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🧪 Beta Release - This tool is in Beta and actively being refined based on user feedback.

Overview

The ETF Tearsheet provides comprehensive analysis of exchange-traded funds (ETFs), delivering fund facts, top holdings, price performance, historical returns, sector breakdown, and country allocation in a structured markdown format. This tool consolidates essential ETF data into a single view for quick analysis and comparison.

When to Use

The ETF Tearsheet is ideal for:
  • ETF overview and fund facts: Understanding basic ETF characteristics and structure
  • Expense analysis: Reviewing total expense ratio (TER) and fee structure
  • Holdings analysis: Examining top holdings and portfolio composition
  • Asset allocation: Understanding sector breakdown and country allocation
  • Performance tracking: Monitoring price performance and historical returns
  • Risk assessment: Analyzing volatility, max drawdown, and technical indicators
  • Concentration analysis: Evaluating portfolio concentration via Herfindahl-Hirschman Index (HHI)
  • NAV premium/discount: Tracking ETF pricing relative to net asset value
  • ETF research: Comprehensive analysis for investment decisions and portfolio construction

How It Works

The ETF Tearsheet follows a multi-step process to ensure accurate ETF identification and data retrieval:
  1. Call: A call is made to find_securities with ETF name, ticker, or ISIN
  2. Extract: The id field is extracted (used as rp_entity_id) and type field is verified as “ETF”
  3. Call: A call is then made to bigdata_etf_tearsheet with the rp_entity_id
  4. Optionally: A call is made to bigdata_search for recent ETF news and analysis
This workflow ensures the correct ETF is identified before retrieving comprehensive fund data.

Parameters

ParameterTypeRequiredDescription
rp_entity_idstringYesRavenPack entity ID - exactly 6 alphanumeric characters. Must be obtained from find_securities.

Important Notes

  • The rp_entity_id must be exactly 6 characters
  • Always obtain this ID from find_securities - the workflow ensures correct ETF identification
  • The type field from find_securities should be “ETF” to confirm it’s an exchange-traded fund

Data Returned

The ETF Tearsheet returns seven comprehensive sections, each as a markdown table:

1. Fund Overview

Essential fund characteristics and structure:
FieldDescription
ISINInternational Securities Identification Number
Asset ClassPrimary asset class (Equity, Fixed Income, Commodity, etc.)
CurrencyTrading currency
NAVNet Asset Value per share
AUMAssets Under Management (total fund size)
Expense Ratio (TER)Total Expense Ratio - annual fee percentage
Holdings CountNumber of securities in the portfolio
Inception DateFund launch date
DomicileLegal domicile/incorporation country
ProviderETF issuer/provider (e.g., BlackRock, Vanguard, State Street)
Avg VolumeAverage daily trading volume
ExchangePrimary listing exchange

2. Top 10 Holdings

Portfolio composition and concentration:
FieldDescription
RankPosition in portfolio (1-10)
Asset NameSecurity name
SharesNumber of shares held
Market ValueCurrent market value of position
Weight (%)Percentage of total portfolio
Top-10 Weight (%)Cumulative weight of top 10 holdings
HHIHerfindahl-Hirschman Index (portfolio concentration measure)
Concentration Analysis:
  • Low HHI (<1,000): Highly diversified portfolio
  • Moderate HHI (1,000-1,800): Moderately concentrated
  • High HHI (>1,800): Highly concentrated portfolio

3. Price Performance

Current pricing and technical levels:
FieldDescription
Last PriceMost recent trading price
Day ChangePrice change from previous close ($ and %)
Market CapTotal market capitalization of the ETF
52-Week HighHighest price in past 52 weeks
52-Week LowLowest price in past 52 weeks
50-Day MA50-day moving average
200-Day MA200-day moving average
Premium/Discount to NAVETF price vs NAV (positive = premium, negative = discount)

4. Returns Overview

Historical performance across multiple periods:
PeriodDescription
1D1-day return
5D5-day return
1M1-month return
3M3-month return
6M6-month return
YTDYear-to-date return
1Y1-year return
3Y3-year annualized return

5. Risk & Technical

Risk metrics and technical indicators:
MetricDescription
Realized Volatility (20D)20-day historical volatility
Realized Volatility (60D)60-day historical volatility
Max Drawdown (1Y)Largest peak-to-trough decline over past year
RSI (14-period)Relative Strength Index across multiple periods
Risk Interpretation:
  • Volatility: Higher values indicate greater price fluctuation
  • Max Drawdown: Measures worst-case loss scenario
  • RSI: >70 = overbought, <30 = oversold

6. Sector Breakdown

Portfolio allocation by economic sector:
FieldDescription
Sector NameGICS sector classification
Weight (%)Percentage of portfolio allocated to sector
Sectors tracked: Technology, Financials, Health Care, Consumer Discretionary, Industrials, Communication Services, Consumer Staples, Energy, Utilities, Real Estate, Materials

7. Country Allocation

Geographic portfolio distribution:
FieldDescription
Country NameCountry of security domicile/listing
Weight (%)Percentage of portfolio allocated to country
Use Cases:
  • Geographic diversification analysis
  • Regional exposure assessment
  • Currency risk evaluation
  • Geopolitical risk concentration

Understanding the Data

Fund Overview Insights

AUM (Assets Under Management):
  • Larger AUM generally means better liquidity and tighter spreads
  • Very small AUM (<$50M) may face closure risk
  • Rapid AUM growth/decline signals strong inflows/outflows
Expense Ratio (TER):
  • Lower is better - directly reduces returns
  • Equity ETFs: 0.03%-0.20% is typical for broad market
  • Specialty/thematic ETFs: 0.40%-0.75% is common
  • Active ETFs: 0.50%-1.00%+
Inception Date:
  • Longer track record provides more performance history
  • Newer ETFs lack long-term data but may offer innovative strategies
Average Volume:
  • Higher volume = better liquidity and tighter bid-ask spreads
  • Low volume may result in higher trading costs

Top Holdings Analysis

Concentration Risk:
  • Top-10 Weight >40%: High concentration - significant single-stock risk
  • Top-10 Weight 20-40%: Moderate concentration
  • Top-10 Weight <20%: Well-diversified
HHI (Herfindahl-Hirschman Index):
  • Measures portfolio concentration across all holdings
  • Lower HHI = more diversified
  • Higher HHI = more concentrated (higher single-position risk)
Holdings Changes:
  • Compare holdings over time to track portfolio changes
  • Large position changes may signal rebalancing or strategy shifts

Price Performance & NAV Premium/Discount

Premium/Discount to NAV:
  • Premium (+): ETF trading above net asset value
    • May indicate strong demand or illiquid underlying holdings
    • Creates arbitrage opportunity for authorized participants
  • Discount (-): ETF trading below net asset value
    • May indicate selling pressure or illiquid market conditions
    • Can present buying opportunity
  • Typical Range: ±0.5% is normal for liquid ETFs
  • Concern Threshold: >±2% sustained premium/discount warrants investigation
Moving Averages:
  • Price above 50-day and 200-day MA: uptrend
  • Price below both: downtrend
  • 50-day crossing 200-day (golden cross): bullish signal
  • 200-day crossing 50-day (death cross): bearish signal

Returns Analysis

Comparing Timeframes:
  • Short-term (1D-1M): Tactical positioning, momentum assessment
  • Medium-term (3M-6M): Trend identification, relative performance
  • Long-term (1Y-3Y): Strategic allocation, benchmark comparison
Benchmark Comparison:
  • Compare ETF returns to its stated benchmark index
  • Tracking error = difference between ETF and benchmark returns
  • Lower tracking error = better index replication

Risk Metrics

Volatility:
  • Low (<10%): Stable, low-risk (bond ETFs, low-vol equity)
  • Moderate (10-20%): Typical equity ETF volatility
  • High (>20%): Leveraged, sector-specific, or emerging market ETFs
Max Drawdown:
  • Shows worst peak-to-trough decline
  • Critical for risk tolerance assessment
  • Compare to investor’s acceptable loss threshold
RSI (Relative Strength Index):
  • >70: Overbought - potential pullback risk
  • 30-70: Neutral range
  • <30: Oversold - potential bounce opportunity

Sector & Country Allocation

Sector Concentration:
  • Compare to broad market (S&P 500: ~30% Tech, ~13% Financials, ~13% Health Care)
  • High sector concentration = sector-specific risk
  • Use for sector rotation strategies
Country Allocation:
  • Developed Markets: US, Japan, UK, Germany, France, Canada
  • Emerging Markets: China, India, Brazil, South Korea, Taiwan
  • Frontier Markets: Vietnam, Pakistan, Kenya, etc.
Home Bias:
  • Many global ETFs overweight US (60%+ allocation)
  • True diversification requires intentional international exposure

Use Cases

ETF Selection & Due Diligence

Evaluate multiple ETFs tracking the same index or sector to identify the best option based on expense ratio, liquidity, tracking error, and holdings.

Portfolio Construction

Analyze sector and country allocations to build diversified portfolios and avoid unintended concentration risks.

Expense Optimization

Compare TERs across similar ETFs to minimize costs and maximize net returns over time.

Risk Management

Use volatility and max drawdown metrics to assess whether an ETF fits your risk tolerance and portfolio objectives.

Tactical Trading

Monitor price performance, moving averages, and RSI to identify entry/exit points for tactical positions.

Rebalancing Decisions

Track returns across timeframes and compare to benchmarks to determine when to rebalance portfolio allocations. Track premium/discount to NAV for potential arbitrage opportunities or to avoid overpaying/underselling.

Sector Rotation Strategies

Use sector breakdown to implement sector rotation based on economic cycle positioning.

Geographic Diversification

Analyze country allocation to ensure appropriate geographic exposure and manage geopolitical risk.

Concentration Analysis

Review top holdings and HHI to understand single-stock risk and portfolio concentration levels.

Practical Tips

Comparing Similar ETFs

When evaluating multiple ETFs tracking the same index:
  1. Expense Ratio: Lower TER directly increases returns
  2. AUM: Larger funds typically have better liquidity
  3. Tracking Error: Check which replicates the index most closely
  4. Bid-Ask Spread: Lower spreads reduce trading costs
  5. Premium/Discount: Consistent tight premium/discount indicates efficiency

Red Flags to Watch

  • Sustained NAV premium >2%: May indicate overpaying
  • Shrinking AUM: Potential closure risk
  • High tracking error: Poor index replication
  • Very low volume (<100k shares/day): Liquidity concerns
  • Extreme sector concentration (>50% in one sector): Undiversified risk

ETF vs Mutual Fund

ETF Advantages:
  • Intraday trading (vs end-of-day NAV for mutual funds)
  • Generally lower expense ratios
  • Tax efficiency (in-kind creation/redemption)
  • Transparent daily holdings
ETF Considerations:
  • Trading commissions (though many brokers now commission-free)
  • Bid-ask spread costs
  • Potential premium/discount to NAV

Frequency of Monitoring

  • Daily: For actively traded positions or short-term tactical trades
  • Weekly: For core portfolio holdings and rebalancing assessment
  • Monthly: For long-term strategic allocations
  • Quarterly: For annual review and tax-loss harvesting evaluation

Combining with Other Tearsheets

  • Company Tearsheet: Analyze top holdings in detail when they represent significant ETF weight
  • Country Tearsheet: Review macroeconomic conditions for countries with high allocation
  • Market Tearsheet: Compare ETF performance to broader market trends
  • Sentiment Tearsheet: Gauge sentiment on major holdings when ETF shows unusual performance