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 Ratio9 bps

30D Spread1.0 bps

Holdings63 stocks

Secondary Fund (B)UIT

Expense Ratio9.45 bps

30D Spread1.0 bps

Holdings503 stocks

Weighted Portfolio Overlap

3.8%

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

Shared Constituent Names

503stocks

100% of XLV · 100% of SPY

Unique Capital in XLV

63.5%

Holdings exclusive to XLV not tracked by SPY

Unique Capital in SPY

96.2%

Holdings exclusive to SPY not tracked by XLV

Dynamic Multi-Asset Allocation Simulator

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

XLV: 70%Portfolio SplitSPY: 30%

Blended Expense Ratio

9.1 bps

0.091% annual asset-weighted drag

Annual Cost per $10k Invested

$9.13 / year

Baseline statutory dollar drag

Look-Through Holdings

46 tracked

Constituent look-through aggregate

Capital Duplication Alert

High concentration risk: LLY (Eli Lilly and Company) accounts for 8.9% of the blended portfolio look-through.

Ticker & Company	XLV Weight	SPY Weight	Overlap Contribution	Blended Weight (70/30)
LLYEli Lilly and Company	12.20%	1.27%	1.27%	8.92%
UNHUnitedHealth Group Inc.	10.40%	1.11%	1.11%	7.61%
JNJJohnson & Johnson	7.10%	0.73%	0.73%	5.19%
ABBVAbbVie Inc.	6.80%	0.68%	0.68%	4.96%

Want full 10-axis factor and fee drag analysis?

Compare XLV vs SPY Across 10 Axes

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Ticker & Company

XLV Weight

SPY Weight

Overlap Contribution

Blended Weight (70/30)

LLYEli Lilly and Company

12.20%

1.27%

8.92%

UNHUnitedHealth Group Inc.

10.40%

1.11%

7.61%

JNJJohnson & Johnson

7.10%

0.73%

5.19%

ABBVAbbVie Inc.

6.80%

0.68%

4.96%