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How much of a theme is already the index

By their latest holdings filings, the typical thematic ETF has 32% of its weight in stocks the S&P 500 already holds, and 74 of 391 funds are more than sixty percent index names.

Across 54 themes and 419 funds, the median fee is 0.60%; measured against only the part of each fund that differs from the S&P 500, the median fee for the difference is 0.60%. 130 pairs of funds hold portfolios that are more than half identical by weight; holding both is close to holding one of them twice.

Beat the S&P 500 over one year, by theme

55 of 164 thematic ETFs with a full year beat the S&P 500 over the year to Oct 12, 2026.

ETFIQ Narrative

Thematic ETFs are often sold as a way to get targeted exposure to a trend that sits outside the mainstream market. The data as of 2026-10-12 shows that, for most of these funds, a meaningful share of that exposure is already available in the S&P 500. Across 391 funds, the typical thematic ETF holds 32% of its weight in stocks the S&P 500 already owns, and 74 of those funds have more than sixty percent of their weight in index names.

How much a fund overlaps with the index varies widely by theme. Energy security and critical technology funds have a median 85% of weight in S&P 500 names, and AI infrastructure and chips funds sit at 65%, as do semiconductors at 64% and digital infrastructure and data centers at 62%. At the other end, cannabis funds show 0% overlap, gold miners 5%, silver miners 2%, and nuclear and uranium 16%. Active share, the flip side of this measure, tracks accordingly: gold miners, silver miners, nuclear and uranium, and several metals and mining themes show active share at or near 100%, while energy security and critical technology sits lower at 95% and semiconductors at 85%.

Fees do not appear to adjust for this. Across 54 themes and 419 funds, the median fee is 0.60%, and when fees are measured only against the part of each fund's portfolio that differs from the S&P 500, the median fee for that difference is also 0.60%. In other words, the price charged for the distinctive part of a thematic fund's holdings is, on a median basis, no different from the price charged for the whole fund. Some themes show a small gap between the two numbers, such as artificial intelligence at 0.70% fee against 0.80% fee for the difference, or robotics and automation at 0.80% against 0.80%, while cannabis shows 0.80% fee against 0.60% for the difference.

Overlap is not confined to comparisons with the S&P 500. Looking across fund pairs within the same themes, 130 pairs hold portfolios that are more than half identical by weight. The closest matches include GII and IGF in infrastructure at 97% weight overlap, IBB and IBBQ in biotech at 86%, and MARS and ORBX in space at 84%. Several semiconductor pairs also show overlap above 70%, including SOXQ and SOXX at 83% and FTXL and SOXX at 78%. In cases like these, holding both funds in a pair is close to holding one of them twice, though the fees attached to each side of a pair can differ, as with IBB at 0.44% and IBBQ at 0.19%.

Returns over one year varied by theme without a consistent relationship to overlap level. Semiconductors returned 91.7% with 9 of 9 funds beating the S&P 500, while defense returned −5.0% with 0 of 14 funds beating it, and both infrastructure and nuclear and uranium also showed no funds beating the index over one year, at +7.8% and −24.0% respectively.

Readers can look up any individual fund's in-index weight, active share, fee, and fee for the difference, along with its one-year return and whether it beat the S&P 500, on ETFIQ's fund pages.

By theme, largest assets first

By theme, largest assets first
ThemeFundsMedian in the S&P 500Median active shareMedian feeMedian fee for the differenceBeat the S&P 500, one yearMedian total return, one year
Semiconductors1164%85%0.30%0.40%9 of 9+91.7%
Defense2241%98%0.50%0.50%0 of 14−5.0%
Artificial intelligence3659%80%0.70%0.80%16 of 24+31.5%
Gold miners105%100%0.50%0.50%5 of 9+21.9%
Infrastructure1841%98%0.60%0.60%0 of 14+7.8%
Biotech1031%99%0.40%0.40%8 of 8+42.2%
Memory and storage529%97%0.70%0.80%0 of 0·
Cybersecurity729%99%0.50%0.50%7 of 7+40.2%
Cloud and software846%92%0.40%0.40%4 of 7+25.8%
Electrification and the grid1251%97%0.60%0.60%2 of 8+11.4%
Broad innovation and megatrends3151%89%0.50%0.60%15 of 28+22.1%
Internet and e-commerce1330%95%0.70%0.70%0 of 13−12.0%
Nuclear and uranium1016%100%0.70%0.70%0 of 8−24.0%
Reshoring and manufacturing1038%97%0.60%0.70%5 of 7+25.2%
Copper610%100%0.60%0.60%6 of 6+45.9%
Silver miners42%100%0.50%0.50%3 of 4+26.6%
Robotics and automation923%93%0.80%0.80%3 of 6+14.0%
Miners and metals612%100%0.60%0.60%2 of 6+10.4%
Quantum computing437%84%0.40%0.50%1 of 2+23.4%
Clean energy1610%99%0.60%0.60%0 of 16+5.3%
Water636%100%0.50%0.50%0 of 6−2.7%
Space1014%100%0.80%0.80%0 of 2+6.8%
Digital infrastructure and data centers962%88%0.50%0.60%7 of 8+35.2%
Therapeutics and medical devices522%98%0.70%0.70%1 of 5+15.3%
Blockchain and crypto equities1418%98%0.60%0.60%0 of 13−27.6%
Genomics and gene editing425%99%0.50%0.50%3 of 3+64.8%
Rare earth and critical materials78%100%0.60%0.60%1 of 4+10.9%
Agriculture621%100%0.60%0.60%1 of 6+16.3%
Lithium and battery metals58%100%0.60%0.60%1 of 5+14.6%
Cannabis50%100%0.80%0.60%0 of 5−18.0%
AI infrastructure and chips1165%89%0.70%0.70%2 of 3+48.1%
Fintech and digital payments642%98%0.60%0.60%0 of 4−13.8%
Shipping, aviation and logistics634%99%0.60%0.60%3 of 4+48.8%
Energy security and critical technology585%95%0.50%0.60%1 of 4+17.8%
Electric vehicles and batteries820%98%0.50%0.50%0 of 6−3.1%
Energy transition and decarbonisation942%98%0.60%0.60%5 of 8+27.4%
Gaming, esports and betting817%100%0.60%0.60%0 of 7−12.7%
Travel and leisure334%99%0.60%0.60%0 of 2−4.6%
Metaverse and immersive tech445%80%0.60%0.80%0 of 4+13.5%
Timber and forestry226%100%0.60%0.60%0 of 2−0.5%
Stablecoins and tokenisation519%98%0.70%0.70%0 of 2+1.6%
Photonics and optics318%100%0.80%0.80%0 of 0·
Humanoid robots315%94%0.30%0.40%0 of 2−2.7%
Healthcare innovation and GLP-1834%98%0.60%0.60%4 of 8+17.2%
Millennial and Gen Z consumers169%84%0.50%0.60%0 of 1−8.5%
Longevity and aging255%96%0.40%0.40%0 of 1+9.3%
Coal10%100%0.80%0.80%0 of 1+10.6%
3D printing129%99%0.70%0.70%0 of 1+11.0%
Streaming and live entertainment420%99%0.60%0.60%0 of 2−17.9%
Pets132%99%0.50%0.50%0 of 1−10.0%
Cooling and thermal management156%98%1.00%1.00%0 of 1+12.2%
Nanotechnology119%93%0.60%0.60%1 of 1+58.1%
Beauty and personal care147%99%0.30%0.30%0 of 0·
AI labs and single company AI6··0.60%·0 of 0·

Same portfolio, two names: pairs more than half identical

Same portfolio, two names: pairs more than half identical
PairWeight overlapThemeFee, firstFee, second
GII and IGF97%Infrastructure0.40%0.37%
IBB and IBBQ86%Biotech0.44%0.19%
MARS and ORBX84%Space0.75%0.50%
SOXQ and SOXX83%Semiconductors0.19%0.33%
AUAU and GDX83%Gold miners0.35%0.51%
ORBX and WARP79%Space0.50%0.50%
FTXL and SOXX78%Semiconductors0.60%0.33%
SHOC and SMH77%Semiconductors0.40%0.35%
PSWD and SPAM76%Cybersecurity0.20%0.35%
MARS and WARP76%Space0.75%0.50%
FIW and PHO76%Water0.50%0.59%
BUG and WCBR76%Cybersecurity0.50%0.45%
SMH and SOXQ74%Semiconductors0.35%0.19%
SHOC and SOXQ74%Semiconductors0.40%0.19%
GDMN and GDX74%Gold miners0.45%0.51%
Method

Holdings from each fund’s latest public SEC N-PORT filing (issuer daily files for ARK and First Trust); in-index weight and active share computed by ETFIQ against the IVV and QQQM books; fees from prospectus XBRL; returns from Tiingo end-of-day prices with distributions reinvested. Themes are ETFIQ’s editorial taxonomy. Medians across funds. Rebuilt every trading night.

Data file: thematic.json. ETFIQ is an independent publisher and makes no recommendations. Standards →

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ETFIQ Research, How much of a theme is already the index, data as of Oct 12, 2026. https://etfiq.com/research/2026-10-13/themes-index

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.