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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 XLC · 100% of SPY
Holdings exclusive to XLC not tracked by SPY
Holdings exclusive to SPY not tracked by XLC
Adjust portfolio weighting between XLC 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: META (Meta Platforms Inc. Class A) accounts for 17.4% of the blended portfolio look-through.
High concentration risk: GOOGL (Alphabet Inc. Class A) accounts for 9.3% of the blended portfolio look-through.
High concentration risk: GOOG (Alphabet Inc. Class C) accounts for 8.3% of the blended portfolio look-through.