Ever noticed how fragmented US stock ownership really is? ETFs and mutual funds combined control less than 25% of the entire market. Sounds like a lot until you dig deeper—ETFs alone haven't even hit the 10% mark yet, despite all the buzz about their explosive growth.

The real story? Households and foreign investors dominate, sitting on roughly 60% of shares between them. That's the backbone of the market. It reveals something interesting about market structure—retail participation is massive, and it's why we see such wild swings when sentiment shifts.

The historical data shows ETFs are nibbling at market share inch by inch, but they're still a relatively small player compared to individual investors and foreign capital. The concentration isn't where most people think it is.