A closed quarter, Apr 1, 2026 to Jun 30, 2026. These figures do not change. Published Sep 11, 2026.
How much of a theme was already the index, 2026-Q2
Across the 227 thematic ETFs that traded the whole of the second quarter of 2026 and filed a book inside it, the median had 32.5 percent of its money in companies already in the S&P 500, ranging from 0.0 percent at the tenth fund to 72.8 at the ninetieth, at a median fee of 0.56 percent that barely moves across that range.
32.5%Median share of a fund’s money already in the S&P 500
0% to 73%The tenth fund to the ninetieth
0.56%Median fee, which barely moves across that range
+0.47 ptsMedian gap to the S&P 500 over the quarter
Investor note
Across the 227 thematic ETFs that traded the whole of the second quarter of 2026 and filed a book inside it, the median had 32.5 percent of its money in companies already in the S&P 500, ranging from 0.0 percent at the tenth fund to 72.8 at the ninetieth, at a median fee of 0.56 percent that barely moves across that range. ETFIQ measured every fund against the S&P 500 over the same days, from Apr 1, 2026 to Jun 30, 2026, with holdings as each fund filed them.
- Funds measured
- 227
- Median already in the S&P 500
- 32.5%
- Tenth to ninetieth fund
- 0% to 73%
- Quarter
- Apr 1, 2026 to Jun 30, 2026
ETFIQ, How much of a theme was already the index, 2026-Q2, published Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-themes/
The problem
You buy a theme because you want exposure to something the index does not give you. Whether it does is a question about holdings, and holdings are filed quarterly in a form nobody reads. So the fund is sold on the story and bought on the story, and the one number that would settle it, how much of this did I already own, is not published anywhere.
There is no answer for the category. There is an answer for each fund, and across funds sold under the same word it runs the whole way from none of it to all of it.
What happened in the second quarter of 2026
The median fund had 32.5 percent of its money in companies already in the S&P 500. At the tenth fund that figure was 0.0 percent and at the ninetieth 72.8. The median fee was 0.56 percent.
The defense of these funds is in the second figure, and it is a real one. Even where a fund holds index companies it does not hold them in index proportions: the median overlap measured by weight is 2.50 percent. So these are not the index in disguise. They are the index’s companies in very different sizes, which is a different thing and is what a buyer is actually paying for.
Over the quarter itself, 111 of the 227 finished behind the S&P 500 and 116 ahead, by a median of 0.47 percentage points.
What the fee does not know
Split the funds by how much of the index they hold and the fee barely moves. A buyer getting almost none of the S&P 500 and a buyer getting three quarters of it pay within a fraction of a point of each other, and neither was told which one they were.
| Already in the index | Funds | Median gap to the S&P 500 | Median fee |
|---|---|---|---|
| Under a quarter | 89 | −9.05 | 0.59% |
| A quarter to a half | 66 | +0.44 | 0.57% |
| A half to three quarters | 52 | +14.43 | 0.50% |
| Over three quarters | 20 | +0.98 | 0.50% |
The return column is what happened in one quarter and is not a finding about index-likeness. The funds holding more of the index did better here because the large companies in it rose; a quarter where they fall reverses the whole column. The fee column is the one that does not depend on the quarter.
The funds that are most nearly the index
Ten funds whose money is almost entirely in S&P 500 companies, with the weight overlap beside it. A high first number and a low second one is a fund holding the index’s companies in its own proportions, which is the thing worth paying for. A high first number and a high second one is something else.
| Ticker | Fund | Theme | In the index | Overlap by weight | Fee |
|---|---|---|---|---|---|
| AIEQ | Amplify AI Powered Equity ETF | Artificial intelligence | 100.0% | 63.7% | not published |
| AINT | FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Ma | Artificial intelligence | 100.0% | 19.8% | 1.25% |
| AIUP | FINQ FIRST U.S. Large Cap AI-Managed Equ | Artificial intelligence | 100.0% | 23.9% | 0.70% |
| SHOC | Strive U.S. Semiconductor ETF | Semiconductors | 90.7% | 19.6% | 0.40% |
| LQAI | LG QRAFT AI-Powered U.S. Large Cap Core | Artificial intelligence | 89.9% | 37.9% | 0.75% |
| FTXL | First Trust Nasdaq Semiconductor ETF | Semiconductors | 86.3% | 16.5% | 0.60% |
| AGIQ | SoFi Agentic AI ETF | Artificial intelligence | 85.6% | 14.9% | 0.69% |
| FDN | First Trust Dow Jones Internet Index Fun | Internet and e-commerce | 84.4% | 14.5% | 0.49% |
| SOXQ | Invesco PHLX Semiconductor ETF | Semiconductors | 84.0% | 19.2% | 0.19% |
| IGV | iShares Expanded Tech-Software Sector ET | Cloud and software | 83.2% | 7.6% | 0.38% |
Every fund, 2026-Q2
All 227 funds, most of the index first. Holdings are each fund’s own filing for a date inside the quarter. Returns are total returns over the same days. Figures in percentage points.
| Ticker | Fund | Theme | In the index | By weight | The fund | S&P 500 | Gap | Off-Indexpercentile in its set, this quarter |
|---|---|---|---|---|---|---|---|---|
| AIEQ | Amplify AI Powered Equity ETF | Artificial intelligence | 100.0% | 63.7% | +13.52 | +14.26 | −0.74 | 46.9 |
| AINT | FINQ DOLLAR NEUTRAL U.S. Large Cap AI- | Artificial intelligence | 100.0% | 19.8% | +16.89 | +14.26 | +2.63 | 55.7 |
| AIUP | FINQ FIRST U.S. Large Cap AI-Managed E | Artificial intelligence | 100.0% | 23.9% | +13.05 | +14.26 | −1.21 | 46.0 |
| SHOC | Strive U.S. Semiconductor ETF | Semiconductors | 90.7% | 19.6% | +65.23 | +14.26 | +50.97 | 94.5 |
| LQAI | LG QRAFT AI-Powered U.S. Large Cap Cor | Artificial intelligence | 89.9% | 37.9% | +24.98 | +14.26 | +10.72 | 68.1 |
| FTXL | First Trust Nasdaq Semiconductor ETF | Semiconductors | 86.3% | 16.5% | +87.23 | +14.26 | +72.97 | 97.6 |
| AGIQ | SoFi Agentic AI ETF | Artificial intelligence | 85.6% | 14.9% | +20.09 | +14.26 | +5.83 | 61.2 |
| FDN | First Trust Dow Jones Internet Index F | Internet and e-commerce | 84.4% | 14.5% | +12.21 | +14.26 | −2.05 | 44.3 |
| SOXQ | Invesco PHLX Semiconductor ETF | Semiconductors | 84.0% | 19.2% | +82.64 | +14.26 | +68.38 | 97.1 |
| IGV | iShares Expanded Tech-Software Sector | Cloud and software | 83.2% | 7.6% | +13.60 | +14.26 | −0.66 | 47.4 |
| SMH | VanEck Semiconductor ETF | Semiconductors | 82.0% | 19.4% | +67.33 | +14.26 | +53.07 | 94.9 |
| POWR | iShares U.S. Power Infrastructure ETF | Electrification and the grid | 81.3% | 3.1% | +6.46 | +14.26 | −7.80 | 33.7 |
| SOXX | iShares Semiconductor ETF | Semiconductors | 80.8% | 18.4% | +89.36 | +14.26 | +75.10 | 98.5 |
| RBLD | First Trust Alerian U.S. NextGen Infra | Infrastructure | 79.0% | 8.3% | +9.96 | +14.26 | −4.30 | 41.2 |
| ZAP | Global X U.S. Electrification ETF | Electrification and the grid | 77.8% | 2.2% | +7.11 | +14.26 | −7.15 | 35.5 |
| AIFD | TCW Artificial Intelligence ETF | Artificial intelligence | 77.7% | 26.3% | +40.39 | +14.26 | +26.13 | 83.0 |
| AOTG | AOT Growth and Innovation ETF | Broad innovation and megatrends | 77.4% | 30.9% | +36.18 | +14.26 | +21.92 | 78.6 |
| PNQI | Invesco NASDAQ Internet ETF | Internet and e-commerce | 76.9% | 21.2% | +1.80 | +14.26 | −12.46 | 23.6 |
| ITA | iShares U.S. Aerospace & Defense ETF | Defense | 76.6% | 2.1% | +8.47 | +14.26 | −5.79 | 37.7 |
| IFRA | iShares U.S. Infrastructure ETF | Infrastructure | 75.7% | 4.6% | +9.59 | +14.26 | −4.67 | 39.4 |
| IVES | Dan IVES Wedbush AI Revolution ETF | Artificial intelligence | 73.9% | 33.5% | +32.85 | +14.26 | +18.59 | 76.0 |
| FOWF | Pacer Solactive Whitney Future of Warf | Broad innovation and megatrends | 73.5% | 11.6% | +2.36 | +14.26 | −11.90 | 25.8 |
| FAI | First Trust Bloomberg Artificial Intel | Artificial intelligence | 72.8% | 28.4% | +44.01 | +14.26 | +29.75 | 87.4 |
| JHAI | Janus Henderson Global Artificial Inte | Artificial intelligence | 71.8% | 30.0% | +41.75 | +14.26 | +27.49 | 84.8 |
| FDTX | Fidelity Disruptive Technology ETF | Broad innovation and megatrends | 71.1% | 24.6% | +53.88 | +14.26 | +39.62 | 91.4 |
| IGPT | Invesco AI and Next Gen Software ETF | Artificial intelligence | 71.1% | 19.3% | +75.11 | +14.26 | +60.85 | 95.8 |
| PPA | Invesco Aerospace & Defense ETF | Defense | 71.1% | 3.6% | +4.20 | +14.26 | −10.06 | 29.3 |
| XAIX | Xtrackers Artificial Intelligence and | Artificial intelligence | 70.6% | 28.0% | +41.93 | +14.26 | +27.67 | 85.2 |
| ABOT | Abacus FCF Innovation Leaders ETF | Broad innovation and megatrends | 70.2% | 19.1% | +16.50 | +14.26 | +2.24 | 54.8 |
| CLOD | Themes Cloud Computing ETF | Cloud and software | 70.1% | 13.4% | +20.51 | +14.26 | +6.25 | 63.2 |
| FRWD | Nomura Transformational Technologies E | Broad innovation and megatrends | 70.1% | 25.7% | +46.00 | +14.26 | +31.74 | 87.9 |
| ILDR | First Trust Innovation Leaders ETF | Broad innovation and megatrends | 67.4% | 34.1% | +29.48 | +14.26 | +15.22 | 72.9 |
| DTCR | Global X Data Center & Digital Infrast | Digital infrastructure and data centers | 67.1% | 9.2% | +25.24 | +14.26 | +10.98 | 68.9 |
| XT | iShares Future Exponential Technologie | Broad innovation and megatrends | 65.9% | 33.2% | +20.09 | +14.26 | +5.83 | 61.2 |
| KNCT | Invesco Next Gen Connectivity ETF | Digital infrastructure and data centers | 65.4% | 18.2% | +49.33 | +14.26 | +35.07 | 88.8 |
| WTAI | WisdomTree Artificial Intelligence and | Artificial intelligence | 65.1% | 28.6% | +63.92 | +14.26 | +49.66 | 94.1 |
| AIQ | Global X Artificial Intelligence & Tec | Artificial intelligence | 64.8% | 29.8% | +38.59 | +14.26 | +24.33 | 81.7 |
| TNXT | T. Rowe Price Innovation Leaders ETF | Broad innovation and megatrends | 64.3% | 48.4% | +22.77 | +14.26 | +8.51 | 66.3 |
| CIBR | First Trust NASDAQ Cybersecurity ETF | Cybersecurity | 64.1% | 9.0% | +42.40 | +14.26 | +28.14 | 85.7 |
| TCAI | Tortoise AI Infrastructure ETF | Artificial intelligence | 63.2% | 7.3% | +55.59 | +14.26 | +41.33 | 92.7 |
| BUYZ | Franklin Disruptive Commerce ETF | Broad innovation and megatrends | 62.5% | 13.7% | +5.62 | +14.26 | −8.64 | 32.8 |
| GGME | Invesco Next Gen Media and Gaming ETF | Gaming, esports and betting | 62.5% | 18.6% | +17.46 | +14.26 | +3.20 | 57.0 |
| PAVE | Global X U.S. Infrastructure Developme | Infrastructure | 62.1% | 2.8% | +14.19 | +14.26 | −0.07 | 48.7 |
| OGIG | ALPS | O'Shares Global Internet Giants | Internet and e-commerce | 61.8% | 17.1% | +8.88 | +14.26 | −5.38 | 38.1 |
| SRVR | Pacer Data & Infrastructure Real Estat | Digital infrastructure and data centers | 61.8% | 1.8% | +1.14 | +14.26 | −13.12 | 20.9 |
| XDAT | Franklin Exponential Data ETF | Broad innovation and megatrends | 61.1% | 13.8% | +18.23 | +14.26 | +3.97 | 58.8 |
| CHPS | Xtrackers Semiconductor Select Equity | Semiconductors | 61.0% | 15.2% | +90.94 | +14.26 | +76.68 | 98.9 |
| SMHX | VanEck Fabless Semiconductor ETF | Semiconductors | 60.7% | 12.9% | +68.53 | +14.26 | +54.27 | 95.4 |
| ALAI | Alger AI Enablers & Adopters ETF | Artificial intelligence | 60.0% | 34.8% | +35.79 | +14.26 | +21.53 | 78.2 |
| IDGT | iShares U.S. Digital Infrastructure an | Digital infrastructure and data centers | 59.5% | 2.0% | +20.72 | +14.26 | +6.46 | 63.7 |
| FMET | Fidelity Metaverse ETF | Metaverse and immersive tech | 58.9% | 20.9% | +16.45 | +14.26 | +2.19 | 54.4 |
| ANEW | ProShares MSCI Transformational Change | Broad innovation and megatrends | 58.7% | 27.4% | +13.00 | +14.26 | −1.26 | 45.6 |
| CHPX | Global X AI Semiconductor & Quantum ET | Artificial intelligence | 58.5% | 15.7% | +80.49 | +14.26 | +66.23 | 96.3 |
| NATO | Themes Transatlantic Defense ETF | Defense | 58.4% | 2.4% | +1.35 | +14.26 | −12.91 | 21.8 |
| EPAI | Harbor AI Inflection Strategy ETF | Artificial intelligence | 58.0% | 4.5% | +37.36 | +14.26 | +23.10 | 80.0 |
| MISL | First Trust Indxx Aerospace & Defense | Defense | 57.9% | 2.5% | +0.09 | +14.26 | −14.17 | 18.7 |
| CARZ | First Trust S-Network Future Vehicles | Broad innovation and megatrends | 56.5% | 22.5% | +43.65 | +14.26 | +29.39 | 86.1 |
| ARVR | First Trust Indxx Metaverse ETF | Metaverse and immersive tech | 56.2% | 16.7% | +27.90 | +14.26 | +13.64 | 70.7 |
| FDCF | Fidelity Disruptive Communications ETF | Broad innovation and megatrends | 56.1% | 20.2% | +15.43 | +14.26 | +1.17 | 52.6 |
| AIPO | Defiance AI & Power Infrastructure ETF | Artificial intelligence | 55.9% | 10.2% | +31.54 | +14.26 | +17.28 | 75.1 |
| ARKQ | ARK Autonomous Technology & Robotics E | Robotics and automation | 55.8% | 15.2% | +15.47 | +14.26 | +1.21 | 53.1 |
| THMZ | Lazard Equity Megatrends ETF | Broad innovation and megatrends | 55.2% | 26.9% | +14.73 | +14.26 | +0.47 | 50.0 |
| CHAT | Roundhill Generative AI & Technology E | Artificial intelligence | 53.9% | 28.7% | +53.49 | +14.26 | +39.23 | 91.0 |
| ARKX | ARK Space & Defense Innovation ETF | Space | 53.3% | 13.4% | +14.08 | +14.26 | −0.18 | 48.0 |
| PSI | Invesco Semiconductors ETF | Semiconductors | 52.2% | 13.6% | +93.51 | +14.26 | +79.25 | 99.3 |
| TEKY | Lazard Next Gen Technologies ETF | Broad innovation and megatrends | 51.5% | 22.4% | +38.57 | +14.26 | +24.31 | 81.3 |
| ARKW | ARK Next Generation Internet ETF | Internet and e-commerce | 51.3% | 16.6% | +19.44 | +14.26 | +5.18 | 59.7 |
| FCLD | Fidelity Cloud Computing ETF | Cloud and software | 51.1% | 8.4% | +40.60 | +14.26 | +26.34 | 83.5 |
| AGIX | KraneShares Artificial Intelligence an | Artificial intelligence | 51.0% | 30.2% | +41.62 | +14.26 | +27.36 | 84.4 |
| VEGI | iShares MSCI Agriculture Producers ETF | Food and agriculture | 51.0% | 0.5% | −2.49 | +14.26 | −16.75 | 14.3 |
| VOLT | Tema Electrification ETF | Electrification and the grid | 50.1% | 3.3% | +20.34 | +14.26 | +6.08 | 62.3 |
| BAI | iShares A.I. Innovation and Tech Activ | Artificial intelligence | 50.0% | 22.1% | +54.74 | +14.26 | +40.48 | 91.9 |
| ARTY | iShares Future AI & Tech ETF | Artificial intelligence | 49.7% | 15.9% | +60.12 | +14.26 | +45.86 | 93.2 |
| PHO | Invesco Water Resources ETF | Water | 49.2% | 0.4% | +2.39 | +14.26 | −11.87 | 26.2 |
| FIW | First Trust Water ETF | Water | 48.3% | 0.6% | +5.37 | +14.26 | −8.89 | 31.9 |
| ELFY | ALPS Electrification Infrastructure ET | Electrification and the grid | 48.1% | 5.4% | +13.22 | +14.26 | −1.04 | 46.5 |
| CCSO | Carbon Collective Climate Solutions U. | Clean energy | 47.7% | 1.3% | +6.96 | +14.26 | −7.30 | 34.6 |
| HACK | Amplify Cybersecurity ETF | Cybersecurity | 46.7% | 4.7% | +37.76 | +14.26 | +23.50 | 80.4 |
| TMAT | Main Thematic Innovation ETF | Broad innovation and megatrends | 46.4% | 8.5% | +33.07 | +14.26 | +18.81 | 76.9 |
| QQQJ | Invesco NASDAQ Next Gen 100 ETF | Broad innovation and megatrends | 46.2% | 1.5% | +23.70 | +14.26 | +9.44 | 66.7 |
| METV | Roundhill Ball Metaverse ETF | Metaverse and immersive tech | 46.0% | 25.9% | +14.45 | +14.26 | +0.19 | 49.6 |
| FDFF | Fidelity Disruptive Finance ETF | Broad innovation and megatrends | 45.1% | 2.6% | +6.51 | +14.26 | −7.75 | 34.1 |
| VERS | ProShares Metaverse ETF | Metaverse and immersive tech | 44.9% | 22.3% | +40.04 | +14.26 | +25.78 | 82.6 |
| SHLD | Global X Defense Tech ETF | Defense | 44.8% | 1.3% | −18.48 | +14.26 | −32.74 | 1.1 |
| AGNG | Global X Aging Population ETF | Longevity and aging | 44.6% | 5.1% | +0.22 | +14.26 | −14.04 | 19.2 |
| FBOT | Fidelity Disruptive Automation ETF | Robotics and automation | 44.5% | 14.9% | +17.36 | +14.26 | +3.10 | 56.6 |
| THNQ | ROBO Global(R) Artificial Intelligence | Artificial intelligence | 43.9% | 16.9% | +53.10 | +14.26 | +38.84 | 90.5 |
| FINX | Global X FinTech ETF | Fintech and digital payments | 42.9% | 0.5% | +8.02 | +14.26 | −6.24 | 37.2 |
| AIS | VistaShares Artificial Intelligence Su | Artificial intelligence | 42.3% | 12.3% | +97.11 | +14.26 | +82.85 | 99.8 |
| ONLN | ProShares Online Retail ETF | Internet and e-commerce | 42.1% | 3.8% | +2.12 | +14.26 | −12.14 | 24.9 |
| SKYY | First Trust Cloud Computing ETF | Cloud and software | 42.1% | 13.9% | +21.96 | +14.26 | +7.70 | 65.4 |
| MOO | VanEck Agribusiness ETF | Food and agriculture | 41.7% | 0.5% | −6.39 | +14.26 | −20.65 | 9.5 |
| ISHP | First Trust S-Network E-Commerce ETF | Internet and e-commerce | 41.3% | 7.6% | −0.67 | +14.26 | −14.93 | 17.8 |
| GRID | First Trust NASDAQ Clean Edge Smart Gr | Electrification and the grid | 40.8% | 7.9% | +15.40 | +14.26 | +1.14 | 52.2 |
| EKG | First Trust Nasdaq Lux Digital Health | Healthcare innovation and GLP-1 | 40.5% | 0.4% | +14.96 | +14.26 | +0.70 | 50.4 |
| GCAD | Gabelli Commercial Aerospace and Defen | Defense | 40.2% | 2.8% | +9.67 | +14.26 | −4.59 | 40.3 |
| WQTM | WisdomTree Quantum Computing Fund | Quantum computing | 38.5% | 16.4% | +52.03 | +14.26 | +37.77 | 90.1 |
| ARKK | ARK Innovation ETF | Broad innovation and megatrends | 38.4% | 11.4% | +18.16 | +14.26 | +3.90 | 58.4 |
| PIO | Invesco Global Water ETF | Water | 38.0% | 0.4% | +2.79 | +14.26 | −11.47 | 27.1 |
| DTRE | First Trust Alerian Disruptive Technol | Broad innovation and megatrends | 37.1% | 0.6% | +7.05 | +14.26 | −7.21 | 35.0 |
| ARKF | ARK Blockchain & Fintech Innovation ET | Fintech and digital payments | 36.7% | 10.1% | +4.01 | +14.26 | −10.25 | 28.9 |
| BULD | Pacer BlueStar Engineering the Future | Broad innovation and megatrends | 35.8% | 2.8% | +39.23 | +14.26 | +24.97 | 82.2 |
| IDEF | iShares Defense Industrials Active ETF | Defense | 35.6% | 2.1% | −5.51 | +14.26 | −19.77 | 10.4 |
| QTUM | Defiance Quantum ETF | Quantum computing | 35.6% | 16.5% | +51.58 | +14.26 | +37.32 | 89.6 |
| WDGF | WisdomTree Global Defense Fund | Defense | 34.9% | 1.7% | −10.28 | +14.26 | −24.54 | 6.4 |
| WCBR | WisdomTree Cybersecurity Fund | Cybersecurity | 34.0% | 1.1% | +43.96 | +14.26 | +29.70 | 87.0 |
| EFRA | iShares Environmental Infrastructure a | Infrastructure | 33.4% | 0.2% | +3.88 | +14.26 | −10.38 | 28.0 |
| XSD | State Street(R) SPDR(R) S&P(R) Semicon | Semiconductors | 33.4% | 10.6% | +87.83 | +14.26 | +73.57 | 98.0 |
| CLOU | Global X Cloud Computing ETF | Cloud and software | 33.2% | 6.6% | +15.20 | +14.26 | +0.94 | 51.3 |
| ROBT | First Trust Nasdaq Artificial Intellig | Artificial intelligence | 33.2% | 14.3% | +20.27 | +14.26 | +6.01 | 61.9 |
| QCLN | First Trust Nasdaq Clean Edge Green En | Clean energy | 33.0% | 2.1% | +30.77 | +14.26 | +16.51 | 74.7 |
| NEWZ | StockSnips AI-Powered Sentiment US All | Artificial intelligence | 32.7% | 8.0% | +8.01 | +14.26 | −6.25 | 36.8 |
| BUG | Global X Cybersecurity ETF | Cybersecurity | 32.6% | 0.9% | +50.71 | +14.26 | +36.45 | 89.2 |
| INVN | Alger Russell Innovation ETF | Broad innovation and megatrends | 32.5% | 1.5% | +14.08 | +14.26 | −0.18 | 48.0 |
| PAWZ | ProShares Pet Care ETF | Pets and consumer themes | 32.4% | 0.9% | −6.58 | +14.26 | −20.84 | 8.6 |
| WISE | Themes Generative Artificial Intellige | Artificial intelligence | 32.4% | 16.4% | +17.69 | +14.26 | +3.43 | 57.5 |
| XAR | State Street(R) SPDR(R) S&P(R) Aerospa | Defense | 32.4% | 2.1% | +9.20 | +14.26 | −5.06 | 39.0 |
| HTEC | ROBO Global(R) Healthcare Technology a | Broad innovation and megatrends | 31.8% | 2.1% | +11.82 | +14.26 | −2.44 | 43.4 |
| IBLC | iShares Blockchain and Tech ETF | Blockchain and crypto equities | 31.6% | 6.8% | +31.90 | +14.26 | +17.64 | 75.6 |
| RCTR | First Trust Bloomberg Nuclear Power ET | Nuclear and uranium | 31.2% | 1.1% | −5.86 | +14.26 | −20.12 | 9.9 |
| BLOK | Amplify Blockchain Technology ETF | Blockchain and crypto equities | 30.8% | 8.2% | +25.54 | +14.26 | +11.28 | 69.4 |
| KROP | Global X AgTech & Food Innovation ETF | Food and agriculture | 30.7% | 0.4% | +1.60 | +14.26 | −12.66 | 22.7 |
| IBOT | VanEck Robotics ETF | Robotics and automation | 30.0% | 8.5% | +26.32 | +14.26 | +12.06 | 70.3 |
| FTAG | First Trust Indxx Global Agriculture E | Food and agriculture | 29.4% | 0.4% | −1.77 | +14.26 | −16.03 | 16.1 |
| DRIV | Global X Autonomous & Electric Vehicle | Electric vehicles and batteries | 29.3% | 11.3% | +25.03 | +14.26 | +10.77 | 68.5 |
| HEAL | Global X HealthTech ETF | Healthcare innovation and GLP-1 | 28.9% | 0.5% | +15.37 | +14.26 | +1.11 | 51.8 |
| IBUY | Amplify Online Retail ETF | Internet and e-commerce | 28.7% | 5.0% | +10.69 | +14.26 | −3.57 | 41.6 |
| POW | VistaShares Electrification Supercycle | Electrification and the grid | 28.6% | 2.5% | +25.77 | +14.26 | +11.51 | 69.8 |
| PSWD | Xtrackers Cybersecurity Select Equity | Cybersecurity | 28.4% | 1.1% | +36.53 | +14.26 | +22.27 | 79.1 |
| SNSR | Global X Internet of Things ETF | Digital infrastructure and data centers | 27.7% | 2.3% | +33.06 | +14.26 | +18.80 | 76.4 |
| FITE | State Street(R) SPDR(R) S&P Kensho Fut | Broad innovation and megatrends | 26.7% | 4.8% | +29.23 | +14.26 | +14.97 | 72.0 |
| CGW | Invesco S&P Global Water Index ETF | Water | 26.4% | 0.2% | +1.81 | +14.26 | −12.45 | 24.0 |
| SPAM | Themes Cybersecurity ETF | Cybersecurity | 26.4% | 0.9% | +43.82 | +14.26 | +29.56 | 86.6 |
| UFO | Procure Space ETF | Space | 25.9% | 1.4% | +9.66 | +14.26 | −4.60 | 39.9 |
| AQWA | Global X Clean Water ETF | Water | 25.4% | 0.1% | +2.52 | +14.26 | −11.74 | 26.7 |
| FMED | Fidelity Disruptive Medicine ETF | Broad innovation and megatrends | 25.4% | 2.9% | +15.53 | +14.26 | +1.27 | 53.5 |
| COPP | Sprott Copper Miners ETF | Electrification and the grid | 25.1% | 0.1% | +4.62 | +14.26 | −9.64 | 29.7 |
| CRPT | First Trust SkyBridge Crypto Industry | Blockchain and crypto equities | 25.0% | 3.1% | −2.74 | +14.26 | −17.00 | 13.4 |
| OZEM | Roundhill GLP-1 & Weight Loss ETF | Healthcare innovation and GLP-1 | 24.8% | 2.2% | +2.01 | +14.26 | −12.25 | 24.4 |
| URAN | Themes Uranium & Nuclear ETF | Nuclear and uranium | 24.7% | 0.5% | −13.77 | +14.26 | −28.03 | 3.3 |
| BNGE | First Trust S-Network Streaming & Gami | Gaming, esports and betting | 24.4% | 1.0% | +0.63 | +14.26 | −13.63 | 19.6 |
| NUKZ | Range Nuclear Renaissance Index ETF | Nuclear and uranium | 23.1% | 1.3% | +1.41 | +14.26 | −12.85 | 22.2 |
| UPGR | Xtrackers US Green Infrastructure Sele | Infrastructure | 22.9% | 2.6% | +20.05 | +14.26 | +5.79 | 60.6 |
| ROBO | ROBO Global(R) Robotics and Automation | Robotics and automation | 22.2% | 3.9% | +22.13 | +14.26 | +7.87 | 65.9 |
| CNRG | State Street(R) SPDR(R) S&P Kensho Cle | Clean energy | 22.1% | 3.1% | +23.91 | +14.26 | +9.65 | 67.2 |
| LENS | Sarmaya Thematic ETF | Broad innovation and megatrends | 21.7% | 2.1% | −15.55 | +14.26 | −29.81 | 2.9 |
| IDNA | iShares Genomics Immunology and Health | Genomics and biotech innovation | 21.4% | 0.9% | +16.11 | +14.26 | +1.85 | 54.0 |
| FDRV | Fidelity Electric Vehicles and Future | Electric vehicles and batteries | 21.3% | 2.6% | +17.01 | +14.26 | +2.75 | 56.2 |
| FDIG | Fidelity Crypto Industry and Digital P | Blockchain and crypto equities | 20.2% | 1.9% | +30.37 | +14.26 | +16.11 | 73.8 |
| BCDF | Horizon Kinetics Blockchain Developmen | Blockchain and crypto equities | 20.1% | 0.4% | −2.93 | +14.26 | −17.19 | 13.0 |
| XSW | State Street(R) SPDR(R) S&P(R) Softwar | Cloud and software | 19.8% | 4.6% | +20.36 | +14.26 | +6.10 | 62.8 |
| SOCL | Global X Social Media ETF | Internet and e-commerce | 19.7% | 5.2% | +0.88 | +14.26 | −13.38 | 20.5 |
| KOID | KraneShares Global Humanoid Robotics a | Artificial intelligence | 19.1% | 4.9% | +29.66 | +14.26 | +15.40 | 73.3 |
| BOTZ | Global X Robotics & Artificial Intelli | Robotics and automation | 18.7% | 11.9% | +11.97 | +14.26 | −2.29 | 43.8 |
| SMOG | VanEck Low Carbon Energy ETF | Clean energy | 18.7% | 2.2% | +5.04 | +14.26 | −9.22 | 30.2 |
| AWAY | Amplify Travel Tech ETF | Pets and consumer themes | 17.9% | 0.6% | +12.31 | +14.26 | −1.95 | 44.7 |
| GNOM | Global X Genomics & Biotechnology ETF | Genomics and biotech innovation | 17.9% | 2.4% | +28.74 | +14.26 | +14.48 | 71.6 |
| TNUK | Tortoise Nuclear Renaissance ETF | Nuclear and uranium | 17.5% | 0.8% | −4.04 | +14.26 | −18.30 | 12.1 |
| IHAK | iShares Cybersecurity and Tech ETF | Cybersecurity | 17.2% | 0.9% | +37.12 | +14.26 | +22.86 | 79.5 |
| NERD | Roundhill Video Games ETF | Gaming, esports and betting | 17.2% | 0.1% | −4.61 | +14.26 | −18.87 | 11.7 |
| DAPP | VanEck Digital Transformation ETF | Blockchain and crypto equities | 17.1% | 0.1% | +30.68 | +14.26 | +16.42 | 74.2 |
| HAIL | State Street(R) SPDR(R) S&P Kensho Sma | Electric vehicles and batteries | 16.8% | 5.0% | +21.48 | +14.26 | +7.22 | 64.5 |
| WCLD | WisdomTree Cloud Computing Fund | Cloud and software | 15.7% | 1.8% | +16.72 | +14.26 | +2.46 | 55.3 |
| DRNZ | REX Drone ETF | Robotics and automation | 15.4% | 2.7% | −8.01 | +14.26 | −22.27 | 7.7 |
| HELX | Franklin Genomic Advancements ETF | Healthcare innovation and GLP-1 | 15.1% | 2.8% | +19.84 | +14.26 | +5.58 | 60.1 |
| NLR | VanEck Uranium and Nuclear ETF | Nuclear and uranium | 15.1% | 0.2% | −13.68 | +14.26 | −27.94 | 3.7 |
| BOTT | Themes Humanoid Robotics ETF | Robotics and automation | 15.0% | 6.5% | +7.96 | +14.26 | −6.30 | 36.3 |
| ACES | ALPS Clean Energy ETF | Clean energy | 14.7% | 1.9% | +5.35 | +14.26 | −8.91 | 31.5 |
| BATT | Amplify Lithium & Battery Technology E | Electric vehicles and batteries | 14.6% | 2.0% | +2.19 | +14.26 | −12.07 | 25.3 |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | Clean energy | 14.1% | 1.1% | +11.17 | +14.26 | −3.09 | 42.5 |
| HERO | Global X Video Games & Esports ETF | Gaming, esports and betting | 14.0% | 0.1% | −4.95 | +14.26 | −19.21 | 11.2 |
| HUMN | Roundhill Humanoid Robotics ETF | Robotics and automation | 13.4% | 4.9% | +20.93 | +14.26 | +6.67 | 64.1 |
| ESPO | VanEck Video Gaming and eSports ETF | Gaming, esports and betting | 13.3% | 0.1% | −1.31 | +14.26 | −15.57 | 16.5 |
| STCE | Schwab Crypto Thematic ETF | Blockchain and crypto equities | 12.7% | 0.4% | +33.98 | +14.26 | +19.72 | 77.8 |
| TAN | Invesco Solar ETF | Clean energy | 11.7% | 0.0% | +5.12 | +14.26 | −9.14 | 30.6 |
| EMET | VanEck Copper and Electrification Meta | Electrification and the grid | 11.2% | 0.2% | −2.50 | +14.26 | −16.76 | 13.9 |
| ICOP | iShares Copper and Metals Mining ETF | Electrification and the grid | 11.2% | 0.3% | +0.77 | +14.26 | −13.49 | 20.0 |
| SATO | Invesco Alerian Galaxy Crypto Economy | Blockchain and crypto equities | 10.9% | 6.8% | +14.28 | +14.26 | +0.02 | 49.1 |
| ARMY | Tema International Defense ETF | Defense | 10.1% | 1.6% | −10.86 | +14.26 | −25.12 | 5.1 |
| FRNW | Fidelity Clean Energy ETF | Clean energy | 9.7% | 0.5% | +5.63 | +14.26 | −8.63 | 33.3 |
| LITP | Sprott Lithium Miners ETF | Electric vehicles and batteries | 9.7% | 0.0% | −7.57 | +14.26 | −21.83 | 8.1 |
| BKCH | Global X Blockchain ETF | Blockchain and crypto equities | 9.5% | 0.1% | +33.42 | +14.26 | +19.16 | 77.3 |
| LIT | Global X Lithium & Battery Tech ETF | Electric vehicles and batteries | 9.2% | 1.9% | +5.60 | +14.26 | −8.66 | 32.4 |
| IDRV | iShares Self-Driving EV and Tech ETF | Electric vehicles and batteries | 8.8% | 1.9% | −1.28 | +14.26 | −15.54 | 17.0 |
| COPA | Themes Copper Miners ETF | Electrification and the grid | 8.6% | 0.1% | +7.95 | +14.26 | −6.31 | 35.9 |
| LIMI | Themes Lithium & Battery Metal Miners | Electric vehicles and batteries | 7.5% | 0.0% | −2.43 | +14.26 | −16.69 | 14.8 |
| PBW | Invesco WilderHill Clean Energy ETF | Clean energy | 7.4% | 1.6% | +24.25 | +14.26 | +9.99 | 67.6 |
| ICLN | iShares Global Clean Energy ETF | Clean energy | 7.2% | 0.0% | +12.57 | +14.26 | −1.69 | 45.2 |
| ILIT | iShares Lithium Miners and Producers E | Electric vehicles and batteries | 7.2% | 0.0% | +1.70 | +14.26 | −12.56 | 23.1 |
| KARS | KraneShares Electric Vehicles and Futu | Electric vehicles and batteries | 6.8% | 1.9% | −2.08 | +14.26 | −16.34 | 15.2 |
| FAN | First Trust Global Wind Energy ETF | Clean energy | 6.6% | 0.8% | +1.25 | +14.26 | −13.01 | 21.4 |
| COPX | Global X Copper Miners ETF | Electrification and the grid | 5.1% | 0.1% | −1.17 | +14.26 | −15.43 | 17.4 |
| MNRS | Grayscale Bitcoin Miners ETF | Blockchain and crypto equities | 5.0% | 2.4% | +62.50 | +14.26 | +48.24 | 93.6 |
| ION | ProShares S&P Global Core Battery Meta | Electric vehicles and batteries | 3.2% | 0.0% | −10.77 | +14.26 | −25.03 | 5.5 |
| JEDI | Defiance Drone and Modern Warfare ETF | Robotics and automation | 3.2% | 1.1% | +10.79 | +14.26 | −3.47 | 42.1 |
| HYDR | Global X Hydrogen ETF | Clean energy | 2.8% | 0.3% | +46.55 | +14.26 | +32.29 | 88.3 |
| WGMI | CoinShares Bitcoin Mining ETF | Blockchain and crypto equities | 2.5% | 2.1% | +80.92 | +14.26 | +66.66 | 96.7 |
| NASA | Tema Space Innovators ETF | Space | 2.4% | 0.0% | +15.03 | +14.26 | +0.77 | 50.9 |
| PBD | Invesco Global Clean Energy ETF | Clean energy | 1.5% | 0.1% | +9.06 | +14.26 | −5.20 | 38.5 |
| ARKG | ARK Genomic Revolution ETF | Genomics and biotech innovation | 1.0% | 1.0% | +55.26 | +14.26 | +41.00 | 92.3 |
| BETZ | Roundhill Sports Betting & iGaming ETF | Gaming, esports and betting | 0.0% | 0.0% | +2.86 | +14.26 | −11.40 | 27.5 |
| CNBS | Amplify Seymour Cannabis ETF | Cannabis | 0.0% | 0.0% | +28.24 | +14.26 | +13.98 | 71.1 |
| COPJ | Sprott Junior Copper Miners ETF | Electrification and the grid | 0.0% | 0.0% | −0.40 | +14.26 | −14.66 | 18.3 |
| DRAI | Draco Evolution AI ETF | Artificial intelligence | 0.0% | 0.0% | +18.69 | +14.26 | +4.43 | 59.3 |
| DRGN | Themes China Generative Artificial Int | Artificial intelligence | 0.0% | 0.0% | +21.73 | +14.26 | +7.47 | 65.0 |
| EMQQ | EMQQ The Emerging Markets Internet ETF | Internet and e-commerce | 0.0% | 0.0% | −5.24 | +14.26 | −19.50 | 10.8 |
| EUAD | Select STOXX Europe Aerospace & Defens | Defense | 0.0% | 0.0% | −1.88 | +14.26 | −16.14 | 15.6 |
| FDNI | First Trust Dow Jones International In | Internet and e-commerce | 0.0% | 0.0% | −6.44 | +14.26 | −20.70 | 9.0 |
| FMQQ | FMQQ The Next Frontier Internet ETF | Internet and e-commerce | 0.0% | 0.0% | +3.97 | +14.26 | −10.29 | 28.4 |
| GXDW | Global X Dorsey Wright Thematic ETF | Broad innovation and megatrends | 0.0% | 0.0% | +18.00 | +14.26 | +3.74 | 57.9 |
| INQQ | INQQ The India Internet ETF | Internet and e-commerce | 0.0% | 0.0% | +9.72 | +14.26 | −4.54 | 40.7 |
| IPAV | Global X Infrastructure Development ex | Infrastructure | 0.0% | 0.0% | +5.21 | +14.26 | −9.05 | 31.1 |
| KDEF | PLUS Korea Defense Industry Index ETF | Defense | 0.0% | 0.0% | −27.46 | +14.26 | −41.72 | 0.2 |
| KGRN | KraneShares MSCI China Clean Technolog | Clean energy | 0.0% | 0.0% | −17.45 | +14.26 | −31.71 | 2.0 |
| KWEB | KraneShares CSI China Internet ETF | Internet and e-commerce | 0.0% | 0.0% | −13.53 | +14.26 | −27.79 | 4.2 |
| LFSC | F/m Emerald Life Sciences Innovation E | Broad innovation and megatrends | 0.0% | 0.0% | +29.44 | +14.26 | +15.18 | 72.5 |
| MJ | Amplify Alternative Harvest ETF | Cannabis | 0.0% | 0.0% | +11.18 | +14.26 | −3.08 | 43.0 |
| MSOS | AdvisorShares Pure US Cannabis ETF | Cannabis | 0.0% | 0.0% | +38.04 | +14.26 | +23.78 | 80.8 |
| RNRG | Global X Renewable Energy Producers ET | Clean energy | 0.0% | 0.0% | −3.41 | +14.26 | −17.67 | 12.6 |
| URA | Global X Uranium ETF | Nuclear and uranium | 0.0% | 0.0% | −11.29 | +14.26 | −25.55 | 4.6 |
| URNJ | Sprott Junior Uranium Miners ETF | Nuclear and uranium | 0.0% | 0.0% | −22.23 | +14.26 | −36.49 | 0.7 |
| URNM | Sprott Uranium Miners ETF | Nuclear and uranium | 0.0% | 0.0% | −17.66 | +14.26 | −31.92 | 1.5 |
| UX | Roundhill Uranium ETF | Nuclear and uranium | 0.0% | 0.0% | −10.62 | +14.26 | −24.88 | 5.9 |
| WDAF | WisdomTree Asia Defense Fund | Defense | 0.0% | 0.0% | −8.69 | +14.26 | −22.95 | 7.3 |
| WDEF | WisdomTree Europe Defense Fund | Defense | 0.0% | 0.0% | −16.72 | +14.26 | −30.98 | 2.4 |
| WEED | Roundhill Cannabis ETF | Cannabis | 0.0% | 0.0% | +41.01 | +14.26 | +26.75 | 83.9 |
| XDEF | Xtrackers Europe Defense Technologies | Defense | 0.0% | 0.0% | −8.92 | +14.26 | −23.18 | 6.8 |
How this was computed
Two kinds of fact, and they are kept apart. The returns are each fund’s total return across the quarter on split and distribution adjusted closes, against the S&P 500 over the same two dates, from Tiingo. They are exact and they do not move.
The holdings are read from each fund’s own filing, and a filing has a date. A fund is in this study only if its book was filed for a date inside the quarter: the books here run from Apr 30, 2026 to Jun 30, 2026. A book from after the quarter is a fact about a later one and a book from long before it is a fact about an older one, and either published beside an exact return would be the two halves of this page describing different three-month periods. "In the index" is the share of the fund’s equity weight held in companies that are in the S&P 500 at all; "by weight" is how much of the book overlaps the index at the same weights. Both come from the same function the desk itself uses.
What was left out, and why
A fund that did not trade the whole quarter has no quarter. A fund whose price is unchanged on more than half its days is a quote rather than a trade. And a fund with no book filed for a date inside the quarter can have its return measured but not its overlap, so it is counted here rather than published with one figure missing.
| Reason | Funds |
|---|---|
| not the whole quarter | 57 |
| quoted rather than traded | 14 |
| no book filed inside the quarter | 18 |
Check it yourself
Every figure above is in the file below, fund by fund, with the excluded funds and the reason for each. It is free to use, including commercially, with attribution to ETFIQ and a link.
Data fileEvery fund in this study, with the exclusionshttps://etfiq.com/data/quarterly/2026-Q2-themes.json
MethodHow these figures are computedhttps://etfiq.com/methodology/themes
Open dataThe manifest describing every file ETFIQ publisheshttps://etfiq.com/data/
Cite thisETFIQ, How much of a theme was already the index, 2026-Q2, Sep 11, 2026https://etfiq.com/research/quarterly/2026-q2-themes/
Where to next
Cite this page. ETFIQ, How much of a theme was already the index, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-themes/ Free to use with attribution; the underlying files are at Open data.