How the ETF look-through calculation works
For each fund, the X-Ray multiplies the portfolio allocation by each underlying holding weight. If the same company appears in several funds, those contributions are added.
The current licensed full-holdings release covers 23 ETFs. Every fund passed the publication gates for at least 20 non-cash holdings, 95% to 105% provider weight, and at least 97% retained coverage. Any small unobserved remainder stays separate instead of being treated as zero.
Why this differs from pairwise ETF overlap
A pairwise comparison asks how similar two funds are. A portfolio X-Ray asks how much of the investor's total allocation reaches each underlying company after accounting for fund weights. Continue with the concentration calculator or learn how Guardfolio performs portfolio risk monitoring after synchronized updates.
Worked example with full holdings
Using the current licensed files, a portfolio weighted 50% VOO, 30% QQQ, and 20% SCHD has about 100.0% observed coverage. The largest look-through exposure is roughly 6.3%, 125 securities appear through more than one selected fund, and 577 distinct securities are represented. Holdings are dated per fund from 2026-08-18 through 2026-08-25 and will change over time.
Identifiers can differ across data sources, and this educational result does not measure return correlation, taxes, or future diversification.
Questions
Does the X-Ray use my brokerage account?
No. This public X-Ray uses only the ETF symbols and weights entered in the browser.
What does observed weight mean?
Observed weight is the share of the entered ETF portfolio represented by retained holdings in the licensed dataset. The current 22-fund release passed at least 97% retained coverage for every fund.
Why can one company appear through several ETFs?
Popular broad-market and growth ETFs often own the same large companies. The X-Ray adds each fund's contribution to show repeated effective exposure.
Where do the full holdings come from?
The current 22-fund dataset uses licensed third-party holdings data. Publication requires at least 20 non-cash holdings, 95% to 105% provider weight, and at least 97% retained coverage for every fund.