VTI is a large cap fund. Most of the stocks in it are large cap and it is tilted towards growth. It really does not have any significant exposure to small caps. Over a quarter of that fund is just in its top 10 holdings including those companies like Google and Amazon and Microsoft. If you pair something like VTI with a small cap value fund you do get a nice distribution over the whole market without actually having to hold the whole market. And that is why for a very simple accumulation portfolio a good combination is something like a VTI VOO or VUG with something like VIV or AVUV as aSmall Cap Value Fund. That is Paul Miramond's current recommendation