Adding an AI ETF can reduce your NVIDIA exposure
A matched October 15 holdings comparison of AIQ and IVV shows where the AI fund adds new names, changes existing weights and raises costs.
Published 2026-10-16 · 5 minute read
MacroShed Research · AI-assisted research and writing
What changes when you add AIQ?
An investor who owns an S&P 500 fund already has substantial exposure to companies building and using AI. Adding the Global X Artificial Intelligence & Technology ETF changes those positions, sometimes in a surprising direction. In the matched October 15, 2026 snapshots, AIQ held NVIDIA at 2.85% of net assets. The iShares Core S&P 500 ETF held it at 7.86%.
Replace one tenth of an all-IVV portfolio with AIQ, holding everything else constant, and NVIDIA falls to about 7.36% of the combined portfolio. Palantir moves the other way: from 0.69% in IVV to about 1.07% in the blend, because AIQ held it at 4.46%. These are allocation calculations using a dated snapshot, with no return or sales forecast.
The useful question is which companies and weights you want to change. Buying a thematic label without examining the existing portfolio can produce a different bet from the one you intended.
Source: Global X AIQ full holdings (issuer page)Source: iShares IVV official fund data workbook, Holdings worksheet
Two overlap numbers answer different questions
We compared every equity line in both issuer datasets for the same date: 88 AIQ stocks and 505 IVV equity-classified lines. Thirty-six securities matched. Those matches represented 63.67% of AIQ's published portfolio weights and 43.57% of IVV's. AIQ's other equities accounted for 36.30%. A shared holding is not an incremental company exposure, although increasing or decreasing its weight still changes the investment.
Direct weighted overlap was approximately 31.1%. This calculation adds the smaller of the two fund weights for each matched security. For NVIDIA it contributes 2.85 percentage points, the smaller of 2.85% and 7.86%. For Palantir it contributes 0.69 points, the smaller of 4.46% and 0.69%. The exact sum using the displayed weights is 31.06%.
These measures are intentionally different. The 63.67% figure asks how much AIQ owns in names already present in IVV. The 31.06% figure measures the weight that the two allocations share. Neither measures return correlation, how much business revenue comes from AI, or how much an investor will earn.
Source: Global X AIQ full holdings (issuer page)Source: iShares IVV official fund data workbook, Holdings worksheet
The additional names and the changed weights
AIQ's equities absent from IVV include Taiwan Semiconductor's ADR at 2.79%, Tencent at 2.57%, Samsung Electronics at 2.33%, SAP's ADR at 2.20% and SK Hynix at 1.97%. These are examples of extra holdings, not a country allocation or a ranking of their AI revenue. The complete nonshared group is broader than these five names.
At a 10% AIQ allocation, its 36.30% weight in equities absent from IVV contributes 3.63% of the combined portfolio. The remainder of that sleeve largely changes the sizes of shared positions. That puts the diversification claim in proportion: a small thematic sleeve creates a smaller amount of genuinely additional security exposure.
AIQ's ten largest stock positions totaled 33.12%, compared with 38.56% for IVV's ten largest equity lines. That particular concentration measure is lower for AIQ in this snapshot. It does not establish lower overall risk: AIQ concentrates the investment argument around a connected technology theme, while the broad index spans many industries.
Source: Global X AIQ full holdings (issuer page)Source: iShares IVV official fund data workbook, Holdings worksheet
Construction and the price of the tilt
AIQ tracks the Indxx Artificial Intelligence & Big Data Index. Its April prospectus describes modified capitalization weighting, annual reconstitution and semiannual reweighting, with global eligibility. IVV tracks the S&P 500, whose constituents are weighted by float-adjusted market capitalization. These rules select and size exposure differently.
The prospectuses list annual operating expenses of 0.68% for AIQ and 0.03% for IVV, a 65-basis-point difference. On a constant $10,000 balance, the simple annual expense illustration is $68 versus $3. It excludes changing market values, trading costs and taxes and therefore differs from a prospectus example that assumes investment growth.
A hypothetical 90% IVV/10% AIQ blend has a weighted operating expense rate of 0.095%, or $9.50 per year on a constant $10,000. The incremental expense over all-IVV is $6.50. The smaller dollar cost of a small sleeve does not settle whether its allocation is useful; it makes the tradeoff easier to evaluate.
Source: AIQ summary prospectusSource: IVV summary prospectus
What would make the allocation useful?
AIQ can make sense as a deliberate way to add its non-index holdings and overweight selected shared companies. The counterargument is straightforward: an investor may already own enough of the common names, may prefer a broad international allocation, or may want a more precise exposure than this particular index supplies.
The main risks to test are the investment thesis for the added names, technology-sector and related valuation exposure, foreign-market risks and the extra fee. A fund's inclusion rule does not establish that AI will become financially material to every constituent. We have not assigned thematic revenue shares to these companies.
Before acting, compare your actual broad fund and the latest full AIQ holdings. Watch the next reconstitution, changing shared-position weights and whether additional holdings deliver the exposure you wanted. IVV is this report's broad-index case study; results do not automatically apply to a total-world or total-market fund.
Source: AIQ summary prospectusSource: IVV summary prospectusSource: Global X AIQ full holdings (issuer page)Source: iShares IVV official fund data workbook, Holdings worksheet
Snapshot and method
All portfolio calculations use issuer holdings dated October 15, 2026, retrieved October 16. We rejected a direct CSV download that still contained October 14 data and used iShares' October 15 workbook instead. AIQ's full holdings were extracted from the issuer page's complete holdings data, rather than its top-ten display.
Matching uses the listed security/share class, with names checked and foreign listing suffixes retained. Alphabet share classes remain separate; no ADR-to-local-share substitutions or issuer rollups were made. Cash, currencies, money-market holdings and futures are excluded from equity overlap. IVV's 505 equity-classified lines include an issuer-classified warrant line; the count is securities, not unique companies. Weights are issuer percentages rounded to two decimals, unrenormalized, so totals differ slightly from 100%. They are not an exact audit of fund accounting NAV.
AI-assisted research and writing, with source and arithmetic checks. Educational analysis, not individualized investment advice. No company or fund paid for this report.
Source: Global X AIQ full holdings (issuer page)Source: iShares IVV official fund data workbook, Holdings worksheet
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Primary sources establish the described products, reported figures and announcements. Our interpretation of exposure and risks is editorial analysis. This report does not establish current fair values or personalized suitability. Financial periods and holdings dates are shown explicitly.
- Global X AIQ full holdings (issuer page) ↗
Holdings October 15, 2026; retrieved October 16
- iShares IVV official fund data workbook, Holdings worksheet ↗
Holdings October 15, 2026; retrieved October 16
- AIQ summary prospectus ↗
April 1, 2026; fees rechecked October 16
- IVV summary prospectus ↗
July 31, 2026; fees rechecked October 16
Updates and corrections
2026-10-16 — Initial publication. October 15 holdings snapshot; no claim that weights remain current after that date.
No company or fund paid for this report. For a correction, email MacroShed with the claim and supporting evidence.