Look-through exposure

Also called: etf overlap, fund holdings, currency exposure

What you really own once you look inside your funds. An S&P 500 fund is a slice of 500 companies.

Formula

Exposure = Direct holding + Σ (Fund value × Company's weight in the fund)

Worked example

1. £2,000 in an S&P 500 fund with NVIDIA at about 7.5% = £150 of NVIDIA
2. Plus £500 of NVIDIA owned directly
3. Total exposure: £650

Result: £650

How to read it

Owning the same companies directly and through funds can concentrate your risk without you noticing.

See it with real numbers: What you really own → (free account)