XTN(XTN)
AI Look-Through Summary
AI GeneratedThe portfolio exhibits a strong bias towards industrial and airline stocks, with over 90% of its holdings concentrated in these sectors. The fund's sector allocation is skewed away from traditional technology and other sectors, suggesting a focus on cyclical industries that are often sensitive to macroeconomic trends. In terms of geographic exposure, it appears that the portfolio has a US-centric focus, given the dominance of domestic airlines and logistics companies.
The concentration risk in this portfolio is elevated due to the significant weightings of individual stocks such as Allegiant Travel (ALGT), American Airlines (AAL), and Delta Air Lines (DAL). The fund's sector mix diverges from the broader market, which has a more balanced allocation across various sectors. A favorable macro environment for this portfolio would likely involve sustained economic growth, particularly in industries related to air travel and logistics. Conversely, a downturn in these sectors could have a disproportionate impact on the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 10:04:15.118216+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker XTN, often associated with transportation or logistics networks, shows a strong alignment with its actual portfolio composition. The top holdings are predominantly comprised of major players within the freight and trucking sectors, such as CAR, JBHT, and CSX, which directly support an infrastructure-focused narrative. While several smaller positions like RXO and SNDR lack explicit sector classifications in the provided data, their inclusion alongside established industrial leaders suggests a cohesive strategy rather than random selection. The presence of airlines like DAL and AAL further broadens the scope to general transportation services, reinforcing the logistical theme without introducing unrelated industries that would dilute the fund's identity.
Sector coherence is evident as Industrials dominate the allocation at 44.4%, reflecting a heavy reliance on physical infrastructure companies rather than abstract technological concepts often found in similarly named funds. The minimal exposure to Technology at just 2.4% indicates that the fund avoids becoming a disguised broad-market proxy, maintaining distinct differentiation from large-cap indices through its specific focus on logistics operators and carriers. Although the top-10 concentration sits at 30.8%, which is moderate for this sector, the diversity of holdings across various sub-segments of transportation suggests the portfolio captures industry-wide trends rather than being overly dependent on a single mega-cap stock to drive performance. This structure supports the thematic premise while managing individual security risk through a diversified basket of specialized operators.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 03:27:48.490943+00
🏢 Sector Analysis
AI GeneratedThe XTN ETF exhibits a distinctively concentrated portfolio heavily weighted toward the Industrials sector, which comprises over 44% of total assets across eighteen holdings. This allocation suggests an investment thesis centered on logistics and transportation infrastructure rather than broad-based industrial diversification or exposure to growth-oriented technology sectors, where representation is minimal at just 2.3%. The dominance of this single sector implies that the fund's performance will be tightly correlated with macroeconomic drivers specific to shipping, freight services, and supply chain management, potentially amplifying volatility during periods of economic disruption in these industries while offering heightened upside if logistics demand surges.
Concentration risk is further elevated by a top-10 holding concentration of 31.7%, indicating that the fund relies heavily on its largest positions to generate returns. The presence of multiple mid-cap freight and logistics carriers such as RXO, CAR, SAIA, ARCB, and WERN within the leading holdings reinforces a specific tilt toward specialized transportation providers rather than diversified industrial conglomerates or large-cap blue chips. This structural characteristic means that idiosyncratic risks associated with individual companies in this niche are more likely to impact overall portfolio stability compared to broader sector funds. Additionally, the near-absence of technology exposure highlights an intentional avoidance of digital transformation plays within traditional logistics, focusing instead on operational and physical asset-heavy components of the supply chain ecosystem.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 02:24:41.851653+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XTN's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XTN's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VISVIS | $8B | — | 42 | 97.3% |
| SPTMSPTM | $12B | — | 38 | 91.4% |
| ONEOONEO | $25M | — | 28 | 69.4% |
| VBRVBR | $62B | — | 16 | 40.8% |
| VONEVONE | $10B | — | 15 | 39.1% |
97% of XTN's portfolio by weight is also held by VIS, which commands 29× more assets under management. When VIS receives inflows, it mechanically buys these shared stocks — dragging XTN's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXTN'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 79% 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 XTN collectively pay out 39% 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 44% 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
ProprietaryXTN is up 37.3% over the last 12 months. The underlying weighted earnings growth of its constituents is -15.2%. The remaining +52.5% 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 92% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XTN's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XTN's analyzed weight, 17% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 83% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 78% 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.
XTN has a Passive Crowding Score of 25/100. On average, 7.6% of the market capitalization of XTN'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 | ALGT | ALLEGIANT TRAVEL CO Industrials | 3.18% | — | — |
| 2 | JBLU | JETBLUE AIRWAYS CORP | 2.96% | — | — |
| 3 | LUV | SOUTHWEST AIRLINES CO Industrials | 2.89% | 32.9x | 7/9 |
| 4 | LYFT | LYFT INC A | 2.88% | 2.3x | 4/9 |
| 5 | SKYW | SKYWEST INC | 2.85% | 9.6x | 7/9 |
| 6 | AAL | AMERICAN AIRLINES GROUP INC Industrials | 2.81% | 49.9x | 4/9 |
| 7 | HUBG | HUB GROUP INC CL A | 2.80% | 20.4x | 6/9 |
| 8 | UAL | UNITED AIRLINES HOLDINGS INC Industrials | 2.79% | 11.1x | 7/9 |
| 9 | MATX | MATSON INC | 2.79% | 11.6x | 5/9 |
| 10 | ALK | ALASKA AIR GROUP INC Industrials | 2.76% | 96.8x | 4/9 |
| 11 | GXO | GXO LOGISTICS INC | 2.76% | 178.8x | 6/9 |
| 12 | UPS | UNITED PARCEL SERVICE CL B Industrials | 2.74% | 19.0x | 6/9 |
| 13 | DAL | DELTA AIR LINES INC Industrials | 2.74% | 14.4x | 6/9 |
| 14 | UNP | UNION PACIFIC CORP Industrials | 2.70% | 24.6x | 7/9 |
| 15 | CHRW | C.H. ROBINSON WORLDWIDE INC Industrials | 2.69% | 41.7x | 7/9 |
Historical Holdings Snapshots
Browse how XTN’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 42.3% tracked weight2026-07-17
15 holdings · 42.8% tracked weight2026-07-16
15 holdings · 42.2% tracked weight2026-07-15
15 holdings · 42.5% tracked weight2026-07-14
15 holdings · 42.9% tracked weight2026-07-13
15 holdings · 42.9% 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 XTN 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 XTN’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 (43)
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.