Exchange-traded fund, a fund whose shares trade on an exchange as a company’s do. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Sources that use it
- Holdings of the SpaceX $25 billion senior notes at 30 June 2026, from Form N-PORT filings in SEC EDGAR full-text search and from fund managers’ own holdings pages (EDGAR full-text census of Form N-PORT filings for the five CUSIPs through 31 August 2026, the statutory due date for June-quarter reports: 342 filings, 339 distinct fund series holding $3,571,275,000 of par at 30 June 2026 (14.29 percent of the issue); Vanguard Total Bond Market Index Fund $377,332,000 and Total Bond Market II Index Fund $360,850,000 of par (their own N-PORT filings of 28 August 2026, accessions 0000794105-26-000276 and -000277, carry $371.1 million and $354.8 million of fair value); Vanguard complex $1,050,585,000; Capital Group $545,613,000 across six American Funds; Loomis Sayles $320 million across three trusts; Bridge Builder $168 million; BlackRock Systematic Multi-Strategy Fund $56,795,000; first-party page disclosures located through 30 August 2026: Vanguard VCIT $192.3 million par of the 2033s (31 July); J.P. Morgan JPST $75.0 million of the 2031s (17 July); Capital Group American Funds Multi-Sector Income $67.0 million of the 2036s (30 June); Fidelity FBND $86.1 million across 2031/2033 (9 July); Schwab SCHZ all five tranches, $8.48 million of face and 0.0748 percent of the fund, at 27 August; CUSIPs 84615QAA1/AC7/AE3/AG8/AJ2; the census was run on 31 August 2026 and re-run on 23 September 2026 to take in the thirteen reports filed on the due date itself; the 31 August run had counted 329 filings, 634 position rows, 326 series and $3,410,999,000, and every other figure of this row is from that run unless it says otherwise; the holdings file of Schwab’s aggregate-bond ETF (SCHZ) as of 27 August 2026 carries face amounts and weights and no prices, and its weights put the 2056s about nine percent below the 2031s; the census reads only funds whose fiscal quarter ends in June, since a fund’s public report is for the last month of its quarter: the Vanguard intermediate-corporate index fund (VCIT), J.P. Morgan’s ultra-short ETF (JPST) and Fidelity’s total-bond ETF (FBND), whose own pages are read below, publish theirs for the ends of May and August and are not among the 339, Schwab’s aggregate-bond ETF (SCHZ) filed for 30 June under accession 0001410368-26-085363 and that report carries none of the five CUSIPs, and American Funds Multi-Sector Income’s report for 30 June, accession 0001193125-26-371078, is among them; the Schwab file is SCHZ_FundHoldings_2026-08-27.CSV on schwabassetmanagement.com, re-read on 3 October 2026, and two marks this row once gave from a reading of the live page that day, 97.91 and 93.85, are withdrawn). In the Sources
- iShares Core U.S. Aggregate Bond ETF, holdings as of 27 August 2026 (identifiable bonds of Alphabet, Amazon, Meta, Microsoft, Oracle, Broadcom, AMD and Micron at least $1.344 billion against $138.5 billion of net assets, 0.97 percent). In the Sources
- iShares MSCI ACWI ETF, holdings as of 27 August 2026 (the AI complex 22.42 percent; MSCI’s own profile shows the visible top names at 18.80 percent as of 31 July). In the Sources
- CalPERS, Form 13F for 30 June 2026 ($177.4 billion of disclosed securities; direct AI-complex positions $40.9 billion, 23.0 percent, rising to 28.6 percent after looking through $32.5 billion of S&P 500 ETFs; against a $635.4 billion total fund, a known minimum of 8.0 percent). In the Sources
- GraniteShares ETF Trust, Form 485APOS registering the GraniteShares AI Compute Futures ETF, filed with the SEC on 17 August 2026 (a fund investing in GPU compute futures referencing H100, A100 and B200 rental indexes); EDGAR full-text search shows several issuers’ 2026 filings referencing compute futures. In the Sources
And 3 more: search the Sources.
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “ETF.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/etf (accessed 2026-11-01).
BibTeX
@misc{dryburgh-etf-2026,
author = {Dryburgh, Lee S.},
title = {{ETF}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/etf},
note = {Accessed 2026-11-01}
}