Your "all-world" ETF holds 3,794 stocks.

Here's what the factsheet actually says:

62.22% is one country.
21.29% is seven companies.
The bottom 2,500 holdings contribute less to your returns than a 2% move in NVIDIA.

But here's what nobody's telling you:

On August 24, 2015, VTI traded at $0.13.

Previous close: $108.

The arbitrage mechanism that keeps ETF prices aligned with holdings failed. Authorized participants withdrew.

Stop-losses executed at cents on the dollar. 85% of circuit breaker halts that day were ETFs, not stocks.

The products designed to provide liquidity experienced more halts than the underlying securities.

Now look at January 2026 positioning:

BofA Bull & Bear: 9.4 (hyper-bull, sell signal triggered) Fund manager cash: 3.2% (all-time record low in 30 years)
Zero hedges: 48% of managers

Everyone owns the same seven stocks through different labels.

Everyone will try to exit through the same door.

The door is narrower than they think.

NVIDIA reports February 25.

The label says all-world.

The structure delivers all-US-tech.

The question is whether you audit your concentration before the market audits it for you.

$PAXG