AI Data-Centre & Compute Infrastructure Index (XTDC)
The picks and shovels of the AI capex supercycle: GPU cloud, power and cooling, networking, servers — and the miners that became data-centres.
Index thesis
Why this theme
Rather than betting on who wins the model race, the index owns what every contender must buy: GPU cloud capacity, power and cooling, networking and servers, and the bitcoin miners that repurposed energised sites into AI data-centres. Behind them sit the merchant power producers that sign the offtakes. It is the highest-beta equity theme of the series, sized and banded accordingly.
Thesis risk: highest beta of the series — AI capex digestion, financing conditions for miners and single-customer concentration can drive severe drawdowns.
Backtest
Simulated index performance
Month-end levels of the target basket, rebased to 100. Simulated, not live performance.
Simulated basket level (base 100)
260.08
+160.1% · 31/12/2024 — 31/08/2026
Simulated month-end backtest of the target basket, rebased to 100 at the history start date. Hypothetical, gross of fees, and supplied by the index committee for illustration only. It is not live index performance and not an indication of future results.
Composition
Target composition
Sort by any column. Filter by tier or by availability. Compositions are indicative until confirmed.
| Tokenised availability | |||||
|---|---|---|---|---|---|
| CRWV | CoreWeave | 15.0% | +9.5% | Core | Verified — approved issuer |
| VRT | Vertiv | 13.0% | +56.3% | Core | Verified — approved issuer |
| ANET | Arista Networks | 12.0% | +40.5% | Core | Verified — approved issuer |
| SMCI | Super Micro Computer | 10.0% | +24.8% | Core | Verified — approved issuer |
| DELL | Dell Technologies | 10.0% | +288.3% | Core | Verified — approved issuer |
| WULF | TeraWulf | 6.0% | +32.9% | Satellite | Verified — approved issuer |
| CIFR | Cipher Mining | 6.0% | +4.0% | Satellite | Verified — approved issuer |
| APLD | Applied Digital | 6.0% | +3.4% | Satellite | Verified — approved issuer |
| IREN | IREN | 6.0% | +3.4% | Satellite | Verified — approved issuer |
| NBIS | Nebius | 6.0% | +139.6% | Satellite | Verified — approved issuer |
| VST | Vistra | 5.0% | -11.5% | Satellite | Verified — approved issuer |
| TLN | Talen Energy | 5.0% | -20.3% | Satellite | Verified — approved issuer |
| 12 lines shown | 100.0% | ||||
Weights are indicative launch targets. Every line is an identified ticker, verified as available in tokenised form from an approved issuer.
Weighting
Weighting methodology
The index uses the 5/25 framework: five core holdings make up 60% of the index and are capped at 15% each, while the satellite sleeve holds the remainder. Weight rebalancing is triggered quarterly if a core asset drifts by 5% in absolute terms or a satellite asset drifts by 25% in relative terms. For XTDC: quarterly reconstitution with fast-entry for newly tokenised listings, quarterly band check, core band 5% absolute and satellite band 40% relative (vol-scaled), ad-hoc trim only above 9% for a satellite. Twelve constituents currently; the index is fully invested with no cash buffer.
Download the full methodology (PDF)
The full build and rebalancing document for AI Data-Centre & Compute Infrastructure Index (XTDC).