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)ETF

Expense Ratio6 bps

30D Spread2.0 bps

Holdings103 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

1.5%

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

Shared Constituent Names

99stocks

96.1% of SCHD · 19.7% of SPY

Unique Capital in SCHD

91.5%

Holdings exclusive to SCHD not tracked by SPY

Unique Capital in SPY

98.5%

Holdings exclusive to SPY not tracked by SCHD

Dynamic Multi-Asset Allocation Simulator

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

SCHD: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

7.0 bps

0.070% annual asset-weighted drag

Annual Cost per $10k Invested

$7.04 / year

Baseline statutory dollar drag

Look-Through Holdings

48 tracked

Constituent look-through aggregate

Ticker & Company	SCHD Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
HDHome Depot Inc.	4.42%	0.80%	0.80%	3.33%
ABBVAbbVie Inc.	4.08%	0.68%	0.68%	3.06%

Want full 10-axis factor and fee drag analysis?

Compare SCHD vs SPY Across 10 Axes

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Ticker & Company

SCHD Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

HDHome Depot Inc.

4.42%

0.80%

3.33%

ABBVAbbVie Inc.

4.08%

0.68%

3.06%