TOPT Holds 16% in NVIDIA Alone, and That Concentration Is Driving Its 11% Loss

iShares Top 20 U.S. Stocks ETF (NYSEARCA:TOPT) is down 11.06% year-to-date, and that slide traces directly back to the fund's defining feature: a portfolio so concentrated in a handful of mega-cap technology names that a bad stretch for those stocks is, by definition, a bad stretch for the fund.