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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 XLY · 100% of SPY
Holdings exclusive to XLY not tracked by SPY
Holdings exclusive to SPY not tracked by XLY
Adjust portfolio weighting between XLY 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: AMZN (Amazon.com Inc.) accounts for 17.6% of the blended portfolio look-through.
High concentration risk: TSLA (Tesla Inc.) accounts for 11.1% of the blended portfolio look-through.