Harvard’s endowment is a big player in the ETF industry. Or should we say, in iShares.

The exchange-traded fund industry loves the fact that Harvard’s endowment holds large positions in ETFs. Scroll around the Web enough and you’ll come across a story noting that “9 of Harvard’s 10 largest positions” are in ETFs.

Those statements stretch the truth. They are based on the 13-F filings that Harvard (and all other institutional investors) must make periodically with the Securities and Exchange Commission disclosing their positions in publicly traded securities.

That last caveat is important, because the vast majority of Harvard’s $30+ billion is tied up in private placements and private investments.

Still, it is true: According to the latest 13-F filing, which hit the SEC this week, nine of Harvard’s 10 largest positions are in ETFs. (The tenth, for the record, is Spider-Man producer Marvel Entertainment (NYSE: MVL).)

It’s not chump change, either. All told, Harvard has $1.66 billion invested in ETFs, mostly in iShares. The table below details all of Harvard’s ETF positions as of its recent SEC filing.

A few things stand out here, besides the heavy iShares focus.

First, Harvard clearly considers ETFs a tool for accessing emerging markets. There are no currency, commodity or U.S. equity funds here. The only mainline developed markets fund is the iShares MSCI Japan ETF (NYSEArca: EWJ), where Harvard has a whopping $993 invested.

Second, as big as it is, while Harvard holds just 0.2 percent of total ETF industry assets, it has huge stakes in a number of individual funds. The endowment owns 19 percent of the iShares MSCI South Africa ETF (NYSEArca: EZA), for instance.

And net-net, Harvard is coughing up more than $11 million in fees for the privilege of owning these ETFs. That probably keeps a few iShares workers employed.

Third, I’m intrigued to see that Harvard owns an ETN: $108 million worth of the iPath India ETN (NYSEArca: INP). That ETN has had a few problems, occasionally halting the issuance of new shares and trading at a premium as a result. But Harvard, with a long-term planning window, presumably feels this is not an issue.

Finally, I’m intrigued by the areas where Harvard owns competing funds. It has a $388 million position in the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), for instance, but also owns a $17 million position in its direct competitor, the Vanguard Emerging Markets ETF (NYSEArca: VWO). It has $108 million in INP, but also owns a tiny stake in the WisdomTree India Earnings ETF (NYSEArca: EPI).

Is it considering shifting toward the upstarts and away from the dominant players? If so, can we expect more dalliances? Perhaps a dose of the SPDR China Fund (NYSEArca: GXC) to balance out that large FXI position?

I suppose we’ll just have to watch future 13-F filings to find out.