ETF look-through

The ETF look-through tab expands every ETF you hold into the individual stocks inside it. It shows the real companies and sectors you are exposed to once funds are opened up, your true per-company allocation across direct holdings plus every fund, and where two funds quietly overlap. This page explains what the tab shows, how to read each figure, and how the pass-through math works. The ETF look-through tab is labeled "ETFs" in the tab strip and is available on the Free, Pro Lite, and Pro plans.

Before you begin

Sign in on a plan that allows portfolios. The ETF look-through tab is available on Free, Pro Lite, and Pro.
Hold at least one ETF in the portfolio. If the portfolio holds no ETFs, the tab shows a message inviting you to add one. For the steps, see Build your first portfolio.
Coverage depends on published constituent data. The share of fund value that could be mapped to specific tickers is reported as the coverage figure.

Quickstart

Open the ETFs tab
Go to the ETFs tab and select the portfolio you want to study.
Read the summary strip
Read the four tiles: ETFs held, unique underlying stocks, coverage, and the weighted average expense ratio.
Search your true exposure
Use the search box on the True Stock Allocation table to total your real exposure to a ticker, a company name, or a sector across direct holdings plus every fund that owns it.

What it shows

The tab reads top to bottom in the following sections. Each section header carries a small help tooltip.

A four-tile summary strip: number of ETFs held (with their combined value and share of the portfolio), the number of unique underlying stocks you have exposure to once funds are expanded and deduplicated against your direct holdings, coverage (the share of ETF dollars that could be mapped to specific underlying tickers), and the asset-weighted average expense ratio of the funds you hold.
True Stock Allocation: a donut of your top twelve underlying tickers by combined exposure, beside a searchable table of every underlying ticker with its weighted exposure. Search a ticker, a company name, or a sector to total your real exposure to that slice (for example, search "tech" to add up your true technology footprint, or a ticker to see total exposure to that company across direct holdings plus every fund that owns it).
Sector Mix, stated versus look-through: a chart comparing how your statement shows sectors (every ETF lumped into one "ETFs" group) against the true sector mix once funds are expanded, with an insights panel calling out the largest gaps and a sector concentration score.
The Math: a plain-language explanation and a worked example using your largest ETF and its top-contributing constituent.
Your ETFs drill-down: an expandable row per fund showing market value, portfolio weight, expense ratio, dividend yield, and number of holdings, expanding to fund metadata (net assets, turnover, inception, top-ten concentration), your top indirect holdings through that fund, the top constituents, and its sector mix.
Cross-ETF Overlap: the tickers held by two or more of your funds, useful for spotting accidental concentration (for example, holding two broad-market funds that both track the same index).
A footer noting coverage, that uncovered value sits in cash, fixed income, or constituents not yet in the data, that funds-of-funds are treated as direct positions rather than expanded again, and that constituent weights refresh weekly for popular funds and monthly for broad-market funds.

Inputs

This tab has one control: a search box on the True Stock Allocation table that filters underlying tickers by symbol, company name, or sector. There are no other toggles or fields. The tab reads automatically for the selected portfolio.

Outputs and how to read them

ETFs Held, Underlying Stocks, Coverage, Weighted Avg Expense: a snapshot of how much of your portfolio is in funds, how many real companies that translates to, how completely those funds could be mapped, and the average annual fee drag of the funds.
True Stock Allocation donut and table: your real per-company exposure, combining direct holdings and every fund that holds that company. A name can be larger here than your direct position implies once fund exposure is added in.
Stated versus look-through sector chart: where the look-through (expanded) bar runs past the stated bar, you own more of that sector than your statement suggests. The gaps are your hidden factor exposure.
Per-ETF drill-down: fund-by-fund detail to judge cost, concentration, and what each fund actually contributes.
Cross-ETF overlap: shared tickers that mean you are doubled up. The table shows how much value each ETF contributes to that shared name.
Coverage and uncovered value: the share of fund value mapped to specific tickers and the dollars that could not be (cash, bonds, hedges, or constituents not yet ingested).

How it is calculated

All figures on this tab are transparent pass-through math. No proprietary scoring is involved.

Exposure through a fund

Each underlying exposure is the fund's market value times that constituent's published weight in the fund.

exposure(ticker, ETF) = market value(ETF) × weight(ticker, ETF)

In this formula, market value(ETF) is the dollar value of the fund you hold, in US dollars, and weight(ticker, ETF) is that constituent's published share of the fund, as a fraction. For example, if you hold 50,000 dollars of a fund and one company is 7 percent of that fund, your exposure to that company through the fund is 50,000 × 0.07, which is 3,500 dollars.

True per-ticker allocation

Those fund exposures are summed across every fund you hold and added to your direct positions.

true exposure(ticker) = direct position(ticker) + sum over funds of exposure(ticker, ETF)

Here direct position(ticker) is any amount of the company you hold directly, in US dollars, and the sum adds the fund exposures from the formula above. For example, with a 3,500 dollar exposure through one fund and a 1,500 dollar direct holding of the same company, your total exposure is 3,500 + 1,500, which is 5,000 dollars. Each ticker's constituent sector then rolls up into the look-through sector mix. Funds-of-funds are treated as direct positions and are not expanded a second time.

Data and timing

ETF constituent lists and weights, fund metadata (expense ratio, net assets, turnover, inception, dividend yield), and the sector of each underlying company come from fund and company reference data sourced from AlphaVantage and public filings via EDGAR. Position market values use current quotes from Nasdaq via AlphaVantage. Constituent weights refresh weekly for popular funds and monthly for broad-market funds; the rest updates with your portfolio.

Use cases

See the real companies and sectors you own once your funds are expanded, not only the fund tickers.
Find your true exposure to a single company or theme across every fund plus your direct holdings.
Catch overlap where two funds hold the same names and you are more concentrated than you realized.
Compare fund costs and concentration side by side before consolidating holdings.
Ask the AI Console for your true look-through exposure to a single ticker across every portfolio at once, computed on request. See AI tools.

Limitations and disclosures

Look-through is only as complete as published constituent data, so the coverage figure tells you how much could be mapped; uncovered value sits in cash, fixed income, or constituents not yet ingested. An ETF whose constituents are not covered by the data is reported as uncovered rather than counted as zero exposure. Constituent weights refresh on a schedule, not in real time, so a recently rebalanced fund may lag. This tab shows transparent arithmetic on your own holdings and published fund data and makes no recommendation, so the site-wide disclaimer applies.

GNG Research provides equity research and educational tools, not investment advice. Nothing on the platform is a recommendation to buy or sell any security. Do your own research and consider your circumstances before making any investment decision.