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 Ratio6 bps

30D Spread1.0 bps

Holdings10142 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

26.2%

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

Shared Constituent Names

503stocks

100% of VT · 100% of SPY

Unique Capital in VT

73.8%

Holdings exclusive to VT not tracked by SPY

Unique Capital in SPY

55.8%

Holdings exclusive to SPY not tracked by VT

Dynamic Multi-Asset Allocation Simulator

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

VT: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

7.0 bps

0.070% annual asset-weighted drag

Annual Cost per $10k Invested

$7.04 / year

Baseline statutory dollar drag

Look-Through Holdings

30 tracked

Constituent look-through aggregate

Ticker & Company	VT Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
AAPLApple Inc.	4.20%	7.15%	4.20%	5.08%
MSFTMicrosoft Corporation	3.80%	6.51%	3.80%	4.61%
NVDANVIDIA Corporation	3.50%	6.05%	3.50%	4.26%
AMZNAmazon.com Inc.	2.20%	3.70%	2.20%	2.65%
METAMeta Platforms Inc. Class A	1.50%	2.50%	1.50%	1.80%
GOOGLAlphabet Inc. Class A	1.30%	2.05%	1.30%	1.52%
BRK.BBerkshire Hathaway Inc. Class B	1.10%	1.75%	1.10%	1.29%
GOOGAlphabet Inc. Class C	1.10%	1.70%	1.10%	1.28%
AVGOBroadcom Inc.	1.00%	1.60%	1.00%	1.18%
TSLATesla Inc.	0.90%	1.49%	0.90%	1.08%
LLYEli Lilly and Company	0.70%	1.27%	0.70%	0.87%
JPMJPMorgan Chase & Co.	0.70%	1.35%	0.70%	0.90%
UNHUnitedHealth Group Inc.	0.60%	1.11%	0.60%	0.75%
VVisa Inc. Class A	0.60%	1.01%	0.60%	0.72%
XOMExxon Mobil Corporation	0.60%	0.97%	0.60%	0.71%
MAMastercard Inc. Class A	0.50%	0.88%	0.50%	0.61%
COSTCostco Wholesale Corp.	0.50%	0.83%	0.50%	0.60%
HDHome Depot Inc.	0.50%	0.80%	0.50%	0.59%
PGProcter & Gamble Co.	0.50%	0.77%	0.50%	0.58%
JNJJohnson & Johnson	0.40%	0.73%	0.40%	0.50%

Want full 10-axis factor and fee drag analysis?

Compare VT vs SPY Across 10 Axes

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Ticker & Company

VT Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

AAPLApple Inc.

4.20%

7.15%

4.20%

5.08%

MSFTMicrosoft Corporation

3.80%

6.51%

3.80%

4.61%

NVDANVIDIA Corporation

3.50%

6.05%

3.50%

4.26%

AMZNAmazon.com Inc.

2.20%

3.70%

2.20%

2.65%

METAMeta Platforms Inc. Class A

1.50%

2.50%

1.50%

1.80%

GOOGLAlphabet Inc. Class A

1.30%

2.05%

1.30%

1.52%

BRK.BBerkshire Hathaway Inc. Class B

1.10%

1.75%

1.10%

1.29%

GOOGAlphabet Inc. Class C

1.10%

1.70%

1.10%

1.28%

AVGOBroadcom Inc.

1.00%

1.60%

1.00%

1.18%

TSLATesla Inc.

0.90%

1.49%

0.90%

1.08%

LLYEli Lilly and Company

0.70%

1.27%

0.70%

0.87%

JPMJPMorgan Chase & Co.

0.70%

1.35%

0.70%

0.90%

UNHUnitedHealth Group Inc.

0.60%

1.11%

0.60%

0.75%

VVisa Inc. Class A

0.60%

1.01%

0.60%

0.72%

XOMExxon Mobil Corporation

0.60%

0.97%

0.60%

0.71%

MAMastercard Inc. Class A

0.50%

0.88%

0.50%

0.61%

COSTCostco Wholesale Corp.

0.50%

0.83%

0.50%

0.60%

HDHome Depot Inc.

0.50%

0.80%

0.50%

0.59%

PGProcter & Gamble Co.

0.50%

0.77%

0.50%

0.58%

JNJJohnson & Johnson

0.40%

0.73%

0.40%

0.50%