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

Holdings594 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

6.0%

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

Shared Constituent Names

503stocks

100% of VYM · 100% of SPY

Unique Capital in VYM

80.7%

Holdings exclusive to VYM not tracked by SPY

Unique Capital in SPY

94.0%

Holdings exclusive to SPY not tracked by VYM

Dynamic Multi-Asset Allocation Simulator

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

VYM: 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

43 tracked

Constituent look-through aggregate

Ticker & Company	VYM Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
JPMJPMorgan Chase & Co.	3.80%	1.35%	1.35%	3.06%
XOMExxon Mobil Corporation	3.20%	0.97%	0.97%	2.53%
HDHome Depot Inc.	2.50%	0.80%	0.80%	1.99%
PGProcter & Gamble Co.	2.60%	0.77%	0.77%	2.05%
JNJJohnson & Johnson	2.80%	0.73%	0.73%	2.18%
ABBVAbbVie Inc.	2.40%	0.68%	0.68%	1.88%
BACBank of America Corp.	2.00%	0.65%	0.65%	1.59%

Want full 10-axis factor and fee drag analysis?

Compare VYM vs SPY Across 10 Axes

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Ticker & Company

VYM Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

JPMJPMorgan Chase & Co.

3.80%

1.35%

3.06%

XOMExxon Mobil Corporation

3.20%

0.97%

2.53%

HDHome Depot Inc.

2.50%

0.80%

1.99%

PGProcter & Gamble Co.

2.60%

0.77%

2.05%

JNJJohnson & Johnson

2.80%

0.73%

2.18%

ABBVAbbVie Inc.

2.40%

0.68%

1.88%

BACBank of America Corp.

2.00%

0.65%

1.59%