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 Ratio33 bps

30D Spread1.0 bps

Holdings31 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

7.7%

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

Shared Constituent Names

503stocks

100% of SOXX · 100% of SPY

Unique Capital in SOXX

83.3%

Holdings exclusive to SOXX not tracked by SPY

Unique Capital in SPY

92.3%

Holdings exclusive to SPY not tracked by SOXX

Dynamic Multi-Asset Allocation Simulator

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

SOXX: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

25.9 bps

0.259% annual asset-weighted drag

Annual Cost per $10k Invested

$25.93 / year

Baseline statutory dollar drag

Look-Through Holdings

48 tracked

Constituent look-through aggregate

Ticker & Company	SOXX Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
NVDANVIDIA Corporation	8.50%	6.05%	6.05%	7.76%
AVGOBroadcom Inc.	8.20%	1.60%	1.60%	6.22%

Want full 10-axis factor and fee drag analysis?

Compare SOXX vs SPY Across 10 Axes

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Ticker & Company

SOXX Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

NVDANVIDIA Corporation

8.50%

6.05%

7.76%

AVGOBroadcom Inc.

8.20%

1.60%

6.22%