XSD(XSD)
AI Look-Through Summary
AI GeneratedThe XSD ETF presents a distinct equity exposure profile characterized by a heavy concentration within the technology sector, which accounts for 57.0% of its total assets under management totaling $1.6 billion. This significant tilt suggests that the fund's performance will be largely driven by technological market dynamics rather than being diversified across broader economic sectors. The top ten holdings reveal an intense focus on specific semiconductor and hardware manufacturers, with individual positions such as MXL representing 7.1% of the portfolio alone. When combined with other major constituents like INTC, ALAB, AMD, MRVL, ON, and MU, which collectively represent substantial portions of the fund, the portfolio exhibits a high degree of concentration risk within niche sub-segments of the technology industry.
Geographically, while specific country weights are not provided in the available data, the composition of top holdings points toward exposure primarily to companies listed on major U.S. exchanges or those with significant American operational footprints, given that entities like Intel and NVIDIA are predominantly domiciled in the United States. The presence of several holdings marked as "N/A" regarding their primary sector classification alongside clear technology labels indicates a potential mix of pure-play tech firms and diversified industrials contributing to the overall 57% sector weight. Quantitatively, the fund's structure implies that capital allocation is heavily skewed toward established players in the semiconductor space rather than being evenly distributed across hundreds of smaller market participants or alternative asset classes. Investors analyzing this vehicle must weigh the potential for amplified returns from a booming tech cycle against the volatility inherent in such a concentrated basket of large-cap technology stocks, noting that the lack of diversification outside this sector could lead to pronounced drawdowns if the specific sub-industries represented suffer headwinds.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 17:31:49.190742+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker XSD is semiconductors, and this alignment appears strong given that nearly all top holdings are explicitly categorized within the Technology sector. The portfolio demonstrates a clear focus on chip manufacturers such as Intel, AMD, and Micron, which directly supports the core thesis of semiconductor exposure. While several positions like MXL or NVTS lack specific industry tags in the provided data, their inclusion alongside major players suggests they may be related to infrastructure or services supporting the broader hardware ecosystem rather than unrelated assets. The absence of significant holdings in non-tech sectors further reinforces that the fund maintains a concentrated view on the intended theme without dilution from disparate industries.
Concentration risk remains moderate with the top ten positions accounting for just under 37% of assets, indicating a diversified approach within the niche itself rather than an over-reliance on a single mega-cap stock to drive returns. The sector breakdown shows Technology comprising 57% of holdings across twenty-four stocks, which suggests genuine differentiation from broad market indices that typically include heavy weights in financials or consumer staples. However, the dominance of semiconductor manufacturers means performance will be highly correlated with cyclical trends specific to the chip industry rather than general economic growth. This structural coherence ensures the fund behaves as a thematic vehicle for semiconductors while avoiding the pitfalls of funds that use broad names merely to mask lackluster strategy execution.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 16:57:01.119367+00
🏢 Sector Analysis
AI GeneratedThe XSD ETF exhibits a pronounced sector bias, with technology comprising 56.3% of its portfolio across twenty-four holdings. This heavy allocation suggests an investment thesis centered on exposure to the semiconductor and hardware subsectors, as evidenced by significant positions in companies like Intel, AMD, Marvell Technology, and Sitm. The concentration within this single industry indicates that the fund's performance will be highly correlated with macroeconomic trends affecting chip demand, supply chain dynamics, and regulatory environments specific to the technology sector rather than a diversified approach across multiple economic drivers.
Concentration risk is further highlighted by the top ten holdings accounting for 36.1% of total assets, driven largely by substantial weightings in MXL, INTC, SITM, AMD, and MRVL. Such clustering implies that idiosyncratic events impacting any single major constituent or a small group within this specific niche could disproportionately influence overall fund volatility. The presence of holdings with "N/A" sector classifications alongside pure technology names adds a layer of complexity to the risk profile, potentially obscuring true diversification benefits if those non-classified assets hold significant exposure to correlated industries like communications equipment or consumer electronics.
Regarding factor tilts, the heavy reliance on specific semiconductor manufacturers points toward an aggressive growth and momentum orientation rather than value or defensive characteristics. The fund appears designed to capture upside potential from rapid technological adoption cycles while simultaneously accepting heightened sensitivity to sector-specific downturns. Investors examining this allocation must weigh the benefits of deep specialization in a high-growth industry against the lack of buffer provided by exposure to other economic sectors, recognizing that returns will likely mirror the fortunes of the broader semiconductor complex with amplified intensity due to the concentrated nature of the top holdings.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 01:56:28.964751+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XSD's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XSD's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VGTVGT | $122B | — | 42 | 98.1% |
| SPTMSPTM | $12B | — | 32 | 76.4% |
| ONEOONEO | $25M | — | 20 | 48.0% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 17 | 45.1% |
| VBKVBK | $40B | — | 16 | 42.9% |
98% of XSD's portfolio by weight is also held by VGT, which commands 76× more assets under management. When VGT receives inflows, it mechanically buys these shared stocks — dragging XSD's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXSD'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 62% 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XSD collectively pay out 55% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. 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
ProprietaryXSD is up 176.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +46.3%. The remaining +129.8% 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 94% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XSD's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XSD's analyzed weight, 28% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 72% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 56% 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.
XSD has a Passive Crowding Score of 30/100. On average, 9.1% of the market capitalization of XSD'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 10 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 | MXL | MAXLINEAR INC | 7.11% | — | — |
| 2 | INTC | INTEL CORP Technology | 3.91% | — | 6/9 |
| 3 | ALAB | ASTERA LABS INC Technology | 3.78% | 233.2x | 5/9 |
| 4 | NVTS | NAVITAS SEMICONDUCTOR CORP | 3.53% | — | — |
| 5 | AMD | ADVANCED MICRO DEVICES Technology | 3.46% | 172.6x | 7/9 |
| 6 | MRVL | MARVELL TECHNOLOGY INC Technology | 3.34% | 70.4x | 8/9 |
| 7 | SITM | SITIME CORP | 3.21% | — | — |
| 8 | ON | ON SEMICONDUCTOR Technology | 2.92% | 88.7x | 3/9 |
| 9 | MU | MICRON TECHNOLOGY INC Technology | 2.88% | 45.9x | 7/9 |
| 10 | SYNA | SYNAPTICS INC | 2.73% | — | — |
| 11 | SMTC | SEMTECH CORP | 2.70% | — | — |
| 12 | MTSI | MACOM TECHNOLOGY SOLUTIONS H | 2.70% | 97.1x | 5/9 |
| 13 | CRDO | CREDO TECHNOLOGY GROUP HOLDI Technology | 2.64% | 129.7x | 7/9 |
| 14 | QCOM | QUALCOMM INC Technology | 2.51% | 27.0x | 6/9 |
| 15 | AMBA | AMBARELLA INC Technology | 2.45% | — | — |
Historical Holdings Snapshots
Browse how XSD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 49.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 7.11% | 2,209,683 | — |
| 2 | INTC | 3.91% | 1,021,052 | — |
| 3 | ALAB | 3.78% | 392,836 | — |
| 4 | NVTS | 3.53% | 4,478,659 | — |
| 5 | AMD | 3.46% | 238,603 | — |
| 6 | MRVL | 3.34% | 541,663 | — |
| 7 | SITM | 3.21% | 139,604 | — |
| 8 | ON | 2.92% | 825,127 | — |
| 9 | MU | 2.88% | 117,000 | — |
| 10 | SYNA | 2.73% | 639,008 | — |
| 11 | SMTC | 2.70% | 570,832 | — |
| 12 | MTSI | 2.70% | 219,661 | — |
| 13 | CRDO | 2.64% | 422,689 | — |
| 14 | QCOM | 2.51% | 364,415 | — |
| 15 | AMBA | 2.45% | 907,218 | — |
2026-05-23
15 holdings · 49.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 7.11% | 2,209,683 | — |
| 2 | INTC | 3.91% | 1,021,052 | — |
| 3 | ALAB | 3.78% | 392,836 | — |
| 4 | NVTS | 3.53% | 4,478,659 | — |
| 5 | AMD | 3.46% | 238,603 | — |
| 6 | MRVL | 3.34% | 541,663 | — |
| 7 | SITM | 3.21% | 139,604 | — |
| 8 | ON | 2.92% | 825,127 | — |
| 9 | MU | 2.88% | 117,000 | — |
| 10 | SYNA | 2.73% | 639,008 | — |
| 11 | SMTC | 2.70% | 570,832 | — |
| 12 | MTSI | 2.70% | 219,661 | — |
| 13 | CRDO | 2.64% | 422,689 | — |
| 14 | QCOM | 2.51% | 364,415 | — |
| 15 | AMBA | 2.45% | 907,218 | — |
2026-05-22
15 holdings · 49.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 7.06% | 2,199,408 | — |
| 2 | INTC | 4.01% | 1,016,304 | — |
| 3 | ALAB | 3.73% | 391,009 | — |
| 4 | AMD | 3.53% | 237,491 | — |
| 5 | NVTS | 3.40% | 4,457,833 | — |
| 6 | MRVL | 3.34% | 539,144 | — |
| 7 | SITM | 3.21% | 138,955 | — |
| 8 | ON | 3.00% | 821,281 | — |
| 9 | MU | 2.83% | 116,456 | — |
| 10 | SYNA | 2.74% | 636,037 | — |
| 11 | MTSI | 2.73% | 218,637 | — |
| 12 | SMTC | 2.67% | 568,178 | — |
| 13 | CRDO | 2.55% | 420,724 | — |
| 14 | NXPI | 2.50% | 243,386 | — |
| 15 | AMBA | 2.49% | 902,999 | — |
2026-05-21
15 holdings · 49.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 7.28% | 2,209,683 | — |
| 2 | INTC | 3.93% | 1,021,052 | — |
| 3 | AMD | 3.43% | 238,603 | — |
| 4 | SITM | 3.36% | 139,604 | — |
| 5 | ALAB | 3.33% | 392,836 | — |
| 6 | MRVL | 3.32% | 541,663 | — |
| 7 | ON | 3.04% | 825,127 | — |
| 8 | NVTS | 3.02% | 4,478,660 | — |
| 9 | MU | 2.84% | 117,000 | — |
| 10 | SYNA | 2.74% | 639,008 | — |
| 11 | MTSI | 2.74% | 219,661 | — |
| 12 | SMTC | 2.67% | 570,833 | — |
| 13 | TXN | 2.59% | 246,590 | — |
| 14 | NXPI | 2.50% | 244,526 | — |
| 15 | CRDO | 2.48% | 422,689 | — |
2026-05-20
15 holdings · 48.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 6.75% | 2,209,683 | — |
| 2 | INTC | 3.86% | 1,021,052 | — |
| 3 | SITM | 3.54% | 139,604 | — |
| 4 | AMD | 3.51% | 238,603 | — |
| 5 | MRVL | 3.20% | 541,663 | — |
| 6 | ON | 3.15% | 825,127 | — |
| 7 | NVTS | 3.08% | 4,478,660 | — |
| 8 | ALAB | 2.96% | 392,836 | — |
| 9 | MU | 2.78% | 117,000 | — |
| 10 | MTSI | 2.73% | 219,661 | — |
| 11 | SYNA | 2.66% | 639,008 | — |
| 12 | SMTC | 2.64% | 570,833 | — |
| 13 | QCOM | 2.59% | 364,415 | — |
| 14 | TXN | 2.59% | 246,590 | — |
| 15 | AMBA | 2.50% | 907,218 | — |
2026-05-19
15 holdings · 49.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MXL | 6.90% | 2,199,408 | — |
| 2 | INTC | 3.76% | 1,016,304 | — |
| 3 | SITM | 3.66% | 138,955 | — |
| 4 | AMD | 3.42% | 237,491 | — |
| 5 | MRVL | 3.24% | 539,144 | — |
| 6 | NVTS | 3.23% | 4,457,834 | — |
| 7 | ON | 3.16% | 821,281 | — |
| 8 | ALAB | 3.09% | 391,009 | — |
| 9 | MU | 2.87% | 116,456 | — |
| 10 | MTSI | 2.79% | 218,637 | — |
| 11 | SYNA | 2.77% | 636,037 | — |
| 12 | SMTC | 2.66% | 568,179 | — |
| 13 | POWI | 2.59% | 1,040,812 | — |
| 14 | TXN | 2.53% | 245,443 | — |
| 15 | AMBA | 2.49% | 902,999 | — |
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 XSD 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 XSD’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.