The look-through journal
Short, data-grounded notes on overlap, concentration, and what the holdings reveal that the fund label hides. Every figure measured from funds’ own published filings.
The Snowball ETF story is about tax structure. Its filing also describes a concentrated, expensive stock fund.
A broad fund's label says 500 names. The holdings say seven of them carry a third of it.
An S&P 500 fund, a Nasdaq fund and a tech fund are mostly one bet, stacked three deep.