Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Every ETF an allocator holds gets filed into a sleeve. The asset class tells you the broad bucket, and the sub-asset class tells you the specific drawer inside it.
That tag decides how the holding is counted, who reviews it, and what it gets benchmarked against.
Dakota Marketplace tracks reported ETF holdings and tags each one to an asset class and, in most cases, a sub-asset class. Most fund managers know the ticker. Allocators work from the tag.
The 12 ETF Asset Classes, Defined
Dakota Marketplace uses 12 asset classes for ETF holdings. Each definition below includes a real fund that sits in the class and the sub-asset class Dakota files it under.
US Equities
ETFs that hold shares of US-listed companies. They are usually organized by market capitalization (large, mid, small) and style (value, growth, blend), and most track a broad index.
Example: SPDR S&P 500 (SPY). Dakota sub-asset class: Large Cap Core.
Sector Equities
ETFs that hold US stocks from a single sector or industry, such as technology, energy, or health care. Allocators use them to tilt a portfolio toward or away from one part of the market.
Example: Technology Select Sector SPDR (XLK). Dakota sub-asset class: Technology.
Smart Beta
ETFs that select or weight stocks by a rules-based factor, such as momentum, value, quality, or low volatility, instead of by market cap. They sit between plain index funds and active management.
Example: iShares MSCI USA Momentum Factor (MTUM). Dakota sub-asset class: Smart Beta.
International Equities
ETFs that hold shares of companies in developed markets outside the US, such as Europe and Japan. They give an allocator non-US exposure with developed-market economics and regulation.
Example: iShares MSCI EAFE (EFA). Dakota sub-asset class: International Large Cap Core.
Emerging Market Equities
ETFs that hold shares of companies in developing economies, such as China, India, and Brazil. They carry country and currency risks that developed-market funds do not.
Example: Vanguard Emerging Markets (VWO). Dakota sub-asset class: Emerging Markets.
Global Equities
ETFs that hold shares from both US and non-US markets in a single fund. One position covers the whole world, so the allocator makes one decision instead of two.
Example: Vanguard Total World Stock (VT). Dakota sub-asset class: Global Equity.
US Fixed Income
ETFs that hold US dollar bonds, from Treasuries and agencies to investment grade corporates, high yield, and municipals. Allocators sort them by duration and credit quality.
Example: iShares Core U.S. Aggregate Bond (AGG). Dakota sub-asset class: US Fixed Income.
International/Global Fixed Income
ETFs that hold bonds issued outside the US or across several countries. Some hedge currency exposure and some do not, and that choice changes the risk profile.
Example: Vanguard Total International Bond (BNDX). Dakota sub-asset class: Global Fixed Income.
Real Assets
ETFs that give exposure to physical and inflation-sensitive assets, such as gold and other commodities. Allocators often use them as an inflation hedge and a diversifier against stocks and bonds.
Example: SPDR Gold Shares (GLD). Dakota sub-asset class: Gold.
Hedge Funds/Liquid Alternatives
ETFs that run hedge fund style strategies, such as long/short equity and market neutral, inside a daily-liquid ETF wrapper. They let an allocator add alternatives exposure without a lockup.
Example: AGFiQ US Market Neutral Anti-Beta (BTAL). Dakota sub-asset class: Market Neutral.
Multi-Asset
ETFs that hold a mix of stocks, bonds, and other assets in one portfolio, such as target risk and allocation funds. A single ticker works as a whole portfolio.
Example: iShares Core Aggressive Allocation (AOA). Dakota sub-asset class: Allocation.
Crypto/Digital Assets
ETFs that hold or track digital assets, such as bitcoin. It is the newest sleeve on the list and sits outside the traditional equity and bond buckets.
Example: iShares Bitcoin Trust (IBIT). Dakota sub-asset class: Crypto/Digital Assets.
Source: Dakota Marketplace ETF Holding Records
From Asset Class to Sub-Asset Class
Asset class is the filing cabinet, and sub-asset class is the drawer an allocator opens. Equity sleeves split by market cap and style, fixed income by duration, credit quality, and issuer type, and alternatives by strategy. An allocator builds a portfolio by setting weights at the sub-asset class level, so a fund filed in the wrong drawer competes for the wrong allocation.
Find the Allocators Behind Every ETF Sleeve with Dakota Marketplace
Dakota Marketplace tracks 5,600+ ETFs and links their reported holdings to the RIAs, wealth managers, and other allocators behind them, with Form ADV data and contacts for each firm.
Filter by asset class, sub-asset class, ETF usage, AUM, and metro area to build a target list for the sleeve your fund fills.
If your fundraising plan depends on knowing who holds what, Book a Demo.
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