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Reserve is launching five AI supply-chain DTFs for eligible users outside U.S. seeking onchain exposure to the physical AI buildout: • BUILDOUT for chips and hardware • POWER for data center power • PHOTON for optical networking • NEOCLOUD for rented GPU compute • ROBOTS for physical-world AI

Data centers are hitting the physical limits of copper. Goldman sees AI optical component spend growing from $15B in 2026 to $154B by 2028, and NVIDIA just committed $2B each to Coherent and Lumentum. $PHOTON, the Reserve Photonics DTF, wraps the entire US listed optical supply chain into one token. What makes the basket interesting is that it spans every layer of the stack. $AXTI grows the InP and GaAs wafers the lasers are built on. $TSEM runs the silicon photonics foundry work. $MTSI supplies the analog chips, laser drivers and TIAs that sit next to the optics. $COHR and $LITE make the lasers themselves, $AAOI builds the pluggable transceivers, and $FN is the contract manufacturer assembling optical modules for nearly everyone. $CIEN turns it into working networks with its coherent DSPs, and $GLW makes the fiber the photons actually travel through.

This is historic: The number of ETFs has surpassed the number of individual stocks for the first time in history. There are now over 4,300 ETFs, roughly 100 more than the 4,200 US-listed companies. The number of ETFs has doubled over the last 8 years. Year-to-date, 640 ETFs have been launched, on track for an annual record. As a result, ETFs account for ~25% of the total universe of investment vehicles, including mutual funds, closed-end funds, and unit investment trusts. New investment products are skyrocketing in popularity.