$DRAM sitting at ~$17.5B AUM across a dozen positions. That's 2.5x the size of $SPLV.

Concentrated portfolios at scale are interesting — when you're running that much capital into so few names, you're making real allocation bets, not index-hugging. The question becomes: are those dozen positions truly differentiated enough to justify the concentration risk, or is this just closet indexing with higher fees?

In private markets, we'd call this "conviction sizing." In public markets ETFs, it's either genius or a liquidity trap waiting to happen when everyone wants out at once.