XES(XES)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Energy, with approximately 22.5% of its weight concentrated in this space, while the remaining 77.5% is allocated to Other sectors. This significant tilt towards Energy suggests that the fund has a high degree of exposure to oil and gas companies. The weighted P/E ratio of 20.0x indicates that the portfolio's constituent stocks are trading at a premium valuation compared to their historical averages.
The top holdings list reveals a notable concentration risk, with AROC and OII each accounting for approximately 4.3% of the fund's weight. This suggests that the portfolio is highly dependent on these two companies' performance. The sector mix diverges from the broader market, which may imply opportunities or risks depending on the macro environment. A favorable environment for this portfolio would likely be one characterized by rising energy demand and commodity prices, while a decline in oil prices could have a negative impact on the fund's returns.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:57:07.624605+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker XES is clearly energy, yet a significant portion of the top holdings lacks explicit sector classification in the provided data. While several names like SLB, HAL, BKR, and FTI are definitively categorized as Energy, others such as KGS, SEI, WHD, SDRL, PTEN, WFRD, NE, HP, VAL, RIG, and NOV appear without a specific label in the input list. Given that these entities often operate within or adjacent to the energy sector—particularly in services, equipment, or midstream operations—their inclusion suggests an attempt to capture the broader value chain rather than limiting exposure strictly to traditional producers like oil majors. However, the presence of unclassified names introduces ambiguity regarding whether the fund maintains a pure thematic focus on upstream production or if it has diversified into related industrial sectors that may not align perfectly with a narrow energy definition.
Sector coherence is reinforced by the fact that Energy represents 22.5% of the portfolio through seven specific holdings, indicating a deliberate overweight relative to a standard broad market index where this sector might be smaller. The top-10 concentration stands at 42.8%, which reflects a concentrated approach typical of thematic strategies aiming for high conviction in leading players rather than passive replication of the entire market. This structure differentiates the fund from an S&P 500 benchmark by prioritizing specific industry leaders, even if some holdings lack immediate sector tags in the provided dataset. The heavy reliance on large-cap names within this cluster suggests stability through established market positions but also ties performance closely to the fortunes of these dominant entities rather than a wide dispersion of smaller thematic players.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 08:37:59.714252+00
🏢 Sector Analysis
AI GeneratedThe sector allocation data for XES reveals a concentrated exposure primarily within the energy space, evidenced by the 22.4% weight attributed to this single sector across seven holdings. This heavy weighting suggests an investment thesis centered on capturing value specifically from companies involved in oil and gas exploration or production rather than diversifying broadly across utility, technology, or consumer staples. The fund's structure appears designed to isolate a specific segment of the energy market, implying that the underlying strategy relies heavily on the performance dynamics unique to this industry cycle rather than general equity market movements.
Significant concentration risk is highlighted by the top-10 holdings accounting for 43.0% of total assets under management, with individual positions in entities like SEI and KGS exceeding 5%. Such a distribution indicates that the fund lacks broad diversification within its portfolio, meaning asset allocation decisions are disproportionately influenced by the fortunes of just a handful of issuers. This structural characteristic amplifies volatility potential relative to more broadly diversified funds, as adverse developments affecting even one or two top-tier holdings could materially impact overall portfolio performance. The absence of data regarding sector overlap among these specific energy names further obscures whether this concentration stems from intentional targeting of sub-sectors like shale drilling or traditional upstream operations.
The presence of multiple small-cap style issuers in the top five positions, indicated by the "N/A" market cap designation often associated with smaller entities, suggests a potential tilt toward growth factors or specific niche players within the energy value chain rather than established large-cap giants. This factor exposure could introduce idiosyncratic risks distinct from broader commodity price movements, as these companies may be more sensitive to operational leverage and capital expenditure cycles. Ultimately, the fund's profile reflects a high-beta approach where returns are likely to correlate strongly with specific outcomes in the energy sector while exposing investors to elevated single-name risk through its concentrated holding structure.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 03:16:01.247519+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XES's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XES's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VDEVDE | $13B | — | 34 | 99.9% |
| SPTMSPTM | $12B | — | 23 | 72.2% |
| VFMOVFMO | $1B | — | 21 | 66.7% |
| VTWOVTWO | $15B | — | 14 | 52.4% |
| SPSMSPSM | $14B | — | 16 | 47.1% |
100% of XES's portfolio by weight is also held by VDE, which commands 29× more assets under management. When VDE receives inflows, it mechanically buys these shared stocks — dragging XES's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXES'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 81% 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 XES collectively pay out 67% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 51% 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
ProprietaryXES is up 77.1% over the last 12 months. The underlying weighted earnings growth of its constituents is -7.4%. The remaining +84.5% 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 98% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XES's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XES's analyzed weight, 36% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 64% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 93% of fund weight with available data. Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XES has a low Passive Crowding Score of 19/100. On average, 5.7% of the market capitalization of XES's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 3 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 | WTTR | SELECT WATER SOLUTIONS INC | 4.33% | 92.4x | 3/9 |
| 2 | OII | OCEANEERING INTL INC | 4.33% | 12.6x | 7/9 |
| 3 | AROC | ARCHROCK INC Energy | 4.16% | 20.1x | 9/9 |
| 4 | FTI | TECHNIPFMC PLC Energy | 4.14% | 27.6x | 9/9 |
| 5 | TDW | TIDEWATER INC | 4.08% | 12.6x | 7/9 |
| 6 | KGS | KODIAK GAS SERVICES INC | 3.99% | 86.9x | 6/9 |
| 7 | SDRL | SEADRILL LIMITED | 3.79% | — | 3/9 |
| 8 | WHD | CACTUS INC A | 3.72% | 50.9x | 5/9 |
| 9 | NOV | NOV INC | 3.71% | 78.1x | 5/9 |
| 10 | SEI | SOLARIS ENERGY INFRASTRUCTUR | 3.62% | 72.6x | 6/9 |
| 11 | BKR | BAKER HUGHES CO Energy | 3.61% | 18.0x | 7/9 |
| 12 | HAL | HALLIBURTON CO Energy | 3.54% | 19.4x | 4/9 |
| 13 | NE | NOBLE CORP PLC | 3.51% | 28.2x | 6/9 |
| 14 | VAL | VALARIS LTD | 3.45% | 5.4x | 6/9 |
| 15 | RIG | TRANSOCEAN LTD | 3.42% | — | 5/9 |
Historical Holdings Snapshots
Browse how XES’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 57.4% tracked weight2026-07-17
15 holdings · 57.4% tracked weight2026-07-16
15 holdings · 57.6% tracked weight2026-07-15
15 holdings · 57.6% tracked weight2026-07-14
15 holdings · 57.6% tracked weight2026-07-13
15 holdings · 57.6% tracked weightSource: 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 XES 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 XES’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 (1)
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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.