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The reliable way to measure Nasdaq and AI exposure is to use a dated portfolio export, choose the exact benchmark and AI definition you will apply, and look through every fund to its underlying holdings. Add direct stock positions to the weighted holdings of ETFs and mutual funds, record duplicate ownership of the same companies, and label every result with its holdings date and calculation date.
Do not equate “Nasdaq-listed” with “AI.” The Nasdaq-100, Nasdaq Composite and named Nasdaq AI indexes contain different securities. A portfolio can have substantial Nasdaq exposure without meeting your chosen AI test, or it can own the same AI-related companies through several funds without appearing concentrated from the fund names alone.
What you are actually measuring
“Nasdaq exposure” is not one universal percentage. It depends on the basket you select and on whether you count only securities held directly or also the companies owned inside funds.
Choose the Nasdaq benchmark first
| Possible benchmark | What it represents | When it is useful |
|---|---|---|
| Nasdaq-100 | A large-company, non-financial subset of Nasdaq-listed companies | Assessing exposure to the widely followed growth and technology-heavy large-cap basket |
| Nasdaq Composite | A much broader basket of companies listed on Nasdaq | Measuring whether your portfolio depends on Nasdaq-listed companies generally, including smaller firms |
| Specific Nasdaq AI or AI-and-robotics index | A rules-based thematic basket whose eligibility and category weights come from its methodology | Measuring exposure to a defined AI strategy rather than to Nasdaq-listed companies as a whole |
An index is a basket of securities. The U.S. Securities and Exchange Commission (SEC) advises investors to look through an index fund to its actual holdings instead of assuming that the fund label tells the whole story. Your worksheet should therefore name the benchmark, methodology version and membership date before any percentage is calculated.
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Define “AI stock” in writing
AI exposure changes when the definition changes. One reproducible approach is to use a named Nasdaq AI index and its published constituent list on a specified date. Nasdaq’s CTA Artificial Intelligence and Robotics methodology groups eligible companies as enablers, engagers or enhancers. A separate 2025 CTA Artificial Intelligence methodology set category targets of 50% enablers, 40% engagers and 10% enhancers. Those are methodology targets, not a promise that every AI fund has those weights.
Another possible rule is to count only companies whose regulatory filings describe AI as a material business driver. That test will not produce the same result as an index-based test. State which rule you used, the source document and its date. Do not count every Nasdaq-listed company as an AI company. Nasdaq has said that AI exposure in the Nasdaq-100 “substantially exceeds that of the broader US equity market” because the index has a higher concentration of firms across the AI value chain. That observation supports measuring Nasdaq and AI as related but distinct exposures.
Gather a dated, complete data set
Export every portfolio position
Start with a portfolio export from each account. At minimum, capture:
- Ticker and full security name
- Vehicle type: common stock, ETF, mutual fund, closed-end fund, cash, bond, option or other derivative
- Account identifier
- Shares and the price or market value used by the export
- Portfolio weight, or enough information to calculate it
- Currency and the valuation date
Use one total portfolio denominator and document whether cash, money-market holdings and derivatives are included. If accounts use different currencies, convert them using a stated rate and date before calculating weights. Keep the original export unchanged so you can reproduce the result.
Download current fund holdings
For each ETF or mutual fund, obtain the latest holdings file available for the measurement date. The sponsor’s holdings page, prospectus, shareholder report or an SEC filing may provide the data. The SEC’s Investor.gov guidance says, “Most ETFs post their portfolio holdings on their websites daily.” Daily publication does not mean that every fund’s file is identical in format or that a mutual fund reports daily, so record the file’s “as of” date separately from the day you downloaded it.
If a fund reports a cash balance, derivatives, or an “other” line instead of a company-level position, preserve that disclosure. Do not allocate an unspecified residual to companies by guesswork. A fund’s prospectus can also reveal whether it normally invests at least a stated percentage of net assets in index securities, but that requirement applies to that fund’s strategy and should not be generalized to other funds.
Build the worksheet
Use one holdings tab and a separate assumptions tab. The holdings tab should include these columns:
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| Column | Purpose |
|---|---|
| Holding ticker | Identifier for the direct security or underlying company |
| Vehicle type | Distinguishes a direct stock from an ETF, mutual fund or other vehicle |
| Account | Shows where the position is held and prevents accidental double counting during account consolidation |
| Market value | Value used for the portfolio denominator |
| Portfolio weight | Market value divided by total portfolio market value |
| Benchmark membership | Yes or no for the selected Nasdaq basket on the measurement date |
| AI category or rule | Category from the named AI index or the written filing-based test |
| Source URL | Location of the holding or index-membership evidence, when one is available |
| Holdings date | Date represented by the fund or index file |
| Look-through weight | Exposure contributed by a fund to an underlying company |
| Direct weight | Exposure from a stock held directly in the portfolio |
| Combined weight | Direct weight plus all look-through contributions |
| Duplicate-exposure notes | Names the other vehicles that hold the same company |
In the assumptions tab, record the benchmark name and version, membership date, AI rule, currency conversion, cash treatment, derivative treatment, rounding convention and calculation date.
Calculate direct and look-through exposure
Step 1: Set the denominator
Add the market value of all positions included under your cash and derivative policy. Let that total be V. For each direct holding, calculate:
direct weight = direct security market value ÷ V
Do not mix account weights supplied by a broker with a separately calculated denominator unless you have checked that both use the same valuation time and inclusion rules.
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Step 2: Tag direct securities
For each direct stock, mark whether the company belongs to the selected Nasdaq benchmark on the specified date. Membership can change after an index reconstitution, merger or other corporate action. Store the constituent file or a dated record that supports the yes-or-no flag.
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Step 3: Map each fund to its companies
Normalize company names and tickers across all holdings files. A company may appear under a different share class, a changed ticker or a depositary receipt. Keep the source name in a notes field, but use a consistent internal identifier so the same issuer is not treated as several unrelated companies.
Step 4: Multiply fund weight by underlying weight
For every fund-company pair, use:
look-through company exposure = fund portfolio weight × company weight inside fund
The fund weight is its share of your total portfolio, not its weight inside a benchmark. The company weight is the percentage reported by that fund on its holdings date. Convert both percentages to decimals before multiplying.
Step 5: Add duplicate holdings
For each company, sum all contributions:
total company exposure = direct company weight + sum of all look-through company exposures
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Retain a count of the vehicles contributing to that total. The aggregate percentage answers “How much of my portfolio depends on this company?” The vehicle count answers “How many separate routes give me that exposure?” Both are useful when two funds have different names but own the same large companies.
Step 6: Sum the selected benchmark
Apply the Nasdaq membership flag to the combined company rows:
Nasdaq exposure = sum of total company exposure for companies in the chosen Nasdaq benchmark
Decide in advance how to handle a fund position that cannot be decomposed. You may report it as unclassified exposure, exclude it with a clearly stated limitation, or use a separate estimate only if the source methodology supports one. Do not silently treat the whole fund as Nasdaq exposure merely because its name contains “technology” or “Nasdaq.”
Step 7: Apply the AI rule separately
Use the same combined company exposures, but apply the dated AI classification:
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AI exposure = sum of total company exposure for companies meeting the chosen, dated AI rule
If the rule supplies categories, retain them. You can then report total AI exposure and the breakdown among enablers, engagers and enhancers. A filing for one Nasdaq AI-and-robotics ETF described a strategy that normally invests at least 90% of net assets in index securities and cited category weights of 60% engagers, 25% enablers and 15% enhancers. Those figures belong to that particular index strategy; they are not a default allocation for every AI fund.
Step 8: Label the result
Every headline number should state the benchmark or AI rule, holdings date, calculation date, currency and whether the result includes only identified holdings. A concise label might read: “Nasdaq-100 look-through exposure, based on fund files dated 30 September 2026 and portfolio values at 19 October 2026; cash included, derivatives excluded.”
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The following figures illustrate the mechanics and are not a current classification of any company or fund.
Assume a $100,000 portfolio containing $8,000 of a company called NVDA, $7,000 of MSFT, $30,000 in Growth Fund X, $20,000 in Broad Fund Y and $35,000 in cash or bonds. Growth Fund X reports NVDA at 8% and MSFT at 7%. Broad Fund Y reports NVDA at 4%, MSFT at 5% and AAPL at 6%.
| Company | Direct weight | Growth Fund X contribution | Broad Fund Y contribution | Combined exposure | Vehicles holding it |
|---|---|---|---|---|---|
| NVDA | 8.0% | 30% × 8% = 2.4% | 20% × 4% = 0.8% | 11.2% | 3 |
| MSFT | 7.0% | 30% × 7% = 2.1% | 20% × 5% = 1.0% | 10.1% | 3 |
| AAPL | 0% | 0% | 20% × 6% = 1.2% | 1.2% | 1 |
If all three companies were members of the selected Nasdaq benchmark on the measurement date, these rows would contribute 22.5% of the portfolio to the Nasdaq total. Whether they count toward AI exposure depends on the written AI rule and the dated classification evidence. The example also shows why fund labels are insufficient: NVDA and MSFT each appear in three vehicles, so the combined company exposure is materially larger than either direct position suggests.
Interpret the result instead of chasing one percentage
Compare the portfolio on six axes. A single Nasdaq or AI number can hide an important concentration.
1. Benchmark breadth
Report the result for the basket you selected and, if useful, show how it changes under a broader or narrower benchmark. A Nasdaq Composite result can be higher or lower than a Nasdaq-100 result because the constituent universes are different. Never present one as a proxy for the other without saying so.
2. Concentration in the largest names
Sort combined company exposure from largest to smallest. Show the five most repeated companies and the percentage of the portfolio they represent together. A portfolio can have a moderate total Nasdaq percentage but an unusually large dependence on a few mega-cap companies.
3. Direct versus fund-mediated exposure
Split the total into direct stock exposure and exposure arriving through funds. Direct positions are visible and controllable at the account level. Fund-mediated exposure may persist even after you stop buying a company directly because several funds still own it.
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4. Overlap count
For every material company, list the number of funds and accounts that hold it. A second fund can increase thematic concentration even when its name, objective or sector label looks different from the first fund.
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Place the age of each source beside the result. A daily ETF file and a quarterly mutual-fund report do not provide the same precision for a fast-moving portfolio. If one fund’s holdings are materially older, mark the combined number as having mixed dates rather than implying a synchronized snapshot.
6. Fees and tracking error
The SEC notes that index funds can have tracking error, fees, trading costs and less flexibility. Review the fund’s actual holdings and strategy, not just its benchmark name. Two funds tracking related indexes can deliver different results because of expenses, sampling, rebalancing, securities lending, cash positions or trading frictions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Separate company exposure from sector exposure
A technology-sector percentage is not automatically an AI percentage. A technology classification may include companies with little or no material AI activity, while AI-related businesses can be classified in other sectors. Keep separate columns for sector, Nasdaq membership and AI status. Do not add the sector percentage to the AI percentage or use one as a substitute for the other.
Common failure modes and fixes
Using a fund name as the exposure calculation
Symptom: You count 100% of a fund as AI or Nasdaq exposure because its name sounds thematic.
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Counting only direct stocks
Symptom: Your spreadsheet shows no meaningful exposure, although several funds hold the same companies.
Fix: Perform the fund look-through calculation and maintain a duplicate-exposure column.
Treating every Nasdaq listing as AI
Symptom: Nasdaq exposure and AI exposure are identical in your report.
Fix: Apply a named AI index or a written filing-based test. Record the date and category evidence for each classification.
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Mixing dates
Symptom: A current portfolio value is compared with an old fund fact sheet without disclosure.
Fix: Save each source file with its “as of” date, show the calculation date, and flag mixed-date results.
Double-counting a fund
Symptom: The sum of look-through positions exceeds the fund’s portfolio weight by a large amount.
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Hiding cash or derivatives
Symptom: The reported benchmark percentage changes depending on whether cash or options are included.
Fix: State the treatment in the assumptions tab and provide a separate unclassified or derivative exposure line when the underlying risk cannot be mapped reliably.
When to refresh the analysis
Holdings, index constituents, classifications and weights change. Save the source files rather than overwriting them, and rerun the worksheet after a material portfolio change. Refresh at least when a fund publishes a new holdings file or when the selected index reconstitutes. If a newer holdings file exists, do not infer current exposure from an older fact sheet.
For ongoing monitoring, keep a dated history of total Nasdaq exposure, total AI exposure, the five largest repeated companies, direct-versus-fund-mediated exposure and the age of each holdings source. A change log can then distinguish a real portfolio decision from a change caused only by index reclassification or updated fund reporting.
What a useful final report contains
Your report should make the result auditable by another reader. Include:
- The selected Nasdaq benchmark and membership date
- The AI rule, methodology version and classification date
- Total portfolio value, currency and included asset types
- Direct, look-through and combined company exposures
- Aggregate Nasdaq and AI percentages
- The five largest repeated companies and their vehicle counts
- Holdings dates and source locations for every fund
- Unclassified positions, assumptions, exclusions and known limitations
- The next scheduled refresh trigger
This format answers both “How much Nasdaq exposure do I have?” and “Am I accidentally concentrated in AI?” without pretending that a fund label, sector percentage or stale fact sheet can answer either question by itself.
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