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 Ratio3 bps

30D Spread1.0 bps

Holdings3650 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

41.6%

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

Shared Constituent Names

493stocks

19% of VTI · 98% of SPY

Unique Capital in VTI

58.4%

Holdings exclusive to VTI not tracked by SPY

Unique Capital in SPY

52.7%

Holdings exclusive to SPY not tracked by VTI

Dynamic Multi-Asset Allocation Simulator

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

VTI: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

4.9 bps

0.049% annual asset-weighted drag

Annual Cost per $10k Invested

$4.93 / year

Baseline statutory dollar drag

Look-Through Holdings

25 tracked

Constituent look-through aggregate

Ticker & Company	VTI Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
AAPLApple Inc.	6.25%	7.15%	6.25%	6.52%
MSFTMicrosoft Corporation	5.75%	6.51%	5.75%	5.98%
NVDANVIDIA Corporation	5.34%	6.05%	5.34%	5.55%
AMZNAmazon.com Inc.	3.26%	3.70%	3.26%	3.39%
METAMeta Platforms Inc. Class A	2.20%	2.50%	2.20%	2.29%
GOOGLAlphabet Inc. Class A	1.79%	2.05%	1.79%	1.87%
BRK.BBerkshire Hathaway Inc. Class B	1.53%	1.75%	1.53%	1.60%
GOOGAlphabet Inc. Class C	1.50%	1.70%	1.50%	1.56%
AVGOBroadcom Inc.	1.42%	1.60%	1.42%	1.47%
TSLATesla Inc.	1.30%	1.49%	1.30%	1.36%
JPMJPMorgan Chase & Co.	1.18%	1.35%	1.18%	1.23%
LLYEli Lilly and Company	1.12%	1.27%	1.12%	1.17%
UNHUnitedHealth Group Inc.	0.98%	1.11%	0.98%	1.02%
VVisa Inc. Class A	0.90%	1.01%	0.90%	0.93%
XOMExxon Mobil Corporation	0.86%	0.97%	0.86%	0.89%
MAMastercard Inc. Class A	0.78%	0.88%	0.78%	0.81%
COSTCostco Wholesale Corp.	0.72%	0.83%	0.72%	0.75%
HDHome Depot Inc.	0.71%	0.80%	0.71%	0.74%
PGProcter & Gamble Co.	0.68%	0.77%	0.68%	0.71%
JNJJohnson & Johnson	0.63%	0.73%	0.63%	0.66%
ABBVAbbVie Inc.	0.61%	0.68%	0.61%	0.63%
BACBank of America Corp.	0.56%	0.65%	0.56%	0.59%
WMTWalmart Inc.	0.54%	0.63%	0.54%	0.57%
CRMSalesforce Inc.	0.52%	0.58%	0.52%	0.54%
NFLXNetflix Inc.	0.51%	0.57%	0.51%	0.53%

Want full 10-axis factor and fee drag analysis?

Compare VTI vs SPY Across 10 Axes

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Ticker & Company

VTI Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

AAPLApple Inc.

6.25%

7.15%

6.25%

6.52%

MSFTMicrosoft Corporation

5.75%

6.51%

5.75%

5.98%

NVDANVIDIA Corporation

5.34%

6.05%

5.34%

5.55%

AMZNAmazon.com Inc.

3.26%

3.70%

3.26%

3.39%

METAMeta Platforms Inc. Class A

2.20%

2.50%

2.20%

2.29%

GOOGLAlphabet Inc. Class A

1.79%

2.05%

1.79%

1.87%

BRK.BBerkshire Hathaway Inc. Class B

1.53%

1.75%

1.53%

1.60%

GOOGAlphabet Inc. Class C

1.50%

1.70%

1.50%

1.56%

AVGOBroadcom Inc.

1.42%

1.60%

1.42%

1.47%

TSLATesla Inc.

1.30%

1.49%

1.30%

1.36%

JPMJPMorgan Chase & Co.

1.18%

1.35%

1.18%

1.23%

LLYEli Lilly and Company

1.12%

1.27%

1.12%

1.17%

UNHUnitedHealth Group Inc.

0.98%

1.11%

0.98%

1.02%

VVisa Inc. Class A

0.90%

1.01%

0.90%

0.93%

XOMExxon Mobil Corporation

0.86%

0.97%

0.86%

0.89%

MAMastercard Inc. Class A

0.78%

0.88%

0.78%

0.81%

COSTCostco Wholesale Corp.

0.72%

0.83%

0.72%

0.75%

HDHome Depot Inc.

0.71%

0.80%

0.71%

0.74%

PGProcter & Gamble Co.

0.68%

0.77%

0.68%

0.71%

JNJJohnson & Johnson

0.63%

0.73%

0.63%

0.66%

ABBVAbbVie Inc.

0.61%

0.68%

0.61%

0.63%

BACBank of America Corp.

0.56%

0.65%

0.56%

0.59%

WMTWalmart Inc.

0.54%

0.63%

0.54%

0.57%

CRMSalesforce Inc.

0.52%

0.58%

0.52%

0.54%

NFLXNetflix Inc.

0.51%

0.57%

0.51%

0.53%