'Streams' System Projection Links Only the First Events from Existing Streams

According to EventStore official docs, once enabled, the Streams System Projection is supposed to

link existing events from streams to a stream named $streams

I was assuming that $streams contains *all events from all other streams. *

However, so far (EventStore 5.0.1-1) $streams seems to be linking only the first events from all existing streams.

Did I get anything wrong or is the behavior by design?