Thematic investing has emerged as a vital tool for investment professionals seeking to capitalize on the long-term growth potential of transformative, secular trends. Over the past decade, assets in thematic exchange-traded funds (ETFs) have increased nearly tenfold from $23 billion to $226 billion (9/30/15-9/30/25), according to Morningstar data. Below, we highlight some of the forces driving this adoption by financial professionals and portfolio managers, alongside practical considerations for integrating thematic investments into client portfolios.

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In the wake of underperforming municipal bonds this year, portfolio managers Bill Housey and John Wilhelm of First Trust highlight why they believe fresh opportunities for tax-free investors have emerged.

In the third quarter of 2025, alternative investments (“alternatives") on average had solid positive returns but underperformed global equity markets which continued to show strong positive momentum. Investor focus has shifted from tariffs to the Elysium of “AI” (Artificial Intelligence). Economic data offered a mixed picture: solid growth (GDP), a soft job market, sticky to rising inflation. The Federal Reserve (the “Fed”) lowered the Fed Funds rate 25 basis points ("bps") despite inflationary data moving slightly higher. The executive branch continues to call for lower interest rates, a weaker dollar, and lower taxes while dismissing any potential resurgence in inflation. Equity valuation pushed to levels that, by some metrics, were as high as they had ever been. While overall investor sentiment remains strongly “risk-on,” and any dip in risk assets a reason to buy, there are parallels to two periods in the past that we believe should concern investors.

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• Net inflows for US-listed ETFs totaled $147.1 billion in September, bringing total ETF assets under management to $12.4 trillion.
  
  
• Equity ETFs had net inflows totaling $88.2 billion in September, bringing trailing 12-months (TTM) net inflows to $848.2 billion. Active equity ETFs accounted for $25.5 billion in net inflows in September, compared to $62.7 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $790.8 billion, accounting for 8.0% of all equity ETF assets ($9.8 trillion), as of 9/30/25.
  
  
• Fixed income ETFs had net inflows totaling $40.5 billion in September, bringing TTM net inflows to $374.8 billion. Active fixed income ETFs accounted for $18.5 billion in net inflows in September, compared to $22.0 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $422.6 billion, accounting for 19.9% of all fixed income ETF assets ($2.1 trillion), as of 9/30/25.
  
  
• Commodities ETFs had net inflows totaling $11.3 billion in September, bringing TTM net inflows to $41.3 billion. Precious metals ETFs (+$11.2 billion) had the largest net inflows for the month.

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Josh Volen, co-founder and managing principal at CIRE Equity, joins the podcast to discuss trends in commercial real estate investing as urban populations shift, hybrid work environments evolve, and industries adapt to changes in global trade.

Dave McGarel discusses potential winners and losers in the equity market as the Federal Reserve embarks on a new interest rate cutting cycle.

• Net inflows for US-listed ETFs totaled $120.6 billion in August, bringing total ETF assets under management to $12.0 trillion.
  
  
• Equity ETFs had net inflows totaling $60.3 billion in August, bringing trailing 12-months (TTM) net inflows to $812.7 billion. Active equity ETFs accounted for $18.7 billion in net inflows in August, compared to $41.5 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $748.6 billion, accounting for 7.9% of all equity ETF assets ($9.5 trillion), as of 8/31/25.
  
  
• Fixed income ETFs had net inflows totaling $48.0 billion in August, bringing TTM net inflows to $364.1 billion. Active fixed income ETFs accounted for $17.0 billion in net inflows in August, compared to $31.1 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $402.3 billion, accounting for 19.4% of all fixed income ETF assets ($2.1 trillion), as of 8/31/25.
  
  
• Commodities ETFs had net inflows totaling $4.9 billion in August, bringing TTM net inflows to $31.6 billion. Precious metals ETFs (+$4.4 billion) had the largest net inflows for the month.

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Brian Wesbury discusses Fed independence, inflationary fears, the growth of government, and whether the broader economic benefits of AI adoption will materialize.

It has long been said that valuation alone is not a catalyst for a stock or group of stocks to move higher. We agree. One of the more difficult tasks for investors is recognizing the catalyst for an undervalued area before it starts to go higher. And if prices are low enough or attractive enough relative to other highly valued assets, a slight whisper may be all that is required. That whisper may well be the Federal Reserve (the “Fed”) cutting interest rates in September and perhaps forecasting a few more cuts into next year.

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Reliable access to clean water has been a cornerstone of economic progress since the earliest water delivery systems emerged in ancient Mesopotamia 8,000 years ago.1 Today, water remains vital not only for sustaining life, but also for the development of new technologies and industries. In our view, water infrastructure represents a compelling investment opportunity, fueled by new catalysts and emerging trends like water-intensive manufacturing, the shift to liquid cooling for artificial intelligence (“AI”) data centers, and hydraulic fracturing in the energy sector. We explore these trends, highlighting the case for the First Trust Water ETF (FIW). 

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