XAR(XAR)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Industrials, which accounts for approximately 70% of the fund's holdings, indicating a strong focus on this sector. The remaining portion is allocated to Other sectors, but no specific details are provided about these allocations. At a macro level, the fund appears to be concentrated in large-cap stocks given the absence of smaller market-capitalization names among its top holdings.
The portfolio's valuation posture is characterized by a relatively high weighted P/E ratio of 41.2x, suggesting that investors have been willing to pay a premium for these companies' growth prospects. A similar picture emerges from the weighted P/B ratio of 9.31x, indicating that investors are attributing significant value to book equity in these holdings. The sector mix is more concentrated in Industrials compared to the broader market, which may pose concentration risk if this sector experiences a downturn.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:06:28.012378+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 92/100The investment theme implied by the ticker XAR, which typically denotes a focus on aerospace and defense or related industrial sectors, demonstrates strong alignment with its actual portfolio composition. The top holdings are exclusively concentrated within the Industrials sector, including major players like Raytheon Technologies (RTX), Lockheed Martin, Northrop Grumman, and General Dynamics, all of which are central to national security and space exploration efforts. There is a notable absence of unrelated industries such as technology, healthcare, or consumer staples in the leading positions, suggesting the fund maintains a tight thematic boundary rather than drifting into broad market exposure. The inclusion of companies like HXL and MOG.A, while categorized broadly here, generally supports specialized manufacturing needs often adjacent to core defense contracts, further reinforcing sectoral consistency without introducing significant thematic noise.
Sector coherence is high, with Industrials comprising 74.6% of the portfolio across twenty-eight holdings, indicating a deliberate strategy rather than accidental concentration. The top-ten concentration of 34.7% reflects exposure to key industry leaders but does not appear so skewed that it mimics a passive broad-market index; instead, it highlights specific winners within the niche theme. Unlike many thematic funds that might dilute purity by adding unrelated growth stocks for stability, this portfolio relies almost entirely on its stated sector definition. The heavy weighting in industrials creates a distinct risk profile separate from general market indices, as performance will be tightly coupled with government spending cycles and defense procurement trends rather than broader economic drivers found in diversified large-cap blends.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 15:08:23.62442+00
🏢 Sector Analysis
AI GeneratedThe XAR ETF exhibits an exceptionally heavy concentration within the Industrials sector, with this single category comprising 74.6% of total assets across only twenty-eight holdings. This structural characteristic indicates a highly focused investment thesis that seeks to capture growth specifically tied to industrial expansion rather than providing broad market exposure or diversification across other economic drivers such as technology or consumer discretionary sectors. The fund's design prioritizes deep specialization, suggesting the underlying strategy is built on the premise that specific industrial sub-segments offer superior risk-adjusted returns compared to a diversified portfolio approach.
Concentration risk within this vehicle is pronounced, evidenced by both the overwhelming sector weight and the top-10 holdings accounting for 34.7% of assets. The presence of major aerospace and defense contractors like Boeing alongside smaller industrials in the top five positions highlights that while the fund targets industrial growth broadly, its performance will be disproportionately influenced by a narrow set of large-cap names within that specific niche. This lack of diversification means the ETF is highly sensitive to sector-specific headwinds or regulatory changes affecting aerospace and manufacturing, as well as macroeconomic factors impacting capital goods demand.
Furthermore, the composition suggests a tilt toward established industrial leaders rather than purely small-cap innovation, given the inclusion of significant weights in companies like Boeing alongside specialized defense firms. This allocation pattern implies the fund aims to leverage the cyclical upturns often seen in industrial production and defense spending while accepting elevated volatility inherent in such concentrated strategies. Investors examining this profile must weigh the potential for amplified returns during an industrial boom against the heightened susceptibility to downturns specific to the aerospace, defense, or broader manufacturing cycles that dominate the portfolio's makeup.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 01:49:43.059937+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XAR's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XAR's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VISVIS | $8B | — | 45 | 99.3% |
| SPTMSPTM | $12B | — | 28 | 74.4% |
| VFMOVFMO | $1B | — | 24 | 59.9% |
| ONEOONEO | $25M | — | 22 | 59.9% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 18 | 51.1% |
99% of XAR's portfolio by weight is also held by VIS. When VIS receives inflows, it mechanically buys these shared stocks — dragging XAR's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXAR'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 84% 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 XAR collectively pay out 34% 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 50% 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
ProprietaryXAR is up 16.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +19.1%. Despite earnings growth, valuations have contracted by 2.4% — 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 89% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XAR's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XAR's analyzed weight, 42% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 58% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 85% 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.
XAR has a Passive Crowding Score of 42/100. On average, 12.5% of the market capitalization of XAR'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 28 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 | AXON | AXON ENTERPRISE INC Industrials | 3.41% | 217.1x | 5/9 |
| 2 | VSEC | VSE CORP | 3.22% | 68.6x | 7/9 |
| 3 | HXL | HEXCEL CORP | 3.13% | 67.4x | 5/9 |
| 4 | RTX | RTX CORP Industrials | 3.09% | 36.5x | 8/9 |
| 5 | HWM | HOWMET AEROSPACE INC Industrials | 3.07% | 62.9x | 8/9 |
| 6 | GE | GENERAL ELECTRIC Industrials | 3.06% | 40.8x | 6/9 |
| 7 | GD | GENERAL DYNAMICS CORP Industrials | 3.05% | 23.2x | 8/9 |
| 8 | SARO | STANDARDAERO INC | 3.03% | 30.4x | 8/9 |
| 9 | WWD | WOODWARD INC Industrials | 3.03% | 47.2x | 9/9 |
| 10 | HEI | HEICO CORP Industrials | 3.02% | 61.3x | 7/9 |
| 11 | CRS | CARPENTER TECHNOLOGY Industrials | 2.99% | 58.5x | 7/9 |
| 12 | KRMN | KARMAN HOLDINGS INC | 2.92% | 209.9x | 4/9 |
| 13 | BA | BOEING CO/THE Industrials | 2.89% | 84.6x | 7/9 |
| 14 | TDG | TRANSDIGM GROUP INC Industrials | 2.86% | 38.5x | 6/9 |
| 15 | ATI | ATI INC Industrials | 2.85% | 61.4x | 8/9 |
Historical Holdings Snapshots
Browse how XAR’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 45.6% tracked weight2026-07-17
15 holdings · 45.4% tracked weight2026-07-16
15 holdings · 45.1% tracked weight2026-07-15
15 holdings · 45.3% tracked weight2026-07-14
15 holdings · 45.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AXON | 3.41% | 369,561 | — |
| 2 | VSEC | 3.29% | 955,155 | — |
| 3 | SARO | 3.04% | 6,677,986 | — |
| 4 | GE | 3.04% | 519,008 | — |
| 5 | WWD | 2.98% | 450,387 | — |
| 6 | CRS | 2.98% | 316,245 | — |
| 7 | RTX | 2.98% | 932,379 | — |
| 8 | GD | 2.96% | 484,986 | — |
| 9 | HEI | 2.95% | 515,499 | — |
| 10 | KRMN | 2.94% | 3,606,141 | — |
| 11 | HWM | 2.93% | 663,007 | — |
| 12 | HXL | 2.92% | 1,806,419 | — |
| 13 | MOG.A | 2.87% | 432,869 | — |
| 14 | TDG | 2.87% | 136,438 | — |
| 15 | BA | 2.87% | 791,453 | — |
2026-07-13
15 holdings · 44.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AXON | 3.47% | 372,424 | — |
| 2 | VSEC | 3.31% | 962,547 | — |
| 3 | SARO | 3.02% | 6,729,667 | — |
| 4 | CRS | 3.02% | 318,695 | — |
| 5 | GE | 3.01% | 523,026 | — |
| 6 | RTX | 2.94% | 939,596 | — |
| 7 | WWD | 2.93% | 453,873 | — |
| 8 | GD | 2.93% | 488,738 | — |
| 9 | HEI | 2.93% | 519,489 | — |
| 10 | HWM | 2.93% | 668,138 | — |
| 11 | KRMN | 2.91% | 3,634,050 | — |
| 12 | HXL | 2.91% | 1,820,398 | — |
| 13 | MOG.A | 2.85% | 436,222 | — |
| 14 | TDG | 2.85% | 137,495 | — |
| 15 | BA | 2.85% | 797,578 | — |
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 XAR 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 XAR’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 (0)
Positions Decreased (48)
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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.