VAW(VAW)
AI Look-Through Summary
AI GeneratedThe VAW ETF presents a highly concentrated exposure to the Basic Materials sector, which accounts for 81.0% of its total assets under management. This overwhelming tilt is driven by significant weightings in individual constituents such as LIN at 15.0%, followed closely by NEM and FCX, both exceeding five percent. The fact that every single top ten holding resides within the Basic Materials category underscores a strategy designed to capture specific commodity-driven value chains rather than providing broad diversification across economic sectors. With consumer cyclical and healthcare exposures limited to roughly 7.2% and 0.5% respectively, the fund's performance will be inextricably linked to the volatility of raw material prices and industrial demand cycles.
Geographically, while specific regional breakdowns are not provided in the holdings data, the composition suggests a heavy reliance on global commodity producers with substantial operations outside North America. The inclusion of international firms like CRH alongside major US-based entities such as ECL and SHW indicates that investors holding this fund gain access to a mix of domestic and foreign market dynamics inherent to the materials industry. Quantitatively, an asset base of $4.4B provides sufficient liquidity for trading but does not inherently mitigate the risks associated with its narrow sector focus. The lack of meaningful exposure to defensive sectors like healthcare or industrials means that portfolio volatility may rise significantly during periods when non-materials industries outperform, as the fund lacks a natural hedge against broader market downturns typically driven by consumer spending shifts.
Ultimately, this vehicle serves as a targeted instrument for those seeking direct participation in basic materials trends rather than general equity growth. The concentration risk is evident from the fact that nearly half of the top ten holdings alone represent over 40% of the portfolio's value, creating a scenario where idiosyncratic risks to specific companies like LIN or NEM could materially impact overall fund returns. Investors must weigh the potential for outsized gains during commodity booms against the heightened susceptibility to sector-specific downturns that would disproportionately affect this ETF compared to more diversified alternatives.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 11:33:36.540156+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the VAW ticker and its market positioning is a high degree of alignment with the actual portfolio composition, which is overwhelmingly concentrated in the Basic Materials sector. The top holdings consist almost exclusively of companies operating within this specific industry, including major producers like LIN, NEM, and FCX, demonstrating that the fund's assets directly reflect its stated thematic focus without significant diversion into unrelated sectors. There are no apparent outliers among the largest positions that would suggest a reliance on broad-market mega-cap names solely for stability rather than thematic relevance; instead, every top holding is intrinsically tied to materials production or distribution. This consistency indicates that the fund maintains a coherent strategy centered on this specific industry vertical rather than diluting its exposure with non-materials assets.
Sector coherence remains exceptionally strong, as Basic Materials accounts for over eighty percent of the total portfolio weight, leaving minimal room for drift into other areas such as Consumer Cyclical or Healthcare holdings. The concentration risk is notable due to a top-ten holding ratio exceeding fifty-five percent and the dominance of individual names within the sector breakdown, meaning performance will be heavily driven by the fortunes of these specific material producers rather than broad market trends. While this structure offers clear differentiation from a diversified broad-market index through its intense industry specialization, it also creates a scenario where volatility in the materials complex directly impacts the entire fund's trajectory without significant buffering from other sectors. The data suggests a pure-play approach that successfully executes on its thematic mandate while exposing investors to specific risks inherent to concentrated industrial exposure.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-14 03:58:47.491648+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of VAW presents an extreme concentration within the Basic Materials industry, which accounts for 81.0% of total assets across forty-five holdings. This overwhelming weighting suggests a singular investment thesis focused entirely on commodity exposure rather than broad industrial diversification. The remaining sectors, including Consumer Cyclical and Healthcare, represent negligible fractions at 7.2% and 0.5% respectively, indicating that the fund does not seek to hedge against sector-specific downturns through traditional rotation or balance strategies. Instead, the portfolio structure implies a deliberate bet on cyclical commodity prices, where performance will be almost exclusively driven by fluctuations in raw material markets rather than broader economic indicators affecting consumer spending or biotechnology innovation.
This heavy reliance on Basic Materials creates significant concentration risk, further amplified by the top-10 holdings representing 55.7% of the portfolio's value. The dominance of specific names like LIN and NEM within this single sector means that idiosyncratic events affecting major mining or chemical companies could disproportionately impact overall fund performance. While the inclusion of a small number of Consumer Cyclical and Industrials holdings provides nominal diversification, their minimal weightings render them insufficient to mitigate volatility stemming from the primary allocation. Consequently, the factor tilt is heavily skewed toward value and momentum characteristics often associated with cyclical commodity stocks, while exposure to defensive factors or growth drivers in other industries remains virtually non-existent. The fund's design effectively functions as a leveraged proxy for specific material sub-sectors rather than a diversified play on the broader materials complex.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 13:18:34.446031+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VAW's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VAW's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 76 | 94.2% |
| ONEOONEO | $25M | — | 44 | 84.7% |
| QUSQUS | $1B | — | 28 | 79.7% |
| VONEVONE | $10B | — | 27 | 78.7% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 26 | 77.6% |
94% of VAW's portfolio by weight is also held by SPTM, which commands 3× more assets under management. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VAW's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVAW'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 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VAW collectively pay out 70% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 76% 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
ProprietaryVAW is up 23.0% over the last 12 months. The underlying weighted earnings growth of its constituents is -8.2%. The remaining +31.1% 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 93% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VAW's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VAW's analyzed weight, 44% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 56% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 94% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHLIN at 15.0% contributes an estimated 48% of portfolio variance.VAW holds 50 stocks but behaves like an 21-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.
VAW has a Passive Crowding Score of 40/100. On average, 11.9% of the market capitalization of VAW'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 20 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 | LIN | Linde plc Basic Materials | 14.98% | 33.0x | 5/9 |
| 2 | NEM | Newmont Goldcorp Corp. Basic Materials | 7.76% | 14.2x | 9/9 |
| 3 | FCX | Freeport-McMoRan Inc. Basic Materials | 5.31% | 34.8x | 6/9 |
| 4 | CRH | CRH plc Basic Materials | 5.08% | 20.2x | 6/9 |
| 5 | SHW | Sherwin-Williams Co. Basic Materials | 4.85% | 29.2x | 6/9 |
| 6 | ECL | Ecolab Inc. Basic Materials | 4.25% | 34.6x | 5/9 |
| 7 | APD | Air Products & Chemicals Inc. Basic Materials | 4.10% | 29.3x | 3/9 |
| 8 | CTVA | Corteva Inc. Basic Materials | 3.50% | 42.3x | 7/9 |
| 9 | NUE | Nucor Corp. Basic Materials | 3.30% | 24.8x | 5/9 |
| 10 | VMC | Vulcan Materials Co. Basic Materials | 2.55% | 33.6x | 9/9 |
| 11 | MLM | Martin Marietta Materials Inc. Basic Materials | 2.39% | 36.5x | 8/9 |
| 12 | STLD | Steel Dynamics Inc. Basic Materials | 2.03% | 27.9x | 4/9 |
| 13 | DOW | Dow Inc. Basic Materials | 1.84% | — | 3/9 |
| 14 | AMRZ | Amrize Ltd. Basic Materials | 1.71% | 25.0x | 4/9 |
| 15 | PPG | PPG Industries Inc. Basic Materials | 1.56% | 16.2x | 6/9 |
Historical Holdings Snapshots
Browse how VAW’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
2026-05-23
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
2026-05-22
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
2026-05-21
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
2026-05-20
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
2026-05-19
15 holdings · 65.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LIN | 14.98% | 1,359,866 | $681.5M |
| 2 | NEM | 7.76% | 3,178,017 | $353.0M |
| 3 | FCX | 5.31% | 4,181,769 | $241.6M |
| 4 | CRH | 5.08% | 1,951,986 | $231.2M |
| 5 | SHW | 4.85% | 685,828 | $220.6M |
| 6 | ECL | 4.25% | 742,364 | $193.5M |
| 7 | APD | 4.10% | 621,239 | $186.4M |
| 8 | CTVA | 3.50% | 1,967,892 | $159.4M |
| 9 | NUE | 3.30% | 666,491 | $150.2M |
| 10 | VMC | 2.55% | 384,797 | $116.1M |
| 11 | MLM | 2.39% | 175,629 | $108.7M |
| 12 | STLD | 2.03% | 404,024 | $92.4M |
| 13 | DOW | 1.84% | 2,069,920 | $83.8M |
| 14 | AMRZ | 1.71% | 1,449,634 | $78.0M |
| 15 | PPG | 1.56% | 653,504 | $70.9M |
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 VAW 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 VAW’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.