XNTK(XNTK)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Technology, with over 80% of its assets concentrated in this space. Within Technology, the fund has a notable exposure to semiconductor manufacturers such as MU, INTC, MRVL, AMD, and ASML, which are among the top holdings. This suggests that the fund's manager has taken a bet on the continued growth of the semiconductor industry.
The valuation posture of the portfolio is aggressive, with a weighted P/E ratio of 36.6x and a weighted P/B ratio of 77.0x. While this may reflect the fund's focus on high-growth Technology stocks, it also increases the risk of significant losses if the sector experiences a downturn. The lack of diversification in the top holdings and the sector allocation creates concentration risk, making the portfolio vulnerable to market fluctuations. A favorable macro environment for this portfolio would likely involve sustained growth in the semiconductor industry and strong demand for Technology products, while an unfavorable environment could be characterized by economic slowdowns or disruptions in global supply chains.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 09:41:01.922549+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment vehicle named XNTK demonstrates a strong alignment with its semiconductor and technology-focused theme, as the vast majority of assets are concentrated within the Technology sector. The top holdings consist almost entirely of established players in semiconductors, chip manufacturing equipment, and related hardware infrastructure, such as Intel, Micron, and Applied Materials. While there is notable exposure to mega-cap communication services and consumer cyclical giants like Google and Amazon, these positions appear functionally relevant given their massive reliance on semiconductor supply chains rather than representing a thematic drift. The portfolio avoids unrelated sectors entirely, maintaining a tight focus on the hardware ecosystem implied by its name without significant dilution from non-technology assets.
Sector coherence is high, with Technology comprising over 82% of the total portfolio value, which reinforces the fund's specific niche within the broader tech landscape. However, the top ten concentration metric indicates that nearly half of the fund's exposure rests on just a handful of large-cap names, suggesting that performance may be heavily influenced by these dominant players rather than the full breadth of smaller thematic opportunities. The inclusion of significant weights in communication services and consumer cyclicals introduces some sectoral noise compared to a pure-play semiconductor index, yet this diversification likely serves to stabilize returns through exposure to major end-users of chip technology. Ultimately, the fund presents as a focused thematic vehicle that leverages industry leaders while maintaining sufficient concentration risk inherent to such specialized strategies.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 18:20:31.860823+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors across the top holdings of this technology-focused ETF highlight a convergence of regulatory pressures centered on environmental compliance, data privacy, and artificial intelligence governance. Multiple semiconductor leaders are explicitly flagging that adherence to climate change regulations could materially impact their financial conditions, while others note that evolving cybersecurity standards may drive up operational costs. Furthermore, specific disclosures from key components regarding responsible AI usage suggest that future legislative frameworks could impose new cost burdens or alter competitive dynamics within the sector. These shared themes indicate a macro-level shift where external regulatory environments are becoming primary drivers of potential downside risk for the entire portfolio.
The concentration of these risks is significant given the weight and overlap among the fund's largest positions. With NVIDIA, Intel, AMD, and others all operating in high-growth or capital-intensive segments, their collective exposure to climate mandates and AI regulation creates a correlated threat profile rather than isolated incidents. The fact that multiple top-tier holdings simultaneously identify regulatory compliance as a material risk suggests that any tightening of environmental laws or data privacy statutes could generate synchronized headwinds across the fund's core equity base. This clustering implies that diversification within this specific slice of the portfolio may offer limited protection against systemic policy changes affecting the semiconductor and software industries alike.
While several companies cite general operational risks, NVIDIA stands out due to its substantial weight at 2.9% having three distinct risk disclosures related to environmental compliance, cybersecurity costs, and AI regulation simultaneously. This density of regulatory concerns within a single high-weight position amplifies the potential impact on the fund's overall performance should any one of these specific areas face stringent new legislation or enforcement actions. The interplay between these factors suggests that the fund remains highly sensitive to the pace and scope of government intervention in both physical sustainability and digital infrastructure governance.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 23:43:06.674834+00
🏢 Sector Analysis
AI GeneratedThe XNTK ETF exhibits an overwhelmingly concentrated exposure to the technology sector, which accounts for 82.5% of its total assets across twenty-seven holdings. This dominant allocation is further reinforced by a top-10 concentration level of nearly 47%, indicating that less than half of the fund's value rests in just ten specific securities. Within this heavily weighted segment, the portfolio demonstrates a distinct tilt toward semiconductor and hardware infrastructure companies, as evidenced by significant positions in memory manufacturers like Micron Technology and Intel, alongside major players such as Marvell Technology, Advanced Micro Devices, and Lam Research Corporation. The remaining 17.5% of assets are distributed across communication services and consumer cyclicals through only four holdings each, suggesting that these sectors serve primarily to provide minor diversification rather than acting as core drivers of the fund's performance profile.
This structural composition reveals an investment thesis heavily anchored in the cyclical nature of chip demand and semiconductor equipment cycles, effectively betting on continued growth within hardware innovation and AI infrastructure development. By allocating such a substantial portion of capital to firms deeply embedded in supply chains ranging from memory production to lithography services, the fund inherently accepts elevated volatility associated with these specific sub-industries. The minimal presence in communication services and consumer cyclicals limits the portfolio's ability to hedge against sector-specific downturns or capture broad-based consumption trends that might affect other parts of the equity market. Consequently, while this approach offers high-conviction exposure to a single thematic driver, it also creates significant concentration risk where poor performance by even one of the top five holdings could materially impact overall fund returns without substantial offset from other sectors.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 15:06:00.707828+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XNTK's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XNTK's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTVT | $80B | — | 33 | 95.0% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 32 | 89.5% |
| QUSQUS | $1B | — | 32 | 89.5% |
| SPTMSPTM | $12B | — | 32 | 89.5% |
| VONEVONE | $10B | — | 31 | 89.5% |
95% of XNTK's portfolio by weight is also held by VT, which commands 55× more assets under management. When VT receives inflows, it mechanically buys these shared stocks — dragging XNTK's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXNTK'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 90% 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 XNTK collectively pay out 35% 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 64% 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
ProprietaryXNTK is up 42.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +69.6%. Despite earnings growth, valuations have contracted by 27.4% — 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 88% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XNTK's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XNTK's analyzed weight, 58% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 42% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 95% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDXNTK's top holding MU at 8.1% is above the 8% elevated-concentration threshold. The effective number of stocks is 27 vs. the actual count of 36.
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.
XNTK has a Passive Crowding Score of 39/100. On average, 11.6% of the market capitalization of XNTK'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 41 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 | MU | MICRON TECHNOLOGY INC Technology | 8.11% | 19.3x | 7/9 |
| 2 | INTC | INTEL CORP Technology | 5.88% | — | 6/9 |
| 3 | AMD | ADVANCED MICRO DEVICES Technology | 5.45% | 166.9x | 7/9 |
| 4 | MRVL | MARVELL TECHNOLOGY INC Technology | 5.11% | 64.6x | 8/9 |
| 5 | AMAT | APPLIED MATERIALS INC Technology | 4.96% | 52.7x | 6/9 |
| 6 | LRCX | LAM RESEARCH CORP Technology | 4.58% | 60.6x | 7/9 |
| 7 | ASML | ASML HOLDING NV NY REG SHS Technology | 3.79% | 56.8x | 8/9 |
| 8 | TXN | TEXAS INSTRUMENTS INC Technology | 3.72% | 49.7x | 7/9 |
| 9 | CRWD | CROWDSTRIKE HOLDINGS INC A Technology | 3.70% | — | 4/9 |
| 10 | CSCO | CISCO SYSTEMS INC Technology | 3.23% | 36.5x | 8/9 |
| 11 | TSM | TAIWAN SEMICONDUCTOR SP ADR Technology | 3.22% | 30.7x | 9/9 |
| 12 | ANET | ARISTA NETWORKS INC Technology | 3.10% | 57.7x | 4/9 |
| 13 | AAPL | APPLE INC Technology | 2.74% | 40.3x | 8/9 |
| 14 | APH | AMPHENOL CORP CL A Technology | 2.72% | 44.1x | 6/9 |
| 15 | NVDA | NVIDIA CORP Technology | 2.72% | 31.7x | 4/9 |
Historical Holdings Snapshots
Browse how XNTK’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 63.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.11% | 200,561 | — |
| 2 | INTC | 5.88% | 1,279,177 | — |
| 3 | AMD | 5.45% | 229,504 | — |
| 4 | MRVL | 5.11% | 572,879 | — |
| 5 | AMAT | 4.96% | 186,640 | — |
| 6 | LRCX | 4.58% | 301,322 | — |
| 7 | ASML | 3.79% | 44,786 | — |
| 8 | TXN | 3.72% | 269,625 | — |
| 9 | CRWD | 3.70% | 383,176 | — |
| 10 | CSCO | 3.23% | 621,719 | — |
| 11 | TSM | 3.22% | 165,624 | — |
| 12 | ANET | 3.10% | 387,690 | — |
| 13 | AAPL | 2.74% | 173,802 | — |
| 14 | APH | 2.72% | 374,250 | — |
| 15 | NVDA | 2.72% | 276,305 | — |
2026-07-17
15 holdings · 63.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.36% | 200,561 | — |
| 2 | INTC | 6.07% | 1,279,177 | — |
| 3 | AMD | 5.60% | 229,504 | — |
| 4 | MRVL | 5.45% | 572,879 | — |
| 5 | AMAT | 4.98% | 186,640 | — |
| 6 | LRCX | 4.66% | 301,322 | — |
| 7 | ASML | 3.75% | 44,786 | — |
| 8 | TXN | 3.74% | 269,625 | — |
| 9 | CRWD | 3.65% | 383,176 | — |
| 10 | CSCO | 3.20% | 621,719 | — |
| 11 | TSM | 3.20% | 165,624 | — |
| 12 | ANET | 3.07% | 387,690 | — |
| 13 | APH | 2.71% | 374,250 | — |
| 14 | NVDA | 2.71% | 276,305 | — |
| 15 | GOOGL | 2.67% | 156,403 | — |
2026-07-16
15 holdings · 64.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.93% | 200,561 | — |
| 2 | INTC | 6.24% | 1,279,177 | — |
| 3 | MRVL | 5.77% | 572,879 | — |
| 4 | AMD | 5.70% | 229,504 | — |
| 5 | AMAT | 5.04% | 186,640 | — |
| 6 | LRCX | 4.72% | 301,322 | — |
| 7 | TXN | 3.73% | 269,625 | — |
| 8 | CRWD | 3.66% | 383,176 | — |
| 9 | ASML | 3.60% | 44,786 | — |
| 10 | CSCO | 3.30% | 621,719 | — |
| 11 | ANET | 3.21% | 387,690 | — |
| 12 | TSM | 3.15% | 165,624 | — |
| 13 | APH | 2.68% | 374,250 | — |
| 14 | NVDA | 2.65% | 276,305 | — |
| 15 | GOOGL | 2.55% | 156,403 | — |
2026-07-15
15 holdings · 63.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.62% | 199,901 | — |
| 2 | INTC | 6.05% | 1,274,973 | — |
| 3 | MRVL | 5.72% | 570,997 | — |
| 4 | AMD | 5.63% | 228,750 | — |
| 5 | AMAT | 4.93% | 186,026 | — |
| 6 | LRCX | 4.56% | 300,332 | — |
| 7 | TXN | 3.69% | 268,739 | — |
| 8 | ASML | 3.55% | 44,638 | — |
| 9 | CSCO | 3.40% | 619,677 | — |
| 10 | CRWD | 3.30% | 381,916 | — |
| 11 | ANET | 3.22% | 386,416 | — |
| 12 | TSM | 3.20% | 165,080 | — |
| 13 | APH | 2.68% | 373,020 | — |
| 14 | NVDA | 2.58% | 275,397 | — |
| 15 | AAPL | 2.53% | 173,230 | — |
2026-07-14
15 holdings · 64.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.75% | 199,901 | — |
| 2 | INTC | 6.26% | 1,274,973 | — |
| 3 | MRVL | 6.01% | 570,997 | — |
| 4 | AMD | 5.70% | 228,750 | — |
| 5 | AMAT | 5.01% | 186,026 | — |
| 6 | LRCX | 4.70% | 300,332 | — |
| 7 | TXN | 3.74% | 268,739 | — |
| 8 | ASML | 3.58% | 44,638 | — |
| 9 | CSCO | 3.36% | 619,677 | — |
| 10 | ANET | 3.23% | 386,416 | — |
| 11 | TSM | 3.20% | 165,080 | — |
| 12 | CRWD | 3.19% | 381,916 | — |
| 13 | APH | 2.65% | 373,020 | — |
| 14 | NVDA | 2.60% | 275,397 | — |
| 15 | GOOGL | 2.49% | 155,889 | — |
2026-07-13
15 holdings · 64.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 8.82% | 199,571 | — |
| 2 | INTC | 6.39% | 1,272,871 | — |
| 3 | MRVL | 6.18% | 570,056 | — |
| 4 | AMD | 5.57% | 228,373 | — |
| 5 | AMAT | 4.87% | 185,719 | — |
| 6 | LRCX | 4.72% | 299,837 | — |
| 7 | TXN | 3.69% | 268,296 | — |
| 8 | ASML | 3.58% | 44,564 | — |
| 9 | CRWD | 3.37% | 381,286 | — |
| 10 | CSCO | 3.26% | 618,656 | — |
| 11 | TSM | 3.21% | 164,808 | — |
| 12 | ANET | 3.18% | 385,779 | — |
| 13 | APH | 2.69% | 372,405 | — |
| 14 | GOOGL | 2.49% | 155,632 | — |
| 15 | NVDA | 2.49% | 274,943 | — |
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 XNTK 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 XNTK’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.