Users: The Director: EA2A4D62-5A1D-4B31-9C20-9B0ECEA681DE.png

Blue line represents SPY while red line is equal ownership in all 500 S+P stocks. In SPY, heavier market cap stocks make up more of the index such that 50% of SPY is made up of the top 10% of stocks. Is that really diversification? Market cap does NOT equal value.