REFA vs BOAT overlap

REFA and BOAT overlap 0.2% by weight, across 2 shared holdings.

REFABOAT

Pick 2 to 4 ETFs.

0.2%

overlap by weight, across 2 shared holdings

REFA0.2% of the fund is in shared holdings, of 210

BOAT9.7% of the fund is in shared holdings, of 51

Top shared holdings

Holding	REFA	BOAT	Overlap
Kawasaki Kisen9107	0.11%	4.95%	0.11%
SITC1308	0.07%	4.75%	0.07%

Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: REFA, SEC Form N-PORT, June 30, 2026; BOAT, SEC Form N-PORT, June 30, 2026.

institutions report holding both, of 29 holding any

REFA41.6% of its 13F dollars, 50.0% of its 6 holders

BOAT1.7% of its 13F dollars, 11.5% of its 26 holders

Largest institutions holding both

Firm	REFA	BOAT
Morgan Stanley	$1.1M	$17K
UBS Group AG	$1.1M	$7K
Royal Bank of Canada	$66K	$68K

This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.

Who owns them: REFA institutional holders, BOAT institutional holders.

Frequently asked questions

How much do REFA and BOAT overlap?

0.2% by weight, with 2 holdings in common, using holdings for REFA as of June 30, 2026 and BOAT as of June 30, 2026. The largest shared position is 9107.

Do institutions hold both REFA and BOAT?

3 Form 13F filers report positions in both, out of 29 that report either one.

How is overlap by weight worked out?

For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.