Vantage Portfolios — Quantitative Intelligence

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Select up to 4 funds for institutional 10-axis comparison, fee drag, and holdings overlap

VOOSPYQQQM

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Institutional ETF Comparison Engine

S47A Bounded

10 Quantitative Fund Axes · Substitute vs. Diversifier Classifier · |A ∩ B| Shared Index Holdings

MR-007 Verified · VPR-001-ETF Protected

Substitute vs. Diversifier Classifier

Relationship between direct index substitutes

Same-Benchmark Substitute

Spread: 6.45 bps

Direct structural substitutes tracking S&P 500 Index. VOO delivers a 6.45 bps annual fee advantage. SPY operates as a Unit Investment Trust (no securities lending, cannot reinvest cash dividends intra-quarter), while VOO is an Open-End ETF with securities lending fee offset.

VOO StructureETF

Securities Lending: Permitted (Fee Offset)

SPY StructureUIT

Securities Lending: Prohibited (UIT Statutory)

Index Name Overlap (Unweighted)

Shared benchmark constituents between VOO and SPY

503

Shared Constituent Names (|A ∩ B|)

100% of VOO

100% of SPY

Sample Shared Holdings (8 of 503)

AAAPLABBVABNBABTACGLACNADBE

Constituent-Weighted Overlap (Phase 4):Σ min(w_A, w_B) constituent capital intersection

99.2%

Dual-Fund Look-Through & Weight AllocatorOpen Overlap Engine

True Total Cost of Ownership (True TCO) & Trading Liquidity (§3(a)2)

Holistic investor holding friction: Net Expense Ratio (Annual) + 30-Day Median Bid-Ask Spread (Amortized)

VOOETF

Net Expense Ratio:3 bps

30D Median Spread:1.0 bps

30D Avg $ Volume:$4.8B / day

Amortized True TCO:

1-Year Horizon:4 bps

3-Year Horizon:3.33 bps

5-Year Horizon:3.2 bps

SPYUIT

Net Expense Ratio:9.45 bps

30D Median Spread:1.0 bps

30D Avg $ Volume:$38.5B / day

Amortized True TCO:

1-Year Horizon:10.45 bps

3-Year Horizon:9.78 bps

5-Year Horizon:9.65 bps

QQQMETF

Net Expense Ratio:15 bps

30D Median Spread:3.0 bps

30D Avg $ Volume:$0.4B / day

Amortized True TCO:

1-Year Horizon:18 bps

3-Year Horizon:16 bps

5-Year Horizon:15.6 bps

True TCO Principle (S47A-02): Trading friction amortizes with time. Active and tactical traders favor ultra-liquid vehicles with tighter execution spreads, while long-term compounders maximize terminal wealth by minimizing the ongoing annual expense ratio.

$10,000 Canonical Fee Drag Compounding Engine (Axis #4)

Cumulative wealth lost to expense drag assuming $10,000 invested at 8.0% annualized gross growth

Horizon	Hypothetical Gross ($)	VOO3 bps	SPY9.45 bps	QQQM15 bps
1 Year	$10,800.00	$10,797.00 -$3.00 drag	$10,790.55 -$9.45 drag	$10,785.00 -$15.00 drag
3 Years	$12,597.12	$12,586.63 -$10.49 drag	$12,564.08 -$33.04 drag	$12,544.70 -$52.42 drag
5 Years	$14,693.28	$14,672.88 -$20.40 drag	$14,629.11 -$64.17 drag	$14,591.53 -$101.75 drag
10 Years	$21,589.25	$21,529.35 -$59.90 drag	$21,401.09 -$188.16 drag	$21,291.27 -$297.98 drag

10-Axis Fund Comparison Matrix (§3(a)1)

Comprehensive institutional factor alignment across pilot universe

Quantitative Axis	VOOVanguard S&P 500 ETF	SPYSPDR S&P 500 ETF Trust	QQQMInvesco NASDAQ 100 ETF
1. Official Benchmark Index	S&P 500 Index	S&P 500 Index	NASDAQ-100 Index
2. Style Box & Legal Structure	Large BlendETF	Large BlendUIT	Large GrowthETF
3. Net Expense Ratio & 1Y True TCO	0.03% (3 bps) TCO (1Y): 4 bps	0.09% (9.45 bps) TCO (1Y): 10.45 bps	0.15% (15 bps) TCO (1Y): 18 bps
4. 10Y Compounded Fee Drag ($10K)	-$59.90	-$188.16	-$297.98
5. Total Fund AUM Scale & $ Volume	$1.10T $4.8B / day	$687.0B $38.5B / day	$38.0B $0.4B / day
6. Holdings Breadth	504 securities	503 securities	101 securities
7. Top 10 Concentration %	32.5%	33.1%	50.8%
8. Total Returns (1Y / 3Y / 5Y)	Unavailable	+14.88% / +33.9% / +97.8%	+36.9% / +9.9% / +19.6%
9. Distribution Yield & Annual Amount	$7.43/sh (1.32%) quarterly	$7.28/sh (1.25%) quarterly	$1.32/sh (0.62%) quarterly
10. Tracking Volatility (Beta to S&P 500)	1.00	1.00	1.10
11. 30-Day Median Bid-Ask Spread	1.0 bps (0.01%)	1.0 bps (0.01%)	3.0 bps (0.03%)
12. True TCO (1Y / 3Y / 5Y Horizon)	4 / 3.33 / 3.2 bps	10.45 / 9.78 / 9.65 bps	18 / 16 / 15.6 bps

Statutory Prospectus & D1 Provenance (S47A-04):Authentic observations synced across primary issuer prospectuses and SEC EDGAR N-PORT filings.

Observed 2026-09-30 · Retrievable via Cloudflare D1

Loading ETF comparison…

Horizon

Hypothetical Gross ($)

VOO3 bps

SPY9.45 bps

QQQM15 bps

1 Year

$10,800.00

$10,797.00

-$3.00 drag

$10,790.55

-$9.45 drag

$10,785.00

-$15.00 drag

3 Years

$12,597.12

$12,586.63

-$10.49 drag

$12,564.08

-$33.04 drag

$12,544.70

-$52.42 drag

5 Years

$14,693.28

$14,672.88

-$20.40 drag

$14,629.11

-$64.17 drag

$14,591.53

-$101.75 drag

10 Years

$21,589.25

$21,529.35

-$59.90 drag

$21,401.09

-$188.16 drag

$21,291.27

-$297.98 drag

Quantitative Axis

VOOVanguard S&P 500 ETF

SPYSPDR S&P 500 ETF Trust

QQQMInvesco NASDAQ 100 ETF

1. Official Benchmark Index

S&P 500 Index

NASDAQ-100 Index

2. Style Box & Legal Structure

Large BlendETF

Large BlendUIT

Large GrowthETF

3. Net Expense Ratio & 1Y True TCO

0.03% (3 bps)

TCO (1Y): 4 bps

0.09% (9.45 bps)

TCO (1Y): 10.45 bps

0.15% (15 bps)

TCO (1Y): 18 bps

4. 10Y Compounded Fee Drag ($10K)

-$59.90

-$188.16

-$297.98

5. Total Fund AUM Scale & $ Volume

$1.10T

$4.8B / day

$687.0B

$38.5B / day

$38.0B

$0.4B / day

6. Holdings Breadth

504 securities

503 securities

101 securities

7. Top 10 Concentration %

32.5%

33.1%

50.8%

8. Total Returns (1Y / 3Y / 5Y)

Unavailable

+14.88% / +33.9% / +97.8%

+36.9% / +9.9% / +19.6%

9. Distribution Yield & Annual Amount

$7.43/sh (1.32%)

quarterly

$7.28/sh (1.25%)

quarterly

$1.32/sh (0.62%)

quarterly

10. Tracking Volatility (Beta to S&P 500)

1.00

1.10

11. 30-Day Median Bid-Ask Spread

1.0 bps (0.01%)

3.0 bps (0.03%)

12. True TCO (1Y / 3Y / 5Y Horizon)

4 / 3.33 / 3.2 bps

10.45 / 9.78 / 9.65 bps

18 / 16 / 15.6 bps