Institutional ETF Constituent Overlap Engine

Phase 4 Weights

Dual-Fund Constituent Intersection · Capital Duplication Risk · Blended True Look-Through

MR-007 Statutory Observations

Popular Institutional Pairings

3+ Fund Backtest

Primary Fund (A)Active ETF

Expense Ratio35 bps

30D Spread1.0 bps

Holdings135 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

13.6%

Constituent-weighted capital intersection: Σ min(w_A, w_B)

Shared Constituent Names

503stocks

100% of JEPI · 100% of SPY

Unique Capital in JEPI

82.0%

Holdings exclusive to JEPI not tracked by SPY

Unique Capital in SPY

73.5%

Holdings exclusive to SPY not tracked by JEPI

Dynamic Multi-Asset Allocation Simulator

Adjust portfolio weighting between JEPI and SPY to simulate effective expense drag and capital look-through.

JEPI: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

27.3 bps

0.273% annual asset-weighted drag

Annual Cost per $10k Invested

$27.34 / year

Baseline statutory dollar drag

Look-Through Holdings

38 tracked

Constituent look-through aggregate

Ticker & Company	JEPI Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
AMZNAmazon.com Inc.	1.65%	3.70%	1.65%	2.26%
MSFTMicrosoft Corporation	1.62%	6.51%	1.62%	3.09%
METAMeta Platforms Inc. Class A	1.58%	2.50%	1.58%	1.86%
NVDANVIDIA Corporation	1.55%	6.05%	1.55%	2.90%
GOOGLAlphabet Inc. Class A	1.52%	2.05%	1.52%	1.68%
UNHUnitedHealth Group Inc.	1.38%	1.11%	1.11%	1.30%
XOMExxon Mobil Corporation	1.48%	0.97%	0.97%	1.33%
COSTCostco Wholesale Corp.	1.32%	0.83%	0.83%	1.17%
PGProcter & Gamble Co.	1.28%	0.77%	0.77%	1.13%
JNJJohnson & Johnson	1.45%	0.73%	0.73%	1.23%
ABBVAbbVie Inc.	1.85%	0.68%	0.68%	1.50%
WMTWalmart Inc.	1.35%	0.63%	0.63%	1.13%

Want full 10-axis factor and fee drag analysis?

Compare JEPI vs SPY Across 10 Axes

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Ticker & Company

JEPI Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

AMZNAmazon.com Inc.

1.65%

3.70%

1.65%

2.26%

MSFTMicrosoft Corporation

1.62%

6.51%

1.62%

3.09%

METAMeta Platforms Inc. Class A

1.58%

2.50%

1.58%

1.86%

NVDANVIDIA Corporation

1.55%

6.05%

1.55%

2.90%

GOOGLAlphabet Inc. Class A

1.52%

2.05%

1.52%

1.68%

UNHUnitedHealth Group Inc.

1.38%

1.11%

1.30%

XOMExxon Mobil Corporation

1.48%

0.97%

1.33%

COSTCostco Wholesale Corp.

1.32%

0.83%

1.17%

PGProcter & Gamble Co.

1.28%

0.77%

1.13%

JNJJohnson & Johnson

1.45%

0.73%

1.23%

ABBVAbbVie Inc.

1.85%

0.68%

1.50%

WMTWalmart Inc.

1.35%

0.63%

1.13%