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Dual-Fund Constituent Intersection · Capital Duplication Risk · Blended True Look-Through
Constituent-weighted capital intersection: Σ min(w_A, w_B)
85.1% of SMH · 17.1% of SPY
Holdings exclusive to SMH not tracked by SPY
Holdings exclusive to SPY not tracked by SMH
Adjust portfolio weighting between SMH and SPY to simulate effective expense drag and capital look-through.
0.273% annual asset-weighted drag
Baseline statutory dollar drag
Constituent look-through aggregate
High concentration risk: NVDA (NVIDIA Corporation) accounts for 16.1% of the blended portfolio look-through.
High concentration risk: TSM (Taiwan Semiconductor Manufacturing) accounts for 9.2% of the blended portfolio look-through.