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SEC uses 5%.

It would probably work fine for the stated purpose (not missing many important owners, not listing overly many).

then you realize you'd just be wasting paper printing

* blackrock

* vanguard

* fidelity

* state street

* t. rowe price

* most major banks

* some random asset managers

on like 90% of products? why tf bother? that doesn't actually mean anything to most people and nobody really cares.

So you list up to 20 names on every storefront and package?

You'd stop at the point where no single entity owned more than 5%, is I think the idea.

Of course that would probably mean every store was just called "BlackRock"...