The U.S. thematic ETF market, a vast landscape of 381 funds from 94 issuers totaling $233 billion in assets, saw a week of modest inflows amidst sharply divergent performance across its various sectors. While the market as a whole gathered $483 million in new assets, the real story was in the stark contrast between the top and bottom performers. Precious metals miners ETFs surged, with the Global X Gold Explorers ETF (GOEX) leading the charge with a remarkable 7.94% gain. On the other end of the spectrum, cannabis-focused ETFs experienced a significant downturn, with the Roundhill Cannabis ETF (WEED) falling 13.28%.
Weekly Performance Recap: A Tale of Two Themes
This week highlighted the uncorrelated nature of thematic investing. Precious metals-related themes delivered outstanding returns, driven by a rally in the underlying commodities. Gold and silver miners dominated the top performers list. In stark contrast, the “Evolving Consumer” theme was dragged down by a sharp sell-off in cannabis and vice-related stocks. Other themes like FinTech and Midstream & MLPs also ended the week in negative territory, while Health Innovation and Disruptive Tech posted modest gains.
Category Performance:
| Category | WTD | 1M | 3M | YTD |
| Precious Metals | +6.16% | +20.74% | +22.56% | +95.35% |
| Health Innovation | +2.66% | +6.80% | +10.13% | +6.49% |
| Sustainability | +0.93% | +6.24% | +17.56% | +21.21% |
| Thematic – Multi-Sector | +0.92% | +3.62% | +11.48% | +15.66% |
| Disruptive Tech | +0.82% | +3.74% | +10.80% | +16.01% |
| Natural Resources | +0.71% | +7.37% | +16.53% | +25.72% |
| Infrastructure | +0.03% | +1.81% | +7.99% | +15.38% |
| Industrial Revolution | -0.13% | +3.12% | +13.67% | +19.67% |
| Evolving Consumer | -0.77% | +8.41% | +20.07% | +22.73% |
| Alternative Equity | -0.92% | +0.31% | +5.42% | +2.95% |
| Midstream & MLPs | -1.63% | -0.70% | +0.93% | +5.35% |
| FinTech | -2.64% | +3.03% | +17.48% | +17.67% |
Top & Bottom Individual ETF Returns (Week-to-Date):
| Ticker | Fund Name | WTD Return |
| Top 3 Performers | ||
| GOEX | Global X Gold Explorers ETF | +7.94% |
| AUMI | Themes Gold Miners ETF | +7.72% |
| BBC | Virtus LifeSci Biotech Clinical Trials ETF | +7.45% |
| Bottom 3 Performers | ||
| WEED | Roundhill Cannabis ETF | -13.28% |
| MSOS | AdvisorShares Pure US Cannabis ETF | -13.15% |
| CNBS | Amplify Seymour Cannabis ETF | -13.14% |
Weekly Flows Summary: Precious Metals and Infrastructure Attract Capital
Investor appetite was strong for themes related to precious metals and infrastructure, which saw the largest inflows this week at $169 million and $152 million, respectively. In contrast, the “Evolving Consumer” theme saw significant outflows of $162 million, likely driven by the sharp downturn in cannabis stocks. The flow data suggests a flight to safety and real assets, as investors sought refuge in precious metals and infrastructure plays while shedding exposure to more speculative consumer-focused themes.
Category Flows (5-Day):
| Category | Fund Count | AUM | WTD Flow | 1M Flow | YTD Flow |
| Thematic – Precious Metals | 14 | $34.9B | +$169M | +$1,113M | -$2,599M |
| Infrastructure | 37 | $35.1B | +$152M | +$1,506M | +$4,955M |
| Thematic – Multi-Sector | 39 | $23.1B | +$113M | +$797M | +$5,342M |
| Disruptive Tech | 57 | $40.7B | +$104M | +$1,057M | +$8,578M |
| Natural Resources | 53 | $33.5B | +$94M | +$145M | -$602M |
| Industrial Revolution | 32 | $12.2B | +$45M | +$263M | +$2,758M |
| Midstream & MLPs | 16 | $21.4B | +$12M | +$270M | +$1,396M |
| Alternative Equity | 8 | $2.4B | +$6M | +$59M | +$554M |
| Sustainability | 28 | $5.0B | -$6M | +$50M | -$509M |
| FinTech | 24 | $4.9B | -$17M | +$9M | +$122M |
| Health Innovation | 25 | $1.9B | -$26M | -$36M | -$108M |
| Evolving Consumer | 46 | $18.3B | -$162M | +$1,225M | +$535M |
Largest Individual ETF Flows (5-Day):
| Ticker | Fund Name | Flow |
| Top 3 Inflows | ||
| GDXJ | VanEck Junior Gold Miners ETF | +$83M |
| SIL | Global X Silver Miners ETF | +$71M |
| SILJ | Amplify Junior Silver Miners ETF | +$51M |
| Top 3 Outflows | ||
| FDN | First Trust Dow Jones Internet Index Fund | -$208M |
| GDX | VanEck Gold Miners ETF | -$88M |
| PAVE | Global X U.S. Infrastructure Development ETF | -$36M |
Issuer and Product Landscape
The thematic ETF space is highly competitive, with 94 issuers vying for market share. Global X, First Trust, and iShares are the dominant players, collectively managing nearly 48% of the total assets. This week, iShares led the pack with $187 million in net inflows, while First Trust experienced the largest outflows at $103 million. The rapid pace of innovation in this space is evident from the 14 new thematic ETFs launched in the past three months, signaling continued investor interest in specialized and niche investment strategies.
Issuer Flow Leaders & Laggards (5-Day):
| Issuer | AUM | Market Share | WTD Flow | WTD Flow (% of AUM) |
| Top 3 Inflows | ||||
| iShares | $35.90B | 15.38% | +$187M | +0.52% |
| Global X | $38.88B | 16.66% | +$139M | +0.36% |
| VanEck | $33.08B | 14.17% | +$71M | +0.22% |
| Top 3 Outflows | ||||
| First Trust | $37.27B | 15.97% | -$103M | -0.28% |
| SPDR | $11.68B | 5.00% | -$29M | -0.25% |
| CoinShares | $0.16B | 0.07% | -$22M | -13.82% |
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
