Vantage Portfolios — Quantitative Intelligence

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

IVWSPY

Quick Presets:

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 distinct investment styles

Asset Class / Style Diversifiercross style

Spread: 8.55 bps

Asset Class / Style Diversifiers tracking distinct indices (Broad U.S. Equity Index vs S&P 500 Index). Comparison evaluates factor tilts and portfolio allocation.

IVW StructureETF

Securities Lending: Permitted (Fee Offset)

SPY StructureUIT

Securities Lending: Prohibited (UIT Statutory)

Index Name Overlap (Unweighted)

Shared benchmark constituents between IVW and SPY

503

Shared Constituent Names (|A ∩ B|)

100% of IVW

100% of SPY

Sample Shared Holdings (8 of 503)

AAAPLABBVABNBABTACGLACNADBE

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

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)

IVWETF

Net Expense Ratio:18 bps

30D Median Spread:1.0 bps

30D Avg $ Volume:$0.4B / day

Amortized True TCO:

1-Year Horizon:19 bps

3-Year Horizon:18.33 bps

5-Year Horizon:18.2 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

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 ($)	IVW18 bps	SPY9.45 bps
1 Year	$10,800.00	$10,782.00 -$18.00 drag	$10,790.55 -$9.45 drag
3 Years	$12,597.12	$12,534.24 -$62.88 drag	$12,564.08 -$33.04 drag
5 Years	$14,693.28	$14,571.24 -$122.04 drag	$14,629.11 -$64.17 drag
10 Years	$21,589.25	$21,232.12 -$357.13 drag	$21,401.09 -$188.16 drag

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

Comprehensive institutional factor alignment across pilot universe

Quantitative Axis	IVWiShares S&P 500 Growth ETF	SPYSPDR S&P 500 ETF Trust
1. Official Benchmark Index	Broad U.S. Equity Index	S&P 500 Index
2. Style Box & Legal Structure	Large capETF	Large BlendUIT
3. Net Expense Ratio & 1Y True TCO	0.18% (18 bps) TCO (1Y): 19 bps	0.09% (9.45 bps) TCO (1Y): 10.45 bps
4. 10Y Compounded Fee Drag ($10K)	-$357.13	-$188.16
5. Total Fund AUM Scale & $ Volume	$78.4B $0.4B / day	$687.0B $38.5B / day
6. Holdings Breadth	153 securities	503 securities
7. Top 10 Concentration %	28.5%	33.1%
8. Total Returns (1Y / 3Y / 5Y)	+46.4% / +103.1% / +12.4%	+14.88% / +33.9% / +97.8%
9. Distribution Yield & Annual Amount	$2.45/sh (1.65%) quarterly	$7.28/sh (1.25%) quarterly
10. Tracking Volatility (Beta to S&P 500)	1.00	1.00
11. 30-Day Median Bid-Ask Spread	1.0 bps (0.01%)	1.0 bps (0.01%)
12. True TCO (1Y / 3Y / 5Y Horizon)	19 / 18.33 / 18.2 bps	10.45 / 9.78 / 9.65 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

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Horizon

Hypothetical Gross ($)

IVW18 bps

SPY9.45 bps

1 Year

$10,800.00

$10,782.00

-$18.00 drag

$10,790.55

-$9.45 drag

3 Years

$12,597.12

$12,534.24

-$62.88 drag

$12,564.08

-$33.04 drag

5 Years

$14,693.28

$14,571.24

-$122.04 drag

$14,629.11

-$64.17 drag

10 Years

$21,589.25

$21,232.12

-$357.13 drag

$21,401.09

-$188.16 drag

Quantitative Axis

IVWiShares S&P 500 Growth ETF

SPYSPDR S&P 500 ETF Trust

1. Official Benchmark Index

Broad U.S. Equity Index

S&P 500 Index

2. Style Box & Legal Structure

Large capETF

Large BlendUIT

3. Net Expense Ratio & 1Y True TCO

0.18% (18 bps)

TCO (1Y): 19 bps

0.09% (9.45 bps)

TCO (1Y): 10.45 bps

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

-$357.13

-$188.16

5. Total Fund AUM Scale & $ Volume

$78.4B

$0.4B / day

$687.0B

$38.5B / day

6. Holdings Breadth

153 securities

503 securities

7. Top 10 Concentration %

28.5%

33.1%

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

+46.4% / +103.1% / +12.4%

+14.88% / +33.9% / +97.8%

9. Distribution Yield & Annual Amount

$2.45/sh (1.65%)

quarterly

$7.28/sh (1.25%)

quarterly

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

1.00

11. 30-Day Median Bid-Ask Spread

1.0 bps (0.01%)

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

19 / 18.33 / 18.2 bps

10.45 / 9.78 / 9.65 bps