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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 XLF · 100% of SPY
Holdings exclusive to XLF not tracked by SPY
Holdings exclusive to SPY not tracked by XLF
Adjust portfolio weighting between XLF 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: BRK.B (Berkshire Hathaway Inc. Class B) accounts for 10.0% of the blended portfolio look-through.
| Ticker & Company | XLF Weight | SPY Weight | Overlap Contribution | Blended Weight (70/30) |
|---|---|---|---|---|
| BRK.BBerkshire Hathaway Inc. Class B | 13.50% | 1.75% | 1.75% | 9.97% |
| JPMJPMorgan Chase & Co. | 10.40% | 1.35% | 1.35% | 7.68% |
| VVisa Inc. Class A | 7.80% | 1.01% | 1.01% | 5.76% |
| MAMastercard Inc. Class A | 6.80% | 0.88% | 0.88% | 5.02% |
| BACBank of America Corp. | 4.80% | 0.65% | 0.65% | 3.55% |