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 Ratio4 bps

30D Spread1.0 bps

Holdings334 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

22.6%

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

Shared Constituent Names

503stocks

100% of VIG · 100% of SPY

Unique Capital in VIG

55.3%

Holdings exclusive to VIG not tracked by SPY

Unique Capital in SPY

72.5%

Holdings exclusive to SPY not tracked by VIG

Dynamic Multi-Asset Allocation Simulator

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

VIG: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

5.6 bps

0.056% annual asset-weighted drag

Annual Cost per $10k Invested

$5.63 / year

Baseline statutory dollar drag

Look-Through Holdings

33 tracked

Constituent look-through aggregate

Ticker & Company	VIG Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
MSFTMicrosoft Corporation	4.50%	6.51%	4.50%	5.10%
AAPLApple Inc.	4.20%	7.15%	4.20%	5.08%
AVGOBroadcom Inc.	3.40%	1.60%	1.60%	2.86%
JPMJPMorgan Chase & Co.	3.80%	1.35%	1.35%	3.06%
LLYEli Lilly and Company	3.20%	1.27%	1.27%	2.62%
UNHUnitedHealth Group Inc.	3.00%	1.11%	1.11%	2.43%
VVisa Inc. Class A	2.80%	1.01%	1.01%	2.26%
XOMExxon Mobil Corporation	2.60%	0.97%	0.97%	2.11%
MAMastercard Inc. Class A	2.40%	0.88%	0.88%	1.94%
COSTCostco Wholesale Corp.	2.20%	0.83%	0.83%	1.79%
HDHome Depot Inc.	2.10%	0.80%	0.80%	1.71%
PGProcter & Gamble Co.	2.00%	0.77%	0.77%	1.63%
JNJJohnson & Johnson	1.90%	0.73%	0.73%	1.55%
ABBVAbbVie Inc.	1.80%	0.68%	0.68%	1.46%
BACBank of America Corp.	1.70%	0.65%	0.65%	1.39%
WMTWalmart Inc.	1.60%	0.63%	0.63%	1.31%
CRMSalesforce Inc.	1.50%	0.58%	0.58%	1.22%

Want full 10-axis factor and fee drag analysis?

Compare VIG vs SPY Across 10 Axes

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Ticker & Company

VIG Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

MSFTMicrosoft Corporation

4.50%

6.51%

4.50%

5.10%

AAPLApple Inc.

4.20%

7.15%

4.20%

5.08%

AVGOBroadcom Inc.

3.40%

1.60%

2.86%

JPMJPMorgan Chase & Co.

3.80%

1.35%

3.06%

LLYEli Lilly and Company

3.20%

1.27%

2.62%

UNHUnitedHealth Group Inc.

3.00%

1.11%

2.43%

VVisa Inc. Class A

2.80%

1.01%

2.26%

XOMExxon Mobil Corporation

2.60%

0.97%

2.11%

MAMastercard Inc. Class A

2.40%

0.88%

1.94%

COSTCostco Wholesale Corp.

2.20%

0.83%

1.79%

HDHome Depot Inc.

2.10%

0.80%

1.71%

PGProcter & Gamble Co.

2.00%

0.77%

1.63%

JNJJohnson & Johnson

1.90%

0.73%

1.55%

ABBVAbbVie Inc.

1.80%

0.68%

1.46%

BACBank of America Corp.

1.70%

0.65%

1.39%

WMTWalmart Inc.

1.60%

0.63%

1.31%

CRMSalesforce Inc.

1.50%

0.58%

1.22%