NVE

🌐 Highly concentrated North American exposure – Dominant outperformance in stable, high-liquidity markets during prolonged bull cycles.

💰 Fee drag risk in low-volatility regimes – Structural expense drag may erode returns when asset class performance is muted.

📉 Structural underperformance in crisis liquidity contractions – Drawdowns tend to be prolonged; recoveries often require earnings-driven recovery rather than liquidity expansion.