AI ETF holdings pages usually show the top 10 and stop there. The top 10 can look great while holdings 11 through 80 are filler riding the theme. You would never know from the fact sheet alone. Fact sheets are marketing documents with footnotes. Treat them that way.
AIQ holds around 84 companies and BOTZ about 62. The tail of each fund is where AI-washing hides: small positions in companies with barely any AI footprint, included because an index rule said so. An index rule does not care whether a company does AI. It cares whether the company matches the rule's keywords.
TrueAI breaks down every holding, not just the top 10, scoring each on AI mentions, R&D, and genuine signals. The free tier covers the top 10; full holdings rankings cost $15/mo.
Always pull the full holdings CSV from the issuer before buying. If the tail is full of companies with no AI footprint, the theme is thinner than advertised. Two minutes with the CSV tells you more than the fund's homepage ever will.
Sources: Global X
The tail wags the theme. Check it.