diff --git a/app/services/etf_holdings_fetcher.py b/app/services/etf_holdings_fetcher.py
index 922cf76..2252771 100644
--- a/app/services/etf_holdings_fetcher.py
+++ b/app/services/etf_holdings_fetcher.py
@@ -149,6 +149,13 @@ class ETFHoldingsFetcher:
         snap = res.scalar_one_or_none()
         if not snap:
             return None
+
+        # 최대 허용 시차 검증: 120일 초과 시 stale로 판단 → SEC에서 새로 fetch
+        if as_of_date is not None:
+            gap = dt_norm - snap.snapshot_date
+            if gap.days > 120:
+                return None
+
         hres = await db.execute(select(ETFHolding).where(ETFHolding.snapshot_id == snap.id))
         rows = hres.scalars().all()
         holdings = []
@@ -268,7 +275,11 @@ class ETFHoldingsFetcher:
         # Candidate list: newest first, filtered by date if provided.
         # Ensure we include multiple prior days (not just the top day) to avoid missing the target series.
         if target_date:
-            eligible = [(dt, acc) for dt, acc in filings if dt <= target_date]
+            lower_bound = target_date - timedelta(days=365)
+            eligible = [(dt, acc) for dt, acc in filings if lower_bound <= dt <= target_date]
+            if not eligible:
+                # fallback: 하한 없이 전체 검색 (아주 오래된 ETF 등)
+                eligible = [(dt, acc) for dt, acc in filings if dt <= target_date]
             if not eligible:
                 early_dt, early_acc = filings[0]
                 xml_url = await self._download_primary_xml(