Dataset · updated monthly
How concentrated is each ETF, really?
Fact sheets publish a holding count. They do not publish what the weights do to it. This table computes the effective number of holdings for every fund that files with the SEC — the count an equal-weighted portfolio would need to match the same concentration.
How to read this
Effective holdings is 1 / Σwᵢ². An equal-weighted portfolio of 100 names scores exactly 100; any inequality pushes it lower, and it falls fast. Multiple is the nominal count divided by the effective one — how much the headline number overstates the diversification you own.
It measures weight concentration only. Fifty names that all move together are more concentrated in practice than the number implies, because it takes no account of correlation between holdings or of sector and factor overlap.
All funds
61| Ticker | Assets | Holdings | Effective | Multiple | Top 10 | Largest | As of |
|---|---|---|---|---|---|---|---|
| VTI | $2300.0B | 3,540 | 66.9 | 53× | 32.03% | 6.36% | 2026-06-30 |
| VOO | $1673.6B | 513 | 51.5 | 10× | 36.4% | 7.51% | 2026-06-30 |
| IVV | $889.6B | 508 | 51.5 | 9.9× | 36.36% | 7.51% | 2026-06-30 |
| VXUS | $630.9B | 8,825 | 259.8 | 34× | 13.45% | 3.93% | 2026-04-30 |
| QQQ | $492.5B | 105 | 34.2 | 3.1× | 45% | 7.6% | 2026-06-30 |
| BND | $402.2B | 17,397 | 879.4 | 19.8× | 4.62% | 0.9% | 2026-06-30 |
| VUG | $379.5B | 152 | 19.8 | 7.7× | 60.44% | 12.63% | 2026-06-30 |
| VEA | $316.5B | 3,891 | 258.3 | 15.1× | 13.56% | 2.36% | 2026-06-30 |
| VTV | $255.3B | 318 | 96.5 | 3.3× | 23.6% | 4.87% | 2026-06-30 |
| VGT | $171.8B | 322 | 15.1 | 21.3× | 59.36% | 16.82% | 2026-05-31 |
| VWO | $161.5B | 6,375 | 39.1 | 163× | 29.48% | 14.61% | 2026-04-30 |
| AGG | $141.1B | 13,269 | 537.5 | 24.7× | 6.61% | 2.78% | 2026-05-31 |
| VIG | $124.7B | 340 | 59.8 | 5.7× | 32.5% | 5.18% | 2026-04-30 |
| XLK | $124.1B | 78 | 16.3 | 4.8× | 64.45% | 14.65% | 2026-06-30 |
| SGOV | $100.0B | 24 | 14.6 | 1.6× | 72.36% | 10.14% | 2026-05-31 |
| QQQM | $97.5B | 105 | 32.2 | 3.3× | 47.31% | 8.13% | 2026-05-31 |
| ITOT | $95.6B | 2,502 | 65 | 38.5× | 32.1% | 6.63% | 2026-06-30 |
| SCHD | $95.0B | 102 | 32.1 | 3.2× | 43.56% | 6.74% | 2026-05-31 |
| VT | $90.2B | 10,058 | 148.3 | 67.8× | 21.71% | 4.19% | 2026-04-30 |
| SMH | $77.4B | 26 | 13.9 | 1.9× | 70.24% | 17.55% | 2026-06-30 |
| VNQ | $70.0B | 155 | 21.6 | 7.2× | 54.74% | 14.63% | 2026-04-30 |
| VBR | $67.9B | 843 | 448.7 | 1.9× | 6.05% | 0.87% | 2026-06-30 |
| SCHG | $61.1B | 197 | 23.3 | 8.5× | 57.18% | 11.01% | 2026-05-31 |
| QUAL | $50.3B | 124 | 41.6 | 3× | 39.04% | 6.5% | 2026-04-30 |
| BIL | $49.5B | 25 | 14.4 | 1.7× | 74.45% | 12.04% | 2026-06-30 |
| SOXX | $48.4B | 33 | 20.3 | 1.6× | 61.65% | 8.54% | 2026-06-30 |
| JEPI | $44.8B | 129 | 95 | 1.4× | 15.89% | 1.72% | 2026-06-30 |
| TLT | $42.9B | 47 | 31.8 | 1.5× | 41.92% | 4.58% | 2026-05-31 |
| TQQQ | $39.8B | 127 | 19 | 6.7× | 51.96% | 18.35% | 2026-05-31 * |
| XLE | $35.8B | 24 | 9.9 | 2.4× | 75.54% | 22.67% | 2026-06-30 |
| AVUV | $27.1B | 798 | 272.6 | 2.9× | 8.67% | 1.39% | 2026-05-31 |
| MTUM | $24.3B | 128 | 40.3 | 3.2× | 40.41% | 5.56% | 2026-04-30 |
| XLU | $23.2B | 36 | 20.1 | 1.8× | 57.53% | 12.89% | 2026-06-30 |
| USMV | $22.9B | 174 | 109.3 | 1.6× | 15.63% | 1.8% | 2026-04-30 |
| COWZ | $18.4B | 102 | 71.8 | 1.4× | 21.13% | 2.67% | 2026-04-30 |
| QLD | $14.5B | 127 | 39.1 | 3.2× | 38.31% | 8.86% | 2026-05-31 * |
| IGV | $14.3B | 111 | 19.8 | 5.6× | 62.91% | 10.37% | 2026-06-30 |
| PAVE | $13.5B | 101 | 50.6 | 2× | 32.32% | 4.18% | 2026-05-31 |
| GRID | $12.2B | 123 | 22.9 | 5.4× | 58.36% | 8.52% | 2026-06-30 |
| VDE | $11.9B | 107 | 12.4 | 8.6× | 63.68% | 21.26% | 2026-05-31 |
| MOAT | $11.6B | 56 | 50.1 | 1.1× | 25.31% | 2.96% | 2026-06-30 |
| NOBL | $11.1B | 74 | 68.9 | 1.1× | 16.54% | 1.76% | 2026-05-31 |
| VPU | $10.6B | 69 | 24.1 | 2.9× | 52.49% | 11.79% | 2026-05-31 |
| SSO | $8.4B | 525 | 27.7 | 19× | 42.19% | 15.54% | 2026-05-31 |
| SPLV | $7.1B | 105 | 93.9 | 1.1× | 13.45% | 2.15% | 2026-05-31 |
| UPRO | $5.5B | 524 | 14.3 | 36.6× | 51.26% | 23.92% | 2026-05-31 * |
| IFRA | $4.7B | 165 | 54.2 | 3× | 32.34% | 4.57% | 2026-06-30 |
| NLR | $4.3B | 26 | 19 | 1.4× | 61.08% | 8.41% | 2026-06-30 |
| DBMF | $3.9B | 15 | 3.3 | 4.5× | 81.88% | 52.68% | 2026-06-30 * |
| BOTZ | $3.7B | 63 | 20.9 | 3× | 59.03% | 9.3% | 2026-05-31 |
| LRGF | $3.3B | 297 | 54.2 | 5.5× | 33.96% | 7.51% | 2026-04-30 |
| ROBO | $1.8B | 79 | 63.8 | 1.2× | 21.08% | 4.26% | 2026-04-30 |
| CTA | $1.5B | 54 | 1.6 | 34× | 99.48% | 79.03% | 2026-06-30 |
| AIPI | $494M | 25 | 15.5 | 1.6× | 66.2% | 12.93% | 2026-05-31 |
| SIZE | $418M | 540 | 403.9 | 1.3× | 5.71% | 2.15% | 2026-04-30 |
| DIVZ | $267M | 30 | 26.2 | 1.1× | 48.54% | 5.98% | 2026-06-30 |
| WCLD | $249M | 66 | 56.2 | 1.2× | 26.53% | 3.28% | 2026-06-30 |
| FCTR | $57M | 166 | 113.9 | 1.5× | 18.11% | 3.2% | 2026-06-30 |
| AMOM | $31M | 51 | 30.2 | 1.7× | 44.36% | 8.71% | 2026-04-30 |
| PPTY | $25M | 87 | 46.7 | 1.9× | 34.29% | 4.92% | 2026-05-31 |
| QRFT | $15M | 299 | 34.2 | 8.7× | 43.97% | 9.22% | 2026-04-30 |
Take the data
CC BY 4.0concentration.csv · concentration.json
Free to use and republish with attribution to this page. If you find an error, say so on the contact page and it will be corrected in place.
Sources and limits
Computed from SEC Form N-PORT (NPORT-P), the monthly portfolio report every registered US fund must file. Weights are the filed pctVal of each position; figures are as of the reporting date in each row, not today.
Comparability. 4 of 61 funds are marked * and left out of the headline figures and any ranking, though their numbers are still shown. A fund is excluded when its filed long positions cover less than 95% of net assets, or when 20% or more of net assets is derivative exposure — in both cases the filing does not describe the portfolio the way it does for an ordinary fund. The thresholds were set by scanning every fund-quarter in the archive rather than chosen by eye, and no ordinary fund is caught by them. Weights above 100% are left alone, because they mean the fund holds offsetting short positions that this measure drops by design; the methodology page carries the full derivation. Currently excluded: TQQQ, QLD, UPRO, DBMF.
Not covered: SPY, GLD, AIEQ, GLDM, IAU, IBIT, IRBO, SLV, SPLG, IQIN. Unit investment trusts and commodity trusts are not registered investment companies and do not file N-PORT, so they cannot be measured this way. Saying so is more useful than quietly omitting them.
Full conventions on the methodology page. Definition and blind spots at effective number of holdings.