How we review
- Identify the share class by ISIN and match its benchmark index.
- Compare index rules, fund documents and holdings at the relevant date.
- Review ongoing charges, tracking difference, spread and concentration separately.
ETF analysis for costs, index exposure and concentration
Review ETF index, costs, replication and concentration. Includes a top-holdings calculator and research from €45.
How can I identify the risks inside an ETF?
Start with the rules the index uses to select and weight holdings. Then examine actual fund holdings, replication and costs. A fund with many holdings can still depend heavily on a few companies, sectors or countries.
Typical risk factors
- Concentration in holdings, countries or sectors.
- Differences arising from replication, securities lending or fund structure.
- Currency exposure and spreads that vary by trading time.
FREE MINI TOOL
Check concentration in the largest ETF holdings
Largest holding weight + combined weight of the next nine. Use holdings from a single reporting date.
For unleveraged long-only ETFs. Sector, country and currency exposures can extend through the remaining holdings.
Calculated from your inputs only. No automatic data retrieval or investment score.
How the research score is built
- Index and concentration35 %
- Replication and fund structure25 %
- Costs and tracking25 %
- Trading and currency15 %
We rate documented characteristics in each criterion from 0 to 100. 0 means weak, 50 means mixed and 100 means strong. The research score is the sum of each rating × its weight, divided by 100.
The risk score uses its own scale from 0 for low to 100 for substantial evidenced risk. Evidence coverage is the sum of weights for criteria with sufficient evidence. While any criterion remains unresolved, we show the gap and withhold the overall score.
See the fictional score demonstrationResearch packages and scope
Indicative one-time prices refer to the standard scope shown when sufficient data is available. For more complex work, we agree a custom quote first.
BASIC RISK SNAPSHOT™
One ETF share class, index profile, costs and key concentration risks.
45 €indicative price per report
- Brief profile and key risk factors
- Relevant metrics with data dates
- Source list and open questions
PRO INVESTOR INTELLIGENCE™
Deeper review of replication, holdings and one comparable fund where data permits.
95 €indicative price per report
- Everything in Basic
- Asset-class-specific metrics and risk matrix
- One benchmark where reliable data is available
PREMIUM DEEP RESEARCH™
Cross-check index rules and holdings and review qualitative concentration scenarios.
195 €indicative price per report
- Everything in Pro
- Deeper cross-checks of key claims and an evidence matrix
- Up to three qualitative scenarios with assumptions and open risks
Frequently asked questions
Is the expense ratio enough for a cost comparison?
Consider ongoing costs alongside tracking difference, spreads and potential trading costs. Use comparable periods.
Can I compare two ETF share classes?
Yes. Provide both ISINs and check distribution policy, currency hedging, trading currency and benchmark.
How do fund and trading currency differ?
Fund currency is used for fund accounting. Trading currency is the currency at the venue. Currency risk also depends on the underlying assets and hedging.
How often are ETF holdings updated?
Publication frequency depends on the fund provider and document. The analysis records the date and source.
What does top-ten concentration tell me?
It shows their combined weight. It captures only part of shared sector, country and currency exposure.
CONVERSATION AI START™
What would you like to check next?
How does the risk of an individual stock differ?How can I compare my own fund data?What does tracking difference measure?
Source profile · State Street SPDR S&P 500 ETF Trust ETF Research Sources and data dates
These sources are starting points. Reports document the evidence actually used and its date, with missing or conflicting data shown separately.
Full research methodologyRESEARCH BRIEFING
Request a research report
Describe the subject and your research question. After reviewing data availability, we confirm the scope, price and delivery date.
Free and without obligationIndependent research without personal investment recommendations