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 Ratio20 bps

30D Spread1.0 bps

Holdings505 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

5.0%

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

Shared Constituent Names

503stocks

100% of RSP · 100% of SPY

Unique Capital in RSP

95.0%

Holdings exclusive to RSP not tracked by SPY

Unique Capital in SPY

56.4%

Holdings exclusive to SPY not tracked by RSP

Dynamic Multi-Asset Allocation Simulator

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

RSP: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

16.8 bps

0.168% annual asset-weighted drag

Annual Cost per $10k Invested

$16.84 / year

Baseline statutory dollar drag

Look-Through Holdings

28 tracked

Constituent look-through aggregate

Ticker & Company	RSP Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
NVDANVIDIA Corporation	0.25%	6.05%	0.25%	1.99%
AAPLApple Inc.	0.25%	7.15%	0.25%	2.32%
MSFTMicrosoft Corporation	0.24%	6.51%	0.24%	2.12%
AMZNAmazon.com Inc.	0.24%	3.70%	0.24%	1.28%
GOOGLAlphabet Inc. Class A	0.24%	2.05%	0.24%	0.78%
METAMeta Platforms Inc. Class A	0.24%	2.50%	0.24%	0.92%
BRK.BBerkshire Hathaway Inc. Class B	0.23%	1.75%	0.23%	0.69%
JPMJPMorgan Chase & Co.	0.23%	1.35%	0.23%	0.57%
LLYEli Lilly and Company	0.23%	1.27%	0.23%	0.54%
AVGOBroadcom Inc.	0.23%	1.60%	0.23%	0.64%
UNHUnitedHealth Group Inc.	0.22%	1.11%	0.22%	0.49%
VVisa Inc. Class A	0.22%	1.01%	0.22%	0.46%
XOMExxon Mobil Corporation	0.22%	0.97%	0.22%	0.44%
MAMastercard Inc. Class A	0.22%	0.88%	0.22%	0.42%
COSTCostco Wholesale Corp.	0.22%	0.83%	0.22%	0.40%
HDHome Depot Inc.	0.22%	0.80%	0.22%	0.39%
PGProcter & Gamble Co.	0.21%	0.77%	0.21%	0.38%
JNJJohnson & Johnson	0.21%	0.73%	0.21%	0.37%
ABBVAbbVie Inc.	0.21%	0.68%	0.21%	0.35%
BACBank of America Corp.	0.21%	0.65%	0.21%	0.34%
WMTWalmart Inc.	0.21%	0.63%	0.21%	0.34%
CRMSalesforce Inc.	0.20%	0.58%	0.20%	0.31%

Want full 10-axis factor and fee drag analysis?

Compare RSP vs SPY Across 10 Axes

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Ticker & Company

RSP Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

NVDANVIDIA Corporation

0.25%

6.05%

0.25%

1.99%

AAPLApple Inc.

0.25%

7.15%

0.25%

2.32%

MSFTMicrosoft Corporation

0.24%

6.51%

0.24%

2.12%

AMZNAmazon.com Inc.

0.24%

3.70%

0.24%

1.28%

GOOGLAlphabet Inc. Class A

0.24%

2.05%

0.24%

0.78%

METAMeta Platforms Inc. Class A

0.24%

2.50%

0.24%

0.92%

BRK.BBerkshire Hathaway Inc. Class B

0.23%

1.75%

0.23%

0.69%

JPMJPMorgan Chase & Co.

0.23%

1.35%

0.23%

0.57%

LLYEli Lilly and Company

0.23%

1.27%

0.23%

0.54%

AVGOBroadcom Inc.

0.23%

1.60%

0.23%

0.64%

UNHUnitedHealth Group Inc.

0.22%

1.11%

0.22%

0.49%

VVisa Inc. Class A

0.22%

1.01%

0.22%

0.46%

XOMExxon Mobil Corporation

0.22%

0.97%

0.22%

0.44%

MAMastercard Inc. Class A

0.22%

0.88%

0.22%

0.42%

COSTCostco Wholesale Corp.

0.22%

0.83%

0.22%

0.40%

HDHome Depot Inc.

0.22%

0.80%

0.22%

0.39%

PGProcter & Gamble Co.

0.21%

0.77%

0.21%

0.38%

JNJJohnson & Johnson

0.21%

0.73%

0.21%

0.37%

ABBVAbbVie Inc.

0.21%

0.68%

0.21%

0.35%

BACBank of America Corp.

0.21%

0.65%

0.21%

0.34%

WMTWalmart Inc.

0.21%

0.63%

0.21%

0.34%

CRMSalesforce Inc.

0.20%

0.58%

0.20%

0.31%