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since no one will read it, it's because of this:

> The Internal Revenue Service requires that any “regulated investment company” — which includes the vast majority of mutual funds and exchange traded funds — keep the combined weight of large holdings to less than 50 per cent of their overall portfolio. A large holding is anything that accounts for more than 5 per cent of assets.

> At the end of September, Fidelity’s $67bn Blue Chip Growth fund, which is benchmarked against the Russell 1000 Growth index, had more than 52 per cent of its portfolio in large positions — Nvidia, Apple, Amazon, Microsoft, Alphabet and Meta. BlackRock’s recently launched Long-Term US Equity ETF also had 52 per cent of its assets in holdings worth more than 5 per cent of the portfolio as of last week, according to data from Morningstar.

ie the US stock market has got so uneven that even just holding some particular indexes breaks the rules.

> ie the US stock market has got so uneven that even just holding some particular indexes breaks the rules.

But not uneven enough that some of the current “large holdings” would fall under the 5% threshold.