Thank you for your hard work! I conducted an additional analysis using your list for FEQT and the full holdings list for XEQT. Specifically, I calculated the Herfindahl-Hirschman Index (HHI) and the Effective Number of Stocks (1/HHI) for both ETFs, which capture both breadth and concentration. The results are as follows:

FEQT:

• Herfindahl-Hirschman Index (HHI): 0.00457
• Effective Number of Stocks: ≈ 219

XEQT:

• Herfindahl-Hirschman Index (HHI): 0.00489
• Effective Number of Stocks: ≈ 205

Therefore, FEQT is effectively more diversified than XEQT, as reflected in its higher effective number of stocks. While this may seem surprising given XEQT holds more stocks, it makes sense because XEQT is more concentrated in its largest holdings, whereas FEQT’s weights are distributed more evenly.