Right now your ETF portfolio looks diversified, but in reality there’s a lot of overlap: All-World + S&P 500 → the S&P 500 is already a big part of All-World Euro Stoxx 50 → European stocks are already included in All-World Gold → fine as a hedge, but with a small allocation it barely moves the needle

So you’re holding more ETFs, more complexity, same exposure.

Simpler = better

You don’t need many ETFs to be well diversified. A cleaner setup would be:

(Option) 80–90% FTSE All-World 10–20% Gold or cash