SPYG(SPYG)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Technology, with a significant presence in Communication Services as well. This suggests that the fund has a strong bias towards growth-oriented sectors, which are often associated with high valuations. The weighted P/E and P/B ratios of 31.4x and 18.19x, respectively, indicate that the portfolio is trading at a premium to the broader market.
The top holdings list reveals a concentration risk in the Technology sector, with NVIDIA (NVDA) accounting for nearly 15% of the fund's assets. The presence of multiple large-cap tech giants like Microsoft (MSFT), Apple (AAPL), and Alphabet (GOOGL) also suggests that the portfolio is heavily exposed to this sector. In a favorable macro environment, characterized by strong economic growth and increasing demand for technology services, this portfolio may perform well. However, in a scenario where technology stocks are under pressure due to regulatory concerns or rising interest rates, the fund's performance could be negatively impacted.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:42:26.377594+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name SPYG, which suggests a focus on large-cap growth equities or the "Magnificent Seven," aligns closely with the actual portfolio composition. The fund is heavily weighted toward mega-cap technology and communication services giants such as NVIDIA, Microsoft, Google, Apple, Broadcom, Amazon, Meta, and Tesla, which collectively dominate the top holdings list. This concentration of industry leaders in sectors known for high growth potential reflects a strategy centered on established market players rather than niche thematic plays or emerging small-caps. While the name does not explicitly define a specific sector like "AI" or "Cloud," it effectively captures the broad large-cap growth narrative, and the portfolio demonstrates strong adherence to this implied mandate without significant drift into unrelated industries.
Sector coherence is high, with technology accounting for over half of the total assets and communication services contributing another substantial portion, reinforcing the fund's identity as a vehicle for exposure to dominant digital economy leaders. The remaining allocations in consumer cyclical, financial services, industrials, and healthcare appear primarily as secondary components held by these same large-cap entities rather than broad diversification across unrelated sectors. Although the top-10 concentration exceeds sixty percent, indicating significant reliance on a handful of massive stocks for performance stability, this structure is consistent with an index-tracking approach to large-cap growth rather than active thematic selection. The portfolio successfully mirrors the characteristics expected from its name by focusing on established market leaders while maintaining sufficient sector breadth within those dominant areas to avoid extreme idiosyncratic risk outside the intended scope.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 05:02:47.926167+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of SPYG highlight three converging macro-level themes that could impact a significant portion of this technology-heavy portfolio. The most prominent systemic threat is regulatory uncertainty, specifically regarding Artificial Intelligence governance and climate change compliance. Multiple disclosures indicate that adherence to responsible AI usage standards and evolving environmental regulations may materially increase operational costs while constraining competitive positioning across the fund's largest constituents. This suggests an emerging environment where external policy frameworks are shifting from voluntary guidelines toward mandatory constraints that could erode profit margins for leading tech firms simultaneously.
Concentration analysis reveals a high degree of correlation in downside exposure to these specific regulatory risks, particularly given the substantial weight assigned to NVIDIA at 15.5%. Since this single holding flags all three major risk categories—climate compliance, cybersecurity data privacy, and AI regulation—the fund faces a non-diversified threat profile where adverse policy shifts could impact a disproportionate share of total assets under management immediately. The presence of similar regulatory language in other top-tier holdings such as Microsoft and Alphabet further amplifies this concentration, indicating that the portfolio's performance may be highly sensitive to legislative developments rather than organic market dynamics alone.
While NVIDIA dominates the risk narrative with its 15.5% weight, cybersecurity remains a pervasive concern across multiple entities including Microsoft and Alphabet, creating a secondary layer of correlated operational cost inflation. Although other top holdings like Apple or Amazon have not explicitly detailed these specific regulatory risks in this snapshot, the sheer size of the disclosed exposures at NVIDIA means that any material adverse event related to AI regulation or climate mandates would disproportionately affect the fund's overall financial condition relative to its peers. The data indicates a portfolio currently vulnerable to external compliance shocks rather than internal strategic failures.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 02:27:14.064869+00
🏢 Sector Analysis
AI GeneratedSPYG exhibits a distinct growth-oriented investment thesis driven by an aggressive tilt toward technology and communication services, which collectively account for nearly 69% of the portfolio. This heavy weighting suggests the fund is positioned to capture upside potential in large-cap innovation leaders while accepting elevated volatility associated with these cyclical sectors. The top five holdings alone comprise over 37% of assets under management, dominated by semiconductor, software, and internet infrastructure companies like NVDA, MSFT, GOOGL, AAPL, and AVGO. Such a concentration indicates that the fund's performance will be disproportionately influenced by the earnings trajectories and valuation shifts within this specific subset of mega-cap equities rather than broader market movements across all industries.
The allocation reveals significant exposure to growth factors at the expense of defensive positioning. With technology representing more than half the portfolio and communication services adding another 17%, the fund offers limited protection during periods when value or income strategies outperform. Conversely, sectors typically associated with stability and lower correlation to tech cycles, such as consumer defensives, utilities, and real estate, are virtually absent, comprising less than 2% of total exposure combined. This structural lack of diversification into defensive havens implies the fund is not designed for capital preservation during market downturns but rather aims to maximize returns through high-beta equity exposure in dominant industry leaders.
Furthermore, the top-10 concentration metric of 61% underscores that a small number of stocks dictate the majority of the fund's risk and reward profile. While this approach can amplify gains when leading names expand their margins or market share, it also creates substantial idiosyncratic risk should any single holding underperform due to regulatory changes, technological disruption, or macroeconomic headwinds specific to those firms. The data reflects a strategy that prioritizes capturing the momentum of established tech giants over achieving broad-based sectoral balance across the entire economy.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 17:38:58.66908+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SPYG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SPYG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 148 | 99.9% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 148 | 99.9% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 147 | 99.9% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 136 | 99.6% |
| QUSQUS | $1B | — | 143 | 99.2% |
100% of SPYG's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging SPYG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSPYG'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 99% 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 SPYG collectively pay out 26% 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 77% 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
ProprietarySPYG is up 20.0% over the last 12 months. The underlying weighted earnings growth of its constituents is +52.5%. Despite earnings growth, valuations have contracted by 32.5% — 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 93% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SPYG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SPYG's analyzed weight, 73% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 27% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 92% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 14.3% contributes an estimated 42% of portfolio variance.SPYG holds 50 stocks but behaves like an 20-stock portfolio due to weight concentration in the top holdings.
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.
SPYG has a Passive Crowding Score of 36/100. On average, 10.9% of the market capitalization of SPYG'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 50 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 | 14.29% | 31.7x | 4/9 |
| 2 | MSFT | MICROSOFT CORP Technology | 8.48% | 23.4x | 5/9 |
| 3 | AAPL | APPLE INC Technology | 6.96% | 40.3x | 8/9 |
| 4 | GOOGL | ALPHABET INC CL A Communication Services | 5.91% | 27.0x | 6/9 |
| 5 | AVGO | BROADCOM INC Technology | 5.04% | 62.1x | 8/9 |
| 6 | GOOG | ALPHABET INC CL C Communication Services | 4.76% | 27.0x | 6/9 |
| 7 | META | META PLATFORMS INC CLASS A Communication Services | 4.15% | 24.2x | 5/9 |
| 8 | AMZN | AMAZON.COM INC Consumer Cyclical | 3.69% | 29.9x | 6/9 |
| 9 | MU | MICRON TECHNOLOGY INC Technology | 2.74% | 19.3x | 7/9 |
| 10 | LLY | ELI LILLY + CO Healthcare | 2.63% | 41.5x | 7/9 |
| 11 | BRK.B | BERKSHIRE HATHAWAY INC CL B Financial Services | 2.57% | 14.7x | — |
| 12 | AMD | ADVANCED MICRO DEVICES Technology | 2.32% | 166.9x | 7/9 |
| 13 | TSLA | TESLA INC Consumer Cyclical | 1.94% | 349.4x | 5/9 |
| 14 | JPM | JPMORGAN CHASE + CO Financial Services | 1.78% | 14.7x | 3/9 |
| 15 | AMAT | APPLIED MATERIALS INC Technology | 1.27% | 52.7x | 6/9 |
Historical Holdings Snapshots
Browse how SPYG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 68.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 14.29% | 35,873,693 | — |
| 2 | MSFT | 8.48% | 11,002,400 | — |
| 3 | AAPL | 6.96% | 10,876,837 | — |
| 4 | GOOGL | 5.91% | 8,684,750 | — |
| 5 | AVGO | 5.04% | 7,012,575 | — |
| 6 | GOOG | 4.76% | 7,000,304 | — |
| 7 | META | 4.15% | 3,252,548 | — |
| 8 | AMZN | 3.69% | 7,684,168 | — |
| 9 | MU | 2.74% | 1,670,299 | — |
| 10 | LLY | 2.63% | 1,171,619 | — |
| 11 | BRK.B | 2.57% | 2,715,296 | — |
| 12 | AMD | 2.32% | 2,415,041 | — |
| 13 | TSLA | 1.94% | 2,585,182 | — |
| 14 | JPM | 1.78% | 2,698,571 | — |
| 15 | AMAT | 1.27% | 1,175,372 | — |
2026-07-17
15 holdings · 68.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 14.40% | 35,865,557 | — |
| 2 | MSFT | 8.22% | 10,999,904 | — |
| 3 | AAPL | 6.73% | 10,874,371 | — |
| 4 | GOOGL | 6.08% | 8,682,780 | — |
| 5 | AVGO | 5.22% | 7,010,985 | — |
| 6 | GOOG | 4.89% | 6,998,716 | — |
| 7 | META | 4.19% | 3,251,810 | — |
| 8 | AMZN | 3.70% | 7,682,426 | — |
| 9 | MU | 2.85% | 1,669,921 | — |
| 10 | LLY | 2.56% | 1,171,353 | — |
| 11 | BRK.B | 2.50% | 2,714,680 | — |
| 12 | AMD | 2.41% | 2,414,493 | — |
| 13 | TSLA | 1.93% | 2,584,596 | — |
| 14 | JPM | 1.77% | 2,697,959 | — |
| 15 | AMAT | 1.29% | 1,175,106 | — |
2026-07-16
15 holdings · 68.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 14.43% | 35,894,033 | — |
| 2 | MSFT | 8.04% | 11,008,640 | — |
| 3 | AAPL | 6.50% | 10,883,002 | — |
| 4 | GOOGL | 5.93% | 8,689,675 | — |
| 5 | AVGO | 5.18% | 7,016,550 | — |
| 6 | GOOG | 4.75% | 7,004,274 | — |
| 7 | META | 4.08% | 3,254,393 | — |
| 8 | AMZN | 3.61% | 7,688,523 | — |
| 9 | MU | 3.12% | 1,671,244 | — |
| 10 | LLY | 2.56% | 1,172,284 | — |
| 11 | BRK.B | 2.53% | 2,716,836 | — |
| 12 | AMD | 2.51% | 2,416,411 | — |
| 13 | TSLA | 1.95% | 2,586,647 | — |
| 14 | JPM | 1.76% | 2,700,101 | — |
| 15 | AMAT | 1.33% | 1,176,037 | — |
2026-07-15
15 holdings · 68.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 14.01% | 35,975,393 | — |
| 2 | MSFT | 8.26% | 11,033,600 | — |
| 3 | AAPL | 6.62% | 10,907,662 | — |
| 4 | GOOGL | 5.88% | 8,709,375 | — |
| 5 | AVGO | 5.17% | 7,032,450 | — |
| 6 | GOOG | 4.71% | 7,020,154 | — |
| 7 | META | 4.10% | 3,261,773 | — |
| 8 | AMZN | 3.65% | 7,705,943 | — |
| 9 | MU | 3.00% | 1,675,024 | — |
| 10 | LLY | 2.66% | 1,174,944 | — |
| 11 | BRK.B | 2.59% | 2,722,996 | — |
| 12 | AMD | 2.48% | 2,421,891 | — |
| 13 | TSLA | 1.96% | 2,592,507 | — |
| 14 | JPM | 1.73% | 2,706,221 | — |
| 15 | AMAT | 1.30% | 1,178,697 | — |
2026-07-14
15 holdings · 68.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 14.29% | 35,975,393 | — |
| 2 | MSFT | 8.00% | 11,033,600 | — |
| 3 | AAPL | 6.48% | 10,907,662 | — |
| 4 | GOOGL | 5.86% | 8,709,375 | — |
| 5 | AVGO | 5.30% | 7,032,450 | — |
| 6 | GOOG | 4.69% | 7,020,154 | — |
| 7 | META | 4.11% | 3,261,773 | — |
| 8 | AMZN | 3.56% | 7,705,943 | — |
| 9 | MU | 3.09% | 1,675,024 | — |
| 10 | LLY | 2.63% | 1,174,944 | — |
| 11 | AMD | 2.54% | 2,421,891 | — |
| 12 | BRK.B | 2.53% | 2,722,996 | — |
| 13 | TSLA | 1.99% | 2,592,507 | — |
| 14 | JPM | 1.72% | 2,706,221 | — |
| 15 | AMAT | 1.34% | 1,178,697 | — |
2026-07-13
15 holdings · 67.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.82% | 35,975,393 | — |
| 2 | MSFT | 8.04% | 11,033,600 | — |
| 3 | AAPL | 6.54% | 10,907,662 | — |
| 4 | GOOGL | 5.92% | 8,709,375 | — |
| 5 | AVGO | 5.34% | 7,032,450 | — |
| 6 | GOOG | 4.74% | 7,020,154 | — |
| 7 | META | 3.90% | 3,261,773 | — |
| 8 | AMZN | 3.61% | 7,705,943 | — |
| 9 | MU | 3.15% | 1,675,024 | — |
| 10 | LLY | 2.71% | 1,174,944 | — |
| 11 | BRK.B | 2.56% | 2,722,996 | — |
| 12 | AMD | 2.51% | 2,421,891 | — |
| 13 | TSLA | 2.00% | 2,592,507 | — |
| 14 | JPM | 1.72% | 2,706,221 | — |
| 15 | AMAT | 1.31% | 1,178,697 | — |
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 SPYG 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 SPYG’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 (50)
Positions Decreased (0)
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Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.