | 4,713,253 | — |
| 12 | HPQ | 1.47% | 4,508,120 | — |
| 13 | PFG | 1.46% | 966,558 | — |
| 14 | DOC | 1.43% | 4,915,889 | — |
| 15 | KIM | 1.40% | 4,208,586 | — |
2026-07-13
15 holdings · 22.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | PSX | 1.60% | 621,599 | — |
| 2 | BEN | 1.58% | 3,456,759 | — |
| 3 | IRM | 1.52% | 938,532 | — |
| 4 | CVS | 1.50% | 1,080,425 | — |
| 5 | APA | 1.49% | 3,317,389 | — |
| 6 | VTRS | 1.49% | 6,746,635 | — |
| 7 | TGT | 1.49% | 830,285 | — |
| 8 | HST | 1.48% | 4,713,253 | — |
| 9 | EOG | 1.47% | 814,839 | — |
| 10 | HPQ | 1.47% | 4,508,120 | — |
| 11 | EIX | 1.47% | 1,457,195 | — |
| 12 | PFG | 1.46% | 966,558 | — |
| 13 | DOC | 1.44% | 4,915,889 | — |
| 14 | BBY | 1.43% | 1,322,773 | — |
| 15 | KIM | 1.42% | 4,208,586 | — |
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.
Positions Increased (2)
Positions Decreased (50)
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.