# Thematic ETF Market Report: November 2026

Source: https://www.vistashares.com/thematic-etf-market-report/
Updated: 2026-11-14

[Insights](https://www.vistashares.com/insights)
> Article

### 14 Nov 2026

#
Thematic ETF Market Report: November 2026

###

Written by[Adam Patti](https://www.vistashares.com/team-members/adam-patti/)

Chief Executive Officer, VistaShares

By Adam Patti, Chief Executive Officer, VistaShares | November 2026

Data as of November 12 and 13, 2026: fund counts and net assets as of November 13, 2026; flows for the month from October 13 to November 12, 2026. Next update: around the 5th business day of December 2026.

ETFIQ tracked 428 thematic ETFs in 55 themes on November 13, 2026. In the month to November 12, 2026, thematic ETFs with daily data took in a net $6.9 billion across 213 funds, semiconductor ETFs took in $11.5 billion, and memory and storage ETFs had a net outflow of $2.0 billion. Semiconductor ETFs held $115.2 billion in net assets, more than three times the next largest theme.

Figure |
Value |
As of |
Source |

Thematic ETFs tracked |
428, in 55 themes |
Nov 13, 2026 |
[ETFIQ ETF statistics](https://etfiq.com/statistics/) |

Share of all ETFs ETFIQ covers |
428 of 5,146 (8%) |
Nov 13, 2026 |
[ETFIQ ETF statistics](https://etfiq.com/statistics/) |

Largest theme by net assets |
Semiconductors: $115.2 billion, 11 funds |
Nov 13, 2026 |
[ETFIQ thematic ETF map](https://etfiq.com/themes/map) |

Largest thematic ETF |
SMH, $64.7 billion |
Nov 12, 2026 |
[ETFIQ largest thematic ETFs](https://etfiq.com/rankings/themes-biggest) |

Thematic ETF net flows, 1 month |
$6.9 billion in, 213 funds with daily data |
Oct 13 to Nov 12, 2026 |
[ETFIQ fund flows](https://etfiq.com/flows/) |

Thematic ETF net flows, 1 week |
$1.0 billion in, 221 funds with daily data |
Week to Nov 12, 2026 |
[ETFIQ fund flows](https://etfiq.com/flows/) |

Theme with the largest 1-month inflow |
Semiconductors: $11.5 billion in, 9 funds |
Oct 13 to Nov 12, 2026 |
[ETFIQ fund flows](https://etfiq.com/flows/) |

Theme with the largest 1-month outflow |
Memory and storage: $2.0 billion out, 1 fund |
Oct 13 to Nov 12, 2026 |
[ETFIQ fund flows](https://etfiq.com/flows/) |

Fee range, thematic ETFs |
0.00% to 1.32% a year |
Nov 13, 2026 |
[ETFIQ thematic ETFs](https://etfiq.com/themes/) |

Typical thematic ETF’s weight in S&P 500 companies |
31.9% |
Nov 13, 2026 |
[ETFIQ ETF statistics](https://etfiq.com/statistics/) |

Sources: ETFIQ pages linked in each row, read November 14, 2026. Counts cover the funds ETFIQ tracks. Flow figures cover only funds that publish daily share data.

## How big is the thematic ETF market?

ETFIQ tracked [428 thematic ETFs in 55 themes](https://etfiq.com/statistics/) on November 13, 2026, about 8% of the 5,146 ETFs it covers. Thematic ETFs follow an idea, such as semiconductors, defense or gold miners, rather than a standard industry sector. ETFIQ places each fund in a theme by what it holds, not by its name.

ETFIQ does not publish one combined net asset figure for all thematic ETFs, so this report shows net assets theme by theme. The largest single fund, the VanEck Semiconductor ETF (SMH), held [$64.7 billion](https://etfiq.com/rankings/themes-biggest) on November 12, 2026. Our [Thematic ETF Guide](https://www.vistashares.com/thematic-etf-guide/) explains how the category works.

## Which ETF themes hold the most assets?

Semiconductor ETFs are by far the largest theme, with [$115.2 billion in net assets across 11 funds](https://etfiq.com/themes/map) as of November 13, 2026. Defense, gold miners, infrastructure and artificial intelligence each held between $33 billion and $37 billion.

Theme |
Funds |
Net assets (Nov 13, 2026) |

Semiconductors |
11 |
$115.2 billion |

Defense |
22 |
$36.3 billion |

Gold miners |
10 |
$36.0 billion |

Infrastructure |
18 |
$35.3 billion |

Artificial intelligence |
36 |
$33.0 billion |

Biotech |
10 |
$26.9 billion |

Cybersecurity |
7 |
$23.5 billion |

Cloud computing |
8 |
$17.4 billion |

Natural resources |
12 |
$16.4 billion |

Memory and storage |
5 |
$15.8 billion |

Source: [ETFIQ thematic ETF map](https://etfiq.com/themes/map), data as of Nov 13, 2026. Theme totals as ETFIQ publishes them; each fund’s net assets carry their own source date on ETFIQ.

Theme size and fund count do not move together. Artificial intelligence has the most funds of any theme, 36, but semiconductor funds hold more than three times as much money with 11. Our comparison of [AI and semiconductor ETFs](https://www.vistashares.com/ai-vs-semiconductor-etfs-by-the-numbers/) looks at the two side by side.

## How much money went into thematic ETFs this month?

Thematic ETFs took in a net [$6.9 billion](https://etfiq.com/flows/) in the month from October 13 to November 12, 2026, across 213 funds with daily data. That equaled about 1.5% of those funds’ net assets at the start of the month.

In the shorter window, the week to November 12, 2026, thematic ETFs took in $1.0 billion across 221 funds. Among the broad groups ETFIQ tracks, thematic funds ranked behind stock, bond and leveraged ETFs in 1-month net inflows.

## Which ETF themes took in and lost the most money?

Semiconductor ETFs took in the most money of any theme, a net [$11.5 billion across 9 funds](https://etfiq.com/flows/) in the month to November 12, 2026, more than the thematic category as a whole. Memory and storage, defense and cloud and software funds had the largest net outflows.

Theme |
Net flow, Oct 13 to Nov 12, 2026 |
Funds counted |

Semiconductors |
+$11.5 billion |
9 |

Gold miners |
+$576 million |
5 |

Internet and e-commerce |
+$426 million |
8 |

Natural resources |
+$299 million |
Not shown |

Biotech |
+$291 million |
Not shown |

Infrastructure |
-$279 million |
Not shown |

Miners and metals |
-$330 million |
Not shown |

Reshoring and manufacturing |
-$341 million |
2 |

Cloud and software |
-$722 million |
4 |

Defense |
-$1.2 billion |
8 |

Memory and storage |
-$2.0 billion |
1 |

Source: [ETFIQ fund flows](https://etfiq.com/flows/), flow map by theme, 1 month, as of Nov 12, 2026. “Not shown” means ETFIQ did not print a fund count for that theme. The remaining 41 themes had a combined net outflow of $1.4 billion across 176 funds.

Semiconductor inflows were concentrated in two funds, SOXX and SMH. Defense outflows continued into the latest week: in the week to November 12, 2026, defense funds had a net outflow of $513 million across 9 funds, while semiconductor funds took in $2.5 billion across 7. Our article on [defense and space ETFs](https://www.vistashares.com/defense-vs-space-etfs-by-the-numbers/) covers that theme in more detail.

## Which thematic ETFs had the biggest inflows and outflows?

The iShares Semiconductor ETF (SOXX) had the largest net inflow of any thematic ETF, [$7.4 billion](https://etfiq.com/flows/rankings/desk/themes/inflows/) in the month to November 12, 2026, among 213 thematic ETFs tracked daily. The Roundhill Memory ETF (DRAM) had the largest net outflow, [$2.0 billion](https://etfiq.com/flows/rankings/desk/themes/outflows/).

Fund |
Theme |
Net flow, Oct 13 to Nov 12, 2026 |
Share of net assets |

SOXX, iShares Semiconductor ETF |
Semiconductors |
+$7.4 billion |
16.6% |

SMH, VanEck Semiconductor ETF (to Nov 6, 13 of 19 days) |
Semiconductors |
+$4.6 billion |
6.5% |

GDX, VanEck Gold Miners ETF (to Nov 3, 12 of 16 days) |
Gold miners |
+$563 million |
2.1% |

KWEB, KraneShares CSI China Internet ETF (to Nov 11) |
Internet and e-commerce |
+$537 million |
11.9% |

BAI, iShares A.I. Innovation and Tech Active ETF |
Artificial intelligence |
+$477 million |
3.3% |

SHLD, Global X Defense Tech ETF (to Nov 11) |
Defense |
-$354 million |
-5.6% |

XAR, State Street SPDR S&P Aerospace & Defense ETF |
Defense |
-$395 million |
-7.3% |

AGIX, KraneShares Public-Private AI & Technology ETF (22 of 23 days) |
Artificial intelligence |
-$594 million |
-52.5% |

IGV, iShares Expanded Tech-Software Sector ETF |
Cloud and software |
-$772 million |
-5.2% |

DRAM, Roundhill Memory ETF |
Memory and storage |
-$2.0 billion |
-8.6% |

Sources: [ETFIQ, the thematic ETFs that took in the most](https://etfiq.com/flows/rankings/desk/themes/inflows/) and [ETFIQ, the thematic ETFs that lost the most](https://etfiq.com/flows/rankings/desk/themes/outflows/), data as of Nov 12, 2026. Share of net assets is the flow as a share of the fund’s net assets at the start of the window. Dates in parentheses mark funds whose daily data does not cover the whole window. Themes from [ETFIQ thematic ETFs](https://etfiq.com/themes/).

## Which are the largest thematic ETFs?

The largest thematic ETF is the VanEck Semiconductor ETF (SMH), with [$64.7 billion in net assets](https://etfiq.com/rankings/themes-biggest) on November 12, 2026, followed by the iShares Semiconductor ETF (SOXX) at $41.2 billion. The ten largest funds span nine themes.

Fund |
Theme |
Net assets |
Expense ratio |

SMH, VanEck Semiconductor ETF |
Semiconductors |
$64.7 billion (Nov 12) |
0.35% |

SOXX, iShares Semiconductor ETF |
Semiconductors |
$41.2 billion (Nov 13) |
0.33% |

GDX, VanEck Gold Miners ETF |
Gold miners |
$25.1 billion (Nov 12) |
0.51% |

CIBR, First Trust NASDAQ Cybersecurity ETF |
Cybersecurity |
$16.8 billion (Nov 12) |
0.58% |

DRAM, Roundhill Memory ETF |
Memory and storage |
$15.7 billion (Nov 13) |
0.65% |

PAVE, Global X U.S. Infrastructure Development ETF |
Infrastructure |
$13.7 billion (Nov 11) |
0.47% |

IGV, iShares Expanded Tech-Software Sector ETF |
Cloud and software |
$12.9 billion (Nov 12) |
0.38% |

ITA, iShares U.S. Aerospace & Defense ETF |
Defense |
$12.0 billion (Nov 13) |
0.37% |

BAI, iShares A.I. Innovation and Tech Active ETF |
Artificial intelligence |
$11.7 billion (Nov 13) |
0.55% |

IBB, iShares Biotechnology ETF |
Biotech |
$11.1 billion (Nov 12) |
0.44% |

Source: [ETFIQ, the largest thematic ETFs, ranked by net assets](https://etfiq.com/rankings/themes-biggest), data as of Nov 13, 2026, with each fund’s net asset date shown. All dates 2026.

Expense ratios across thematic ETFs ran from [0.00% to 1.32% a year](https://etfiq.com/themes/) as of November 13, 2026. Our article on [how to evaluate a thematic ETF](https://www.vistashares.com/how-to-evaluate-a-thematic-etf/) covers what to check beyond size and fee.

## How to read these numbers

**Dates:** fund counts, theme totals and net assets are as of November 13, 2026, with some fund net assets dated a day or two earlier, as shown. Flows run from October 13 to November 12, 2026, unless a fund’s own dates are shown.

**What flows measure:** ETFIQ estimates net flows from each fund’s daily change in shares outstanding times its prior-day net asset value. A flow is money in less money out. It says nothing about a fund’s returns.

**What the counts include:** the 428 funds are the thematic ETFs ETFIQ tracks, not the whole market. Monthly flow figures cover the 213 thematic ETFs with daily data, which held 87.8% of the group’s net assets. Funds that report flows only in monthly SEC filings are not counted.

**Themes:** theme assignment is ETFIQ’s editorial grouping, based on what each fund holds. Other data providers group funds differently, so their counts and totals differ.

More thematic articles are in the [Thematic ETF Guide](https://www.vistashares.com/thematic-etf-guide/), including [thematic vs. sector ETFs by the numbers](https://www.vistashares.com/thematic-vs-sector-etfs-by-the-numbers/).

## Frequently asked questions

### How many thematic ETFs are there?

ETFIQ tracked 428 thematic ETFs in 55 themes on November 13, 2026, about 8% of the 5,146 ETFs it covers.

### Which ETF theme holds the most money?

Semiconductors, with $115.2 billion in net assets across 11 funds as of November 13, 2026. Defense was second at $36.3 billion across 22 funds.

### How much money went into thematic ETFs last month?

A net $6.9 billion from October 13 to November 12, 2026, across 213 thematic ETFs with daily data, according to ETFIQ.

### Which thematic ETF took in the most money last month?

The iShares Semiconductor ETF (SOXX), with a net inflow of $7.4 billion from October 13 to November 12, 2026. The VanEck Semiconductor ETF (SMH) was second with $4.6 billion through November 6.

### Which ETF theme lost the most money last month?

Memory and storage, with a net outflow of $2.0 billion from October 13 to November 12, 2026, all from the Roundhill Memory ETF (DRAM), the one fund in the theme with daily data. Defense funds had a net outflow of $1.2 billion across 8 funds.

### How much of a typical thematic ETF is in the S&P 500?

The typical thematic ETF carried 31.9% of its weight in S&P 500 companies as of November 13, 2026, based on each fund’s latest holdings filing.

## NOTES

- ETFIQ, ETF statistics, data as of November 13, 2026 (thematic fund count, 55 themes, 5,146 ETFs covered, 31.9% typical weight in S&P 500 companies), https://etfiq.com/statistics/.

- ETFIQ, Thematic ETF map, data as of November 13, 2026 (net assets and fund count by theme), https://etfiq.com/themes/map; ETFIQ, Thematic ETFs, data to November 13, 2026 (fee range and theme of each fund), https://etfiq.com/themes/; ETFIQ, The largest thematic ETFs, ranked by net assets, data as of November 13, 2026, https://etfiq.com/rankings/themes-biggest.

- ETFIQ, ETF fund flows, flows as of November 12, 2026 (thematic category 1-month and 1-week net flows, and net flow by theme), https://etfiq.com/flows/; ETFIQ, The thematic ETFs that took in the most, data as of November 12, 2026, https://etfiq.com/flows/rankings/desk/themes/inflows/; ETFIQ, The thematic ETFs that lost the most, data as of November 12, 2026, https://etfiq.com/flows/rankings/desk/themes/outflows/; ETFIQ, Thematic ETF methodology, https://etfiq.com/methodology/themes; ETFIQ, Flows methodology, https://etfiq.com/methodology/flows. Pages read November 14, 2026.

- Adam Patti, Chief Executive Officer of VistaShares, is also the founder of ETFIQ. ETFIQ does not accept payment from ETF issuers, and its figures are calculated from public filings and market data.

Adam Patti, Chief Executive Officer of VistaShares, is also the founder of ETFIQ. ETFIQ does not accept payment from ETF issuers, and its figures are calculated from public filings and market data.

## IMPORTANT INFORMATION

This material is provided for educational purposes only. It is not investment, legal or tax advice, and it is not a recommendation or an offer to buy or sell any security. Information is drawn from sources believed to be reliable as of the date of publication, is not guaranteed as to accuracy or completeness, and may change without notice. Figures attributed to third parties are their estimates. Projections and forecasts are not guarantees of future results. Investors should consult their own financial, legal and tax professionals before making investment decisions. Investments involve risk, including possible loss of principal. Strategies that use options involve additional risks, including limited participation in market gains, the risk that options do not perform as intended, and changes in distributions. Tax treatment depends on individual circumstances and on current law, which may change.

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