> Because this state seems like a very solvable problem: All you have to is not buy it

Your index fund will buy them.

ETFs like VOO will buy it eventually.

It started me wondering if theres an ETF that explicitly avoids the top 20 companies

My gut instinct is that this would be a hugely underperforming investment strategy on both an absolute and risk adjusted basis. I would welcome empirical evidence contradicting my gut.

There's SPXT (S&P 500 excluding tech sector), +79% in 5y, vs full S&P +110% in 5y.

Obviously, in tech/AI bull market it can't be not underperforming.

I'd rather cross to international (including. US) than to that, for a less performing but more Black Swan proof fund.

Couldn't you set up some options to simulate that?

XMGA