State Street Utilities Select Sector SPDR ETF(XLU)
AI Look-Through Summary
AI GeneratedThe portfolio is heavily concentrated in the utilities sector, with nearly all of its assets allocated to this single category. This suggests that the fund's performance will be closely tied to the fortunes of utility companies, which are often seen as stable and defensive investments. From a geographic perspective, it appears that the fund has a significant exposure to US-based utilities, given the dominance of domestic names like NEE, SO, and DUK.
The weighted P/E ratio of 21.0x suggests that the portfolio is trading at a premium valuation relative to its historical average. This could be a concern in an environment where interest rates rise or economic growth slows down, as it may indicate that investors are overpaying for these utilities stocks. The fund's sector mix is also notable, with a high concentration of electric and gas utilities, which may make it more sensitive to changes in regulatory policies or environmental regulations.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:59:56.454925+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name "Utilities Select Sector" is executed with exceptional precision, as every single top holding and the overwhelming majority of assets reside within the utilities sector. The portfolio demonstrates a singular focus on companies engaged in power generation, transmission, and distribution, leaving no ambiguity regarding its thematic intent. There are no unrelated holdings or broad-market names utilized to artificially stabilize returns; instead, the fund maintains a pure exposure strictly aligned with the utility industry's operational characteristics. This complete adherence ensures that investors receive exactly what the ticker suggests without dilution from off-theme assets.
Concentration risk is moderate yet consistent with the nature of sector-specific investing, where reliance on mega-cap leaders like NextEra Energy and Southern Company accounts for over half of the portfolio value. The top-ten concentration of 58.2% indicates that performance will be heavily influenced by these dominant players rather than a diversified spread across smaller entities within the niche. Sector coherence is near absolute at 99.6%, confirming that the fund offers genuine differentiation from broad market indices while remaining entirely bound to its designated industry vertical. The data reflects a highly specialized vehicle designed for targeted exposure, where sector weights mirror the thematic promise without deviation or hidden complexity.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 15:58:08.793521+00
🏢 Sector Analysis
AI GeneratedThe State Street Utilities Select Sector SPDR ETF exhibits an extremely narrow sector focus, with nearly the entire portfolio allocated to utilities stocks. This singular concentration reflects a pure-play investment thesis targeting the specific characteristics of the utility industry rather than seeking diversification across broader economic sectors. By holding 31 positions that collectively account for virtually 100% of assets under management within this single classification, the fund structure inherently limits exposure to non-utility drivers such as technology or consumer discretionary trends, effectively isolating performance entirely to regulatory environments and energy commodity prices unique to power generation and distribution firms.
The concentration risk profile is elevated due to both sector homogeneity and top-heavy weighting among individual constituents. With the five largest holdings comprising over 39% of the total portfolio and the top ten positions representing more than half of all assets, the fund's trajectory is disproportionately influenced by the operational outcomes of a small group of major players like NextEra Energy and Southern Company. This structure implies that idiosyncratic events affecting even one or two of these dominant names could materially impact overall returns, creating volatility patterns distinct from broader market indices. Furthermore, this heavy reliance on specific utility giants suggests a factor tilt toward large-cap value characteristics often associated with established infrastructure companies, while simultaneously introducing significant correlation risk where the entire portfolio moves in tandem during periods of sector-wide stress or regulatory shifts.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 02:33:22.683066+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLU's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLU's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 32 | 99.7% |
| ONEOONEO | $25M | — | 32 | 99.7% |
| SPLGSPLG | $97B | — | 32 | 99.7% |
| SPTMSPTM | $12B | — | 32 | 99.7% |
| SCHXSCHX | $61B | — | 31 | 99.7% |
100% of XLU's portfolio by weight is also held by SPY, which commands 26× more assets under management. When SPY receives inflows, it mechanically buys these shared stocks — dragging XLU's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLU'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.
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 XLU collectively pay out 847% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 30% 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
ProprietaryXLU is up 9.4% over the last 12 months. The underlying weighted earnings growth of its constituents is +10.0%. 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 100% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLU's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLU's analyzed weight, 2% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 98% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 100% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNEE at 13.1% contributes an estimated 34% of portfolio variance.XLU holds 33 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
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLU has a Passive Crowding Score of 53/100. On average, 15.9% of the market capitalization of XLU'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 30 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 | NEE | NEXTERA ENERGY INC Utilities | 13.08% | 22.7x | 5/9 |
| 2 | SO | SOUTHERN CO/THE Utilities | 7.60% | 24.6x | 4/9 |
| 3 | DUK | DUKE ENERGY CORP Utilities | 6.90% | 19.4x | 7/9 |
| 4 | CEG | CONSTELLATION ENERGY Utilities | 5.65% | 21.9x | 6/9 |
| 5 | AEP | AMERICAN ELECTRIC POWER Utilities | 5.08% | 19.7x | 5/9 |
| 6 | D | DOMINION ENERGY INC Utilities | 4.43% | 21.1x | 7/9 |
| 7 | SRE | SEMPRA Utilities | 4.27% | 31.6x | 6/9 |
| 8 | ETR | ENTERGY CORP Utilities | 3.69% | 29.3x | 6/9 |
| 9 | XEL | XCEL ENERGY INC Utilities | 3.50% | 23.0x | 5/9 |
| 10 | VST | VISTRA CORP Utilities | 3.39% | 25.5x | 4/9 |
| 11 | EXC | EXELON CORP Utilities | 3.36% | 17.1x | 6/9 |
| 12 | ED | CONSOLIDATED EDISON INC Utilities | 2.91% | 18.9x | 6/9 |
| 13 | PEG | PUBLIC SERVICE ENTERPRISE GP Utilities | 2.78% | 17.6x | 8/9 |
| 14 | PCG | P G + E CORP Utilities | 2.71% | 13.6x | 5/9 |
| 15 | WEC | WEC ENERGY GROUP INC Utilities | 2.62% | 22.9x | 5/9 |
Historical Holdings Snapshots
Browse how XLU’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 72.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 13.08% | 34,560,689 | — |
| 2 | SO | 7.60% | 18,682,839 | — |
| 3 | DUK | 6.90% | 12,920,400 | — |
| 4 | CEG | 5.65% | 5,298,101 | — |
| 5 | AEP | 5.08% | 9,017,406 | — |
| 6 | D | 4.43% | 14,575,485 | — |
| 7 | SRE | 4.27% | 10,833,680 | — |
| 8 | ETR | 3.69% | 7,588,518 | — |
| 9 | XEL | 3.50% | 10,346,095 | — |
| 10 | VST | 3.39% | 5,252,922 | — |
| 11 | EXC | 3.36% | 16,957,816 | — |
| 12 | ED | 2.91% | 6,107,647 | — |
| 13 | PEG | 2.78% | 8,258,808 | — |
| 14 | PCG | 2.71% | 36,497,709 | — |
| 15 | WEC | 2.62% | 5,398,255 | — |
2026-07-17
15 holdings · 72.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 13.11% | 34,597,440 | — |
| 2 | SO | 7.53% | 18,702,705 | — |
| 3 | DUK | 6.84% | 12,934,139 | — |
| 4 | CEG | 5.82% | 5,303,733 | — |
| 5 | AEP | 5.09% | 9,026,998 | — |
| 6 | D | 4.41% | 14,590,984 | — |
| 7 | SRE | 4.28% | 10,845,197 | — |
| 8 | ETR | 3.69% | 7,596,581 | — |
| 9 | VST | 3.58% | 5,258,510 | — |
| 10 | XEL | 3.49% | 10,357,095 | — |
| 11 | EXC | 3.30% | 16,975,845 | — |
| 12 | ED | 2.87% | 6,114,137 | — |
| 13 | PEG | 2.81% | 8,267,586 | — |
| 14 | PCG | 2.72% | 36,536,517 | — |
| 15 | WEC | 2.60% | 5,403,997 | — |
2026-07-16
15 holdings · 72.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 13.05% | 34,487,187 | — |
| 2 | SO | 7.56% | 18,643,107 | — |
| 3 | DUK | 6.89% | 12,892,922 | — |
| 4 | CEG | 5.73% | 5,286,837 | — |
| 5 | AEP | 5.13% | 8,998,222 | — |
| 6 | D | 4.38% | 14,544,487 | — |
| 7 | SRE | 4.27% | 10,810,646 | — |
| 8 | ETR | 3.69% | 7,572,392 | — |
| 9 | VST | 3.51% | 5,241,746 | — |
| 10 | XEL | 3.50% | 10,324,095 | — |
| 11 | EXC | 3.36% | 16,921,758 | — |
| 12 | ED | 2.88% | 6,094,667 | — |
| 13 | PEG | 2.80% | 8,241,252 | — |
| 14 | PCG | 2.68% | 36,420,093 | — |
| 15 | WEC | 2.62% | 5,386,771 | — |
2026-07-15
15 holdings · 72.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 12.88% | 34,487,187 | — |
| 2 | SO | 7.60% | 18,643,107 | — |
| 3 | DUK | 6.91% | 12,892,922 | — |
| 4 | CEG | 5.75% | 5,286,837 | — |
| 5 | AEP | 5.16% | 8,998,222 | — |
| 6 | D | 4.35% | 14,544,487 | — |
| 7 | SRE | 4.31% | 10,810,646 | — |
| 8 | ETR | 3.67% | 7,572,392 | — |
| 9 | XEL | 3.51% | 10,324,095 | — |
| 10 | VST | 3.50% | 5,241,746 | — |
| 11 | EXC | 3.37% | 16,921,758 | — |
| 12 | ED | 2.88% | 6,094,667 | — |
| 13 | PEG | 2.82% | 8,241,252 | — |
| 14 | PCG | 2.67% | 36,420,093 | — |
| 15 | WEC | 2.64% | 5,386,771 | — |
2026-07-14
15 holdings · 72.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 12.90% | 34,607,463 | — |
| 2 | SO | 7.58% | 18,708,123 | — |
| 3 | DUK | 6.88% | 12,937,886 | — |
| 4 | CEG | 5.65% | 5,305,269 | — |
| 5 | AEP | 5.18% | 9,029,614 | — |
| 6 | D | 4.33% | 14,595,211 | — |
| 7 | SRE | 4.33% | 10,848,338 | — |
| 8 | ETR | 3.70% | 7,598,816 | — |
| 9 | VST | 3.54% | 5,260,034 | — |
| 10 | XEL | 3.51% | 10,360,095 | — |
| 11 | EXC | 3.37% | 16,980,762 | — |
| 12 | ED | 2.88% | 6,115,907 | — |
| 13 | PEG | 2.82% | 8,269,980 | — |
| 14 | PCG | 2.66% | 36,547,101 | — |
| 15 | WEC | 2.63% | 5,405,563 | — |
2026-07-13
15 holdings · 72.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NEE | 12.85% | 34,644,214 | — |
| 2 | SO | 7.59% | 18,727,989 | — |
| 3 | DUK | 6.91% | 12,951,625 | — |
| 4 | CEG | 5.67% | 5,310,901 | — |
| 5 | AEP | 5.15% | 9,039,206 | — |
| 6 | SRE | 4.38% | 10,859,855 | — |
| 7 | D | 4.32% | 14,610,710 | — |
| 8 | ETR | 3.69% | 7,606,890 | — |
| 9 | VST | 3.54% | 5,265,622 | — |
| 10 | XEL | 3.49% | 10,371,095 | — |
| 11 | EXC | 3.36% | 16,998,791 | — |
| 12 | ED | 2.88% | 6,122,397 | — |
| 13 | PEG | 2.83% | 8,278,758 | — |
| 14 | PCG | 2.68% | 36,585,909 | — |
| 15 | WEC | 2.65% | 5,411,305 | — |
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.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLU Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedXLU, the Utilities ETF, is currently trading above both its 50-day and 200-day simple moving averages, indicating a positive trend with short-term momentum outpacing long-term averages as reflected by the RSI hovering in bullish territory.
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 XLU’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 (1)
Positions Decreased (31)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.