Nvidia is 6.6% of every ETF that holds it — and missing from three quarters of them

Most "what do ETFs own" numbers are averages across every fund, which drags each company toward zero: three quarters of US equity ETFs hold no Nvidia at all, so Nvidia's average across all funds is a meaningless 1.6%.

The useful question is what a fund holds when it holds the company at all. On that measure, as of 15 September 2026 across 964 funds — every US-listed equity ETF we track that is unlevered, at least three years old and holds at least $20M:

#	Company	Average weight when held	Funds holding it	Funds holding it above 10%
1	Nvidia	6.6%	237	43
2	TSMC	6.6%	106	28
3	Apple	5.8%	220	15
4	Alphabet	5.0%	235	21
5	Microsoft	5.0%	229	13
6	Samsung Electronics	4.9%	76	5
7	SK Hynix	3.9%	79	3
8	Amazon	3.8%	208	6
9	Tencent	3.4%	69	5
10	Meta	2.8%	211	5

Companies held by fewer than 25 funds are excluded, so a single concentrated fund cannot put a company at the top.

Why this list is not the mega-cap list

Five of the ten make semiconductors, the memory beside them, or the phones they go into: Nvidia, TSMC, Samsung Electronics, SK Hynix and Apple. Tesla, larger than most of this table, does not appear at all — it averages 2.2% where it is held.

The reason is that chip companies are held by funds built to concentrate — semiconductor and technology funds with 25 to 40 holdings — while a company like Meta is mostly held by broad funds that spread across hundreds of names, which is why it ranks tenth despite sitting in 211 of them. TSMC makes the point twice over: it is in only 106 funds, a ninth of the market, yet ranks second, because the funds holding it hold it hard.

How far does concentration go?

The averages hide the tail, and the tail is where the risk sits. Counting funds by how much of their weight goes to one company:

Company	Held by	Above 5%	Above 10%	Above 20%
Nvidia	237 funds	147	43	2
TSMC	106 funds	50	28	2
Apple	220 funds	136	15	0

So 43 funds put more than a tenth of everything they own into Nvidia, and 28 do the same with TSMC — a company more than a quarter of whose holders are that concentrated in it.

And at the fund level?

Our own exposure pages, 15 September 2026.

Magnificent 7 exposure — average fund 7.4%, VOO 33.2%:

Fund	Exposure
MGK — Vanguard Mega Cap Growth	59.5%
VUG — Vanguard Growth	56.5%
XLG — Invesco S&P 500 Top 50	54.1%
IYW — iShares U.S. Technology	52.7%
SPYG — SPDR Portfolio S&P 500 Growth	51.6%

Technology-sector exposure — average fund 23.6%, VOO 45.2%:

Fund	Exposure
PSI — Invesco Semiconductors	100.0%
SMH — VanEck Semiconductor	100.0%
SOXQ — Invesco PHLX Semiconductor	100.0%
SOXX — iShares Semiconductor	99.9%
FTXL — First Trust Nasdaq Semiconductor	99.7%

Three funds are entirely technology to one decimal place. A fund at the top of the Magnificent 7 table puts more than half its weight in seven companies, against 33.2% for an S&P 500 tracker — which is itself a third in those seven.

How it was computed

The universe is every US-listed equity ETF with at least three years of history, at least $20M in assets and no leverage — no leveraged or inverse products, no bond, commodity or currency funds, no cash or money market funds. That comes to 964 funds on 15 September 2026.

Each listing is identified by its ISIN, then dual listings and share classes are merged into one company — Alphabet's A and C shares, TSMC's Taiwan listing and its ADR — so a company is counted once per fund.

"Average weight when held" is the mean across only the funds that hold the company. The all-fund average, for comparison, is 1.6% for Nvidia and 0.7% for TSMC.