{"url":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/","section":"academy","title":"Concentration: see what you already own | ETFIQ","description":"Add up what three ETFs hold underneath, company by company, to find hidden concentration. Real holdings from SPY, QQQ and XLK, with the X-ray tool.","as_of":"Nov 9, 2026","structured_data":[{"@type":"LearningResource","@id":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/#lesson","name":"Concentration: see what you already own","description":"From books dated Nov 9, 2026, $200,000 split 50/30/20 across SPY, QQQ and XLK held $19,468 of Apple, 9.7% of the money.","url":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/","learningResourceType":"Lesson","teaches":"How to add up what several ETFs hold underneath, company by company and sector by sector, to find hidden concentration","educationalLevel":"Advanced","timeRequired":"PT7M","inLanguage":"en","isAccessibleForFree":true,"isPartOf":{"@type":"Course","@id":"https://etfiq.com/academy/planning-deep-dive/#course","name":"Planning Deep Dive","url":"https://etfiq.com/academy/planning-deep-dive/"},"position":3,"dateModified":"2026-11-09","author":{"@type":"Organization","name":"ETFIQ Research","url":"https://etfiq.com"},"publisher":{"@type":"Organization","name":"ETFIQ Research","url":"https://etfiq.com"}},{"@type":"FAQPage","@id":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/#check","mainEntity":[{"@type":"Question","name":"What does look-through add up?","acceptedAnswer":{"@type":"Answer","text":"Your dollars in each company or sector, across all your funds. look-through goes under the funds to what they hold."}},{"@type":"Question","name":"Lee has $50,000 in a fund where a company is 10% and $50,000 in a fund where it is 4%. How much of Lee's $100,000 is in that company?","acceptedAnswer":{"@type":"Answer","text":"7%. $5,000 + $2,000 = $7,000, which is 7% of $100,000."}},{"@type":"Question","name":"Priya holds a broad S&P 500 fund and adds a technology fund. What happens to her technology share?","acceptedAnswer":{"@type":"Answer","text":"It rises, because the new fund adds more of her largest sector. a technology fund is nearly all technology, so it adds to the largest sector she already had."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Academy","item":"https://etfiq.com/academy/"},{"@type":"ListItem","position":3,"name":"Planning Deep Dive","item":"https://etfiq.com/academy/planning-deep-dive/"},{"@type":"ListItem","position":4,"name":"Concentration: see what you already own","item":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/"}]},{"@type":"WebPage","name":"Concentration: see what you already own","description":"Add up what three ETFs hold underneath, company by company, to find hidden concentration. Real holdings from SPY, QQQ and XLK, with the X-ray tool.","url":"https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/","dateModified":"2026-11-09","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5494,"truncated":false,"content":"ETFIQ / Academy / Planning Deep Dive / Concentration: see what you already own \n \n Concentration: see what you already own\n Data as of Nov 9, 2026. Rebuilt every trading night.\n From books dated Nov 9, 2026 , $200,000 split 50/30/20 across SPY, QQQ and XLK held $19,468 of Apple, 9.7% of the money.\n Planning Deep Dive \u00b7 Lesson 3 of 6 1 2 3 4 5 6 \n Pick an amount. See what the three funds put in Apple, NVIDIA and Microsoft combined. Total in the three funds $200,000 On $200,000: Apple $19,468, NVIDIA $16,422, Microsoft $15,402, All technology $108,140. Hypothetical 50/30/20 split across SPY, QQQ and XLK. Weights from each fund's book as of Nov 9, 2026. Step 1. Apple, fund by fund. Dollars in the fund \u00d7 Apple's weight: SPY: $100,000 \u00d7 7.86% = $7,860 QQQ: $60,000 \u00d7 8.46% = $5,076 XLK: $40,000 \u00d7 16.33% = $6,532 Step 2. The next two. The same steps give: NVIDIA: $6,640 + $4,266 + $5,516 = $16,422 ( 8.2% ) Microsoft: $6,220 + $4,014 + $5,168 = $15,402 ( 7.7% ) Step 3. The industry. Technology is 36.1% of SPY, 54.6% of QQQ and 98.2% of XLK: $36,100 + $32,760 + $39,280 = $108,140 , or 54.1% in one sector. Step 4. Add a direct holding. Say Jordan also owns $50,000 of Apple shares from work. Jordan's total is now $250,000, and Apple is $19,468 + $50,000 = $69,468 of it: 27.8% on one company. \n The question\n \"I own three different funds. Am I as spread out as I think?\"\n The idea\n An ETF is a basket ( What an ETF is ). When you own several baskets, the same companies can sit in more than one. Look-through means adding up what you own underneath the funds, company by company: your dollars in each fund times that company's weight (its percent of the fund).\n Concentration is a large share of your money riding on one company or one sector (an industry group, such as technology). Look-through finds it, and it grows when you also own a company's shares directly, for example through an employer plan.\n Worked example\n The 4 steps beside the drawing at the top work this through on ETFIQ data. Point at a step to light the part of the drawing it describes.\n Jordan has $200,000 : $100,000 in SPY (S&P 500), $60,000 in QQQ (Nasdaq-100) and $40,000 in XLK (technology). Every weight below is from the funds' own books, dated Nov 9, 2026 .\n Total: $19,468 , or 9.7% of Jordan's money. In SPY alone, Apple was 7.86% .\n These three companies make up $51,292 , or 25.6% of the $200,000.\n Three tickers looked like three choices. Underneath, a quarter of the money rode on three companies, and more than half on one sector.\n The common mistake\n \"More funds means more spread.\" Not if they hold the same things. Jordan's three funds share their three largest companies. Adding XLK to SPY and QQQ added more of what Jordan already owned. The Overlap tool, /etf-overlap/, shows how much two funds share before you add one.\n Check your understanding\n Pick an answer to see why. Two of three right passes the lesson.\n 1. What does look-through add up? A The number of funds you own B Each fund's fee C Your dollars in each company or sector, across all your funds D Each fund's largest holding Answer: C. Your dollars in each company or sector, across all your funds. look-through goes under the funds to what they hold. Not D: the largest holding in one fund misses the same company sitting in your other funds. 2. Lee has $50,000 in a fund where a company is 10% and $50,000 in a fund where it is 4%. How much of Lee's $100,000 is in that company? A 14% B 10% C 4% D 7% Answer: D. 7%. $5,000 + $2,000 = $7,000, which is 7% of $100,000. Not A: adding the two weights ignores how much money sits in each fund. 3. Priya holds a broad S&P 500 fund and adds a technology fund. What happens to her technology share? A It falls, because she owns more funds B It rises, because the new fund adds more of her largest sector C It stays the same D It halves, because her money is now split across two funds Answer: B. It rises, because the new fund adds more of her largest sector. a technology fund is nearly all technology, so it adds to the largest sector she already had. Not A: more funds only spreads money when they hold different things. \n Takeaways\n Your real exposure is your dollars in each company across all your funds, plus any shares you hold directly. \n A second or third fund can add concentration instead of spread. \n Run your funds through My Portfolio X-ray on ETFIQ to see what you own underneath. \n Do it on ETFIQ\n X-ray your own funds \n Where to next\n Next lesson: Inflation and rates: when bonds stop cushioning Previous lesson: Tax-aware fund choice: how a fund's build shapes your tax Planning Deep Dive: all lessons The explainer behind this lesson ETFIQ Academy How ETFIQ computes these numbers \n Cite this page. ETFIQ, Concentration: see what you already own, data as of Nov 9, 2026. https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Concentration: see what you already own, data as of Nov 9, 2026. https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/ APA ETFIQ. (Nov 9, 2026). Concentration: see what you already own. Retrieved from https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/ Markdown [Concentration: see what you already own (ETFIQ, Nov 9, 2026)](https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Concentration: see what you already own, data as of Nov 9, 2026. https://etfiq.com/academy/planning-deep-dive/concentration-and-look-through/"}