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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)
100% of XLK · 100% of SPY
Holdings exclusive to XLK not tracked by SPY
Holdings exclusive to SPY not tracked by XLK
Adjust portfolio weighting between XLK and SPY to simulate effective expense drag and capital look-through.
0.091% annual asset-weighted drag
Baseline statutory dollar drag
Constituent look-through aggregate
High concentration risk: MSFT (Microsoft Corporation) accounts for 17.0% of the blended portfolio look-through.
High concentration risk: AAPL (Apple Inc.) accounts for 12.8% of the blended portfolio look-through.
High concentration risk: NVDA (NVIDIA Corporation) accounts for 12.2% of the blended portfolio look-through.