XPH(XPH)
AI Look-Through Summary
AI GeneratedThe XPH ETF presents a concentrated exposure profile with approximately $300 million in assets under management, characterized by a significant tilt toward the healthcare sector which accounts for 41.0% of its portfolio weight. This heavy allocation suggests that the fund's performance will be heavily influenced by the broader biopharmaceutical and medical device industries rather than providing broad diversification across multiple economic drivers. The top ten holdings reveal a distinct concentration within this specific niche, with several names like CORT, AXSM, ELVN, and ESPR explicitly categorized under healthcare, reinforcing the fund's specialized mandate in this vertical.
Concentration risk is further evident when examining individual position weights; OGN alone represents 4.0% of total assets, while a cluster of other top ten positions hover between 2.1% and 3.1%. This structure implies that substantial portions of the ETF are tied to the fortunes of a relatively small group of companies rather than being spread across hundreds of issuers or numerous industries. The presence of multiple holdings with "N/A" sector classifications alongside those clearly defined as healthcare indicates potential overlap in business models, where non-healthcare classified entities may still derive significant revenue from medical innovations.
With such a narrow focus and moderate asset size relative to large-cap benchmarks, the fund likely exhibits higher volatility compared to more diversified instruments, making it suitable for investors seeking targeted exposure to specific biotech trends rather than general market stability. The lack of geographic data in the provided holdings list prevents an assessment of international versus domestic risk, but the reliance on a single sector and a tight group of top-tier names suggests that capital allocation decisions within this fund will be driven primarily by developments in drug approvals, clinical trial results, or regulatory shifts affecting these specific firms rather than macroeconomic factors.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-20 12:54:50.223507+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 78/100The investment theme implied by the ticker XPH is pharmaceuticals, a sector focused on drug discovery and manufacturing. The fund's top holdings demonstrate a strong alignment with this mandate, as nearly all positions are within the healthcare industry, specifically targeting biotechnology and specialty pharma companies like OGN, CORT, and AXSM. However, several significant constituents lack specific sub-sector classifications in the provided data, which introduces ambiguity regarding their precise operational focus relative to pure-play pharmaceuticals. While the majority of named holdings fit the narrative, the presence of unclassified assets suggests a potential dilution of thematic purity if these entities operate outside the core drug development lifecycle or rely heavily on broader medical services rather than specific pharmacological innovations.
Sector coherence is evident with healthcare comprising over 41% of the portfolio and representing nearly all top-tier positions, indicating a concentrated strategy within its stated domain. The relatively low concentration in the top ten holdings at roughly 26.4% suggests the fund avoids excessive reliance on any single mega-cap stock to stabilize returns, instead distributing risk across a diversified basket of smaller, specialized entities. This structure differentiates the vehicle from broad market indices by focusing exclusively on niche therapeutic areas rather than large pharmaceutical conglomerates that dominate general health care sectors. The data reflects a genuine attempt to maintain thematic integrity through sector-specific selection while managing idiosyncratic risks associated with individual biotech firms.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 16:19:12.559313+00
🏢 Sector Analysis
AI GeneratedThe XPH ETF exhibits a pronounced sector bias toward Healthcare, which constitutes over 41% of the portfolio across twenty-four distinct holdings. This heavy weighting suggests an investment thesis centered on exposure to biotechnology and pharmaceutical innovation rather than broad market diversification or traditional industrial sectors. The concentration within this single industry indicates that the fund's performance will be highly correlated with macroeconomic trends specific to life sciences, such as regulatory approvals, drug pricing negotiations, and clinical trial outcomes, thereby amplifying volatility associated with those specific events compared to a more balanced allocation.
Within the top five holdings, four of the positions are explicitly categorized under Healthcare, reinforcing the fund's deep specialization in this vertical while leaving the remaining exposure unassigned or diversified into other categories not detailed here. The presence of companies like OGN and LQDA alongside pure-play biotech firms such as CORT and AXSM implies a strategy that may target both large-cap established players and smaller, high-growth clinical stage entities. This mix introduces idiosyncratic risk tied to the success or failure of specific drug candidates, as these assets often lack stable revenue streams until regulatory milestones are achieved.
The top-10 concentration metric stands at 26.1%, indicating that a significant portion of the fund's total value is dependent on its largest ten positions. While this level of concentration allows for strong upside potential if key holdings outperform, it simultaneously magnifies downside risk should any single major holding underperform or face adverse news events. The lack of substantial weight in non-healthcare sectors further limits the portfolio's ability to hedge against industry-specific downturns, creating a profile that is neither broadly market-replicating nor defensively diversified across economic cycles.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 10:43:07.339602+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XPH's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XPH's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VHTVHT | $19B | — | 51 | 92.7% |
| VFMOVFMO | $1B | — | 27 | 47.4% |
| SPTMSPTM | $12B | — | 25 | 46.0% |
| SPSMSPSM | $14B | — | 16 | 29.6% |
| VFVAVFVA | $758M | — | 12 | 24.7% |
93% of XPH's portfolio by weight is also held by VHT, which commands 61× more assets under management. When VHT receives inflows, it mechanically buys these shared stocks — dragging XPH's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXPH'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 48% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Caution: 31% of fund weight scores below 4 — indicating weak profitability or deteriorating fundamentals.
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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XPH collectively pay out 56% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 15% 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
ProprietaryXPH is up 36.5% over the last 12 months. The underlying weighted earnings growth of its constituents is -5.6%. The remaining +42.1% 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 87% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XPH's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XPH's analyzed weight, 63% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 37% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 32% 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.
XPH has a low Passive Crowding Score of 16/100. On average, 4.7% of the market capitalization of XPH'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 9 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 | OGN | ORGANON + CO | 3.82% | 14.3x | 5/9 |
| 2 | CORT | CORCEPT THERAPEUTICS INC Healthcare | 3.23% | 198.5x | 5/9 |
| 3 | LQDA | LIQUIDIA CORP | 2.93% | 363.9x | — |
| 4 | AXSM | AXSOME THERAPEUTICS INC Healthcare | 2.67% | — | — |
| 5 | ELVN | ENLIVEN THERAPEUTICS INC Healthcare | 2.51% | — | — |
| 6 | JAZZ | JAZZ PHARMACEUTICALS PLC | 2.35% | 1929.6x | — |
| 7 | DFTX | DEFINIUM THERAPEUTICS INC Healthcare | 2.22% | — | — |
| 8 | TRVI | TREVI THERAPEUTICS INC | 2.16% | — | — |
| 9 | VTRS | VIATRIS INC | 2.13% | — | — |
| 10 | ESPR | ESPERION THERAPEUTICS INC Healthcare | 2.12% | — | — |
| 11 | PRGO | PERRIGO CO PLC | 2.11% | — | — |
| 12 | RPRX | ROYALTY PHARMA PLC CL A | 2.09% | 25.9x | 5/9 |
| 13 | INDV | INDIVIOR PHARMACEUTICALS INC | 2.08% | 20.8x | — |
| 14 | ANIP | ANI PHARMACEUTICALS INC Healthcare | 1.98% | 23.1x | 7/9 |
| 15 | MBX | MBX BIOSCIENCES INC | 1.97% | — | — |
Historical Holdings Snapshots
Browse how XPH’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 36.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.82% | 998,931 | — |
| 2 | CORT | 3.23% | 189,482 | — |
| 3 | LQDA | 2.93% | 165,797 | — |
| 4 | AXSM | 2.67% | 40,081 | — |
| 5 | ELVN | 2.51% | 208,246 | — |
| 6 | JAZZ | 2.35% | 34,478 | — |
| 7 | DFTX | 2.22% | 343,165 | — |
| 8 | TRVI | 2.16% | 535,439 | — |
| 9 | VTRS | 2.13% | 457,634 | — |
| 10 | ESPR | 2.12% | 2,376,842 | — |
| 11 | PRGO | 2.11% | 651,700 | — |
| 12 | RPRX | 2.09% | 136,927 | — |
| 13 | INDV | 2.08% | 194,735 | — |
| 14 | ANIP | 1.98% | 83,801 | — |
| 15 | MBX | 1.97% | 217,396 | — |
2026-05-23
15 holdings · 36.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.82% | 998,931 | — |
| 2 | CORT | 3.23% | 189,482 | — |
| 3 | LQDA | 2.93% | 165,797 | — |
| 4 | AXSM | 2.67% | 40,081 | — |
| 5 | ELVN | 2.51% | 208,246 | — |
| 6 | JAZZ | 2.35% | 34,478 | — |
| 7 | DFTX | 2.22% | 343,165 | — |
| 8 | TRVI | 2.16% | 535,439 | — |
| 9 | VTRS | 2.13% | 457,634 | — |
| 10 | ESPR | 2.12% | 2,376,842 | — |
| 11 | PRGO | 2.11% | 651,700 | — |
| 12 | RPRX | 2.09% | 136,927 | — |
| 13 | INDV | 2.08% | 194,735 | — |
| 14 | ANIP | 1.98% | 83,801 | — |
| 15 | MBX | 1.97% | 217,396 | — |
2026-05-22
15 holdings · 36.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.88% | 998,931 | — |
| 2 | CORT | 3.23% | 189,482 | — |
| 3 | LQDA | 2.95% | 165,797 | — |
| 4 | AXSM | 2.67% | 40,081 | — |
| 5 | ELVN | 2.52% | 208,246 | — |
| 6 | JAZZ | 2.38% | 34,478 | — |
| 7 | VTRS | 2.19% | 457,634 | — |
| 8 | ESPR | 2.15% | 2,376,842 | — |
| 9 | TRVI | 2.14% | 535,439 | — |
| 10 | INDV | 2.11% | 194,735 | — |
| 11 | PRGO | 2.10% | 651,700 | — |
| 12 | RPRX | 2.10% | 136,927 | — |
| 13 | DFTX | 2.07% | 343,165 | — |
| 14 | HRMY | 2.01% | 222,062 | — |
| 15 | ANIP | 1.98% | 83,801 | — |
2026-05-21
15 holdings · 36.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.97% | 998,931 | — |
| 2 | CORT | 3.26% | 189,482 | — |
| 3 | LQDA | 2.94% | 165,797 | — |
| 4 | AXSM | 2.69% | 40,081 | — |
| 5 | ELVN | 2.48% | 208,246 | — |
| 6 | JAZZ | 2.42% | 34,478 | — |
| 7 | ESPR | 2.20% | 2,376,842 | — |
| 8 | VTRS | 2.19% | 457,634 | — |
| 9 | INDV | 2.13% | 194,735 | — |
| 10 | RPRX | 2.12% | 136,927 | — |
| 11 | TRVI | 2.10% | 535,439 | — |
| 12 | PRGO | 2.05% | 651,700 | — |
| 13 | DFTX | 2.03% | 343,165 | — |
| 14 | HRMY | 2.00% | 222,062 | — |
| 15 | ANIP | 1.99% | 83,801 | — |
2026-05-20
15 holdings · 36.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.98% | 1,023,723 | — |
| 2 | CORT | 3.10% | 194,186 | — |
| 3 | LQDA | 2.80% | 169,913 | — |
| 4 | AXSM | 2.70% | 41,077 | — |
| 5 | ELVN | 2.45% | 213,415 | — |
| 6 | JAZZ | 2.35% | 35,333 | — |
| 7 | VTRS | 2.24% | 468,992 | — |
| 8 | ESPR | 2.21% | 2,435,831 | — |
| 9 | TRVI | 2.13% | 548,729 | — |
| 10 | RPRX | 2.12% | 140,326 | — |
| 11 | INDV | 2.11% | 199,568 | — |
| 12 | DFTX | 2.08% | 351,682 | — |
| 13 | PRGO | 2.06% | 667,873 | — |
| 14 | MBX | 2.00% | 222,790 | — |
| 15 | ANIP | 1.97% | 85,880 | — |
2026-05-19
15 holdings · 36.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | OGN | 3.89% | 1,023,723 | — |
| 2 | CORT | 3.11% | 194,186 | — |
| 3 | LQDA | 2.75% | 169,913 | — |
| 4 | AXSM | 2.66% | 41,077 | — |
| 5 | ELVN | 2.50% | 213,415 | — |
| 6 | JAZZ | 2.29% | 35,333 | — |
| 7 | TRVI | 2.21% | 548,729 | — |
| 8 | VTRS | 2.19% | 468,992 | — |
| 9 | ESPR | 2.16% | 2,435,831 | — |
| 10 | RPRX | 2.11% | 140,326 | — |
| 11 | DFTX | 2.10% | 351,682 | — |
| 12 | INDV | 2.08% | 199,568 | — |
| 13 | MBX | 2.05% | 222,790 | — |
| 14 | PRGO | 2.01% | 667,873 | — |
| 15 | EWTX | 1.99% | 211,417 | — |
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 XPH 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 XPH’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.