VXF(VXF)
AI Look-Through Summary
AI GeneratedVXF presents a distinct profile characterized by significant exposure to small-cap equities, as evidenced by the substantial weighting in technology and industrials relative to its broader market peers. The fund's top holdings reveal a concentrated tilt toward high-growth sectors, with MRVL leading at 1.8% followed closely by NET and SNOW within the technology space. This sector allocation indicates that nearly eight percent of the portfolio is dedicated to technology alone, while another seven percent sits in industrials, suggesting a strategic focus on companies often associated with higher volatility but potential for rapid expansion. The presence of MSTR without a specific industry classification further underscores the fund's inclusion of specialized or non-traditional business models within its small-cap universe.
Geographically and by style, the data reflects an aggressive posture typical of funds targeting smaller market capitalizations rather than established blue-chip stability. With consumer cyclicals, healthcare, and financial services each holding under three percent weightings, the portfolio lacks diversification into defensive sectors that typically buffer against economic downturns. The concentration in communication services via RBLX adds another layer of exposure to emerging digital platforms, reinforcing a theme of innovation over income generation or utility. Given an AUM exceeding $84 billion, this ETF represents a massive vehicle for accessing these specific small-cap segments, yet the narrow sector spread implies that performance will be heavily correlated with macro trends affecting technology and industrial growth rather than broad market movements across all industries.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 15:52:59.60085+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker VXF is a broad exposure to the Vanguard Extended Market Index, which excludes large-cap stocks from the S&P 500. However, the actual top holdings list reveals significant deviations that challenge this thematic definition. Several positions in the top ten, such as MSTR and FLEX labeled with no specific sector classification alongside names like BE and LNG, appear inconsistent with a strict "extended market" or small-cap focused narrative often associated with such tickers. Furthermore, the presence of these large-cap entities suggests the fund may be utilizing broad-market names to stabilize returns rather than maintaining a pure thematic focus on smaller companies as the name implies.
Sector coherence presents another area where the fund diverges from its implied strategy. While Technology and Industrials dominate the top holdings list individually, their combined weight in the total portfolio is relatively low compared to what one might expect for a technology-heavy or industrially focused extended market theme. The sector breakdown shows a highly diversified allocation across ten categories, with no single industry holding substantial sway beyond 7.6%. This distribution indicates that while the fund avoids mega-cap names from the S&P 500, it does not achieve high concentration in any specific thematic niche either. Consequently, the portfolio appears more representative of a broad non-large-cap index than a distinctively themed investment vehicle, offering limited differentiation from standard market benchmarks despite its unique classification.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-19 20:19:48.56885+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of VXF reveals a distinct structural divergence from the broader market, characterized by an intentional underweighting in growth-oriented sectors and a heavy tilt toward small-cap value characteristics. With Technology comprising only 7.6% and Industrials at 7.1%, these categories represent significantly lower exposures than typically found in large-cap benchmarks, suggesting the fund's thesis prioritizes smaller enterprises that may be less dominant within their respective industries or have yet to achieve massive scale. The substantial underrepresentation of Consumer Cyclical (2.9%), Healthcare (2.9%), and Communication Services (0.8%) further indicates a deliberate avoidance of sectors often associated with high-beta growth trajectories, reinforcing the fund's focus on niche small-cap opportunities rather than established market leaders.
This concentration profile introduces specific risk factors related to sector volatility and liquidity within smaller segments. The minimal presence in Utilities (0.1%), Consumer Defensive (0.6%), and Real Estate (2.2%) implies a lack of defensive hedging against economic downturns, as the portfolio relies heavily on cyclical or discretionary small-cap stocks that may be more sensitive to macroeconomic headwinds. Furthermore, while the Top-5 holdings account for only 7.5% of assets, indicating broad diversification across individual names, the sector weights themselves create a concentrated exposure to specific sub-markets where data availability and liquidity can vary widely compared to large-cap peers. The dominance of Industrials and Technology in the top holdings relative to their overall low percentages suggests that within these underweighted sectors, the fund is selecting highly active or emerging small-cap players rather than avoiding them entirely. Ultimately, this structure reflects an investment strategy designed for investors seeking exposure to smaller companies while accepting reduced representation from traditional defensive and large-scale growth pillars.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 12:38:44.539012+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VXF's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VXF's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VBVB | $170B | — | 381 | 50.3% |
| ONEOONEO | $25M | — | 307 | 46.7% |
| SPTMSPTM | $12B | — | 389 | 44.9% |
| SPMDSPMD | $16B | — | 302 | 37.7% |
| MDYMDY | $24B | — | 302 | 37.7% |
50% of VXF's portfolio by weight is also held by VB, which commands 2× more assets under management. When VB receives inflows, it mechanically buys these shared stocks — dragging VXF's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVXF'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 69% 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 42% 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 VXF collectively pay out 54% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 14% 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
ProprietaryVXF is up 30.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +30.2%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 39% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VXF's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VXF's analyzed weight, 26% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 74% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 30% of fund weight with available data. 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.
VXF has a Passive Crowding Score of 30/100. On average, 8.9% of the market capitalization of VXF'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 16 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 | MRVL | Marvell Technology Inc. Technology | 1.77% | 70.4x | 8/9 |
| 2 | BE | Bloom Energy Corp. Class A Industrials | 0.90% | — | 4/9 |
| 3 | NET | Cloudflare Inc. Class A Technology | 0.80% | — | 4/9 |
| 4 | LNG | Cheniere Energy Inc. Energy | 0.73% | 38.0x | 7/9 |
| 5 | FERG | Ferguson Enterprises Inc./DE Industrials | 0.64% | 22.2x | — |
| 6 | MSTR | MicroStrategy Inc. Class A | 0.64% | — | — |
| 7 | SNOW | Snowflake Inc. Technology | 0.57% | — | 5/9 |
| 8 | ALNY | Alnylam Pharmaceuticals Inc. Healthcare | 0.50% | 75.7x | 6/9 |
| 9 | RKLB | Rocket Lab Corp. Industrials | 0.48% | — | 5/9 |
| 10 | RBLX | ROBLOX Corp. Communication Services | 0.45% | — | 6/9 |
| 11 | FLEX | Flex Ltd. | 0.41% | 65.0x | 6/9 |
| 12 | FTI | TechnipFMC plc Energy | 0.38% | 26.2x | 9/9 |
| 13 | INSM | Insmed Inc. | 0.36% | — | 4/9 |
| 14 | RVMD | Revolution Medicines Inc. | 0.35% | — | — |
| 15 | NTRA | Natera Inc. Healthcare | 0.35% | — | 4/9 |
Historical Holdings Snapshots
Browse how VXF’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 6 | FERG | 0.64% | 2,207,360 | $590.9M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | RVMD | 0.35% | 2,215,405 | $319.3M |
| 15 | NTRA | 0.35% | 1,561,923 | $322.0M |
2026-05-23
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 6 | FERG | 0.64% | 2,207,360 | $590.9M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | NTRA | 0.35% | 1,561,923 | $322.0M |
| 15 | RVMD | 0.35% | 2,215,405 | $319.3M |
2026-05-22
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 6 | FERG | 0.64% | 2,207,360 | $590.9M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | NTRA | 0.35% | 1,561,923 | $322.0M |
| 15 | RVMD | 0.35% | 2,215,405 | $319.3M |
2026-05-21
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 6 | FERG | 0.64% | 2,207,360 | $590.9M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | RVMD | 0.35% | 2,215,405 | $319.3M |
| 15 | NTRA | 0.35% | 1,561,923 | $322.0M |
2026-05-20
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 6 | FERG | 0.64% | 2,207,360 | $590.9M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | NTRA | 0.35% | 1,561,923 | $322.0M |
| 15 | RVMD | 0.35% | 2,215,405 | $319.3M |
2026-05-19
15 holdings · 9.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MRVL | 1.77% | 9,842,829 | $1.6B |
| 2 | BE | 0.90% | 2,913,981 | $825.7M |
| 3 | NET | 0.80% | 3,582,610 | $734.3M |
| 4 | LNG | 0.73% | 2,429,351 | $668.0M |
| 5 | FERG | 0.64% | 2,207,360 | $590.9M |
| 6 | MSTR | 0.64% | 3,539,218 | $585.6M |
| 7 | SNOW | 0.57% | 3,863,913 | $527.3M |
| 8 | ALNY | 0.50% | 1,497,357 | $463.4M |
| 9 | RKLB | 0.48% | 5,307,266 | $437.9M |
| 10 | RBLX | 0.45% | 7,470,647 | $412.8M |
| 11 | FLEX | 0.41% | 4,152,221 | $380.1M |
| 12 | FTI | 0.38% | 4,564,374 | $344.9M |
| 13 | INSM | 0.36% | 2,408,249 | $328.3M |
| 14 | NTRA | 0.35% | 1,561,923 | $322.0M |
| 15 | RVMD | 0.35% | 2,215,405 | $319.3M |
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 VXF 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 VXF’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.