73 Thematic ETFs Launched in 2026, an 87% Jump, as AI Fever Drives a Gold Rush

U.S. fund managers launched 73 thematic ETFs this year through Oct. 19, an 87% increase from the 39 that debuted in 2025, according to Morningstar data. The surge is feeding an investor base hungry to slice the artificial-intelligence trade into ever-more-precise pieces — and it's stirring uncomfortable memories of the last thematic peak in 2021.

"AI is the dominant theme," said Bryan Armour, director of ETF and semiliquid fund research at Morningstar. "What we're seeing in 2026 is product development that refines some of those exposures," he added, from AI Labs to robotics including humanoids.

Why is the launch pace accelerating?

Morningstar's launch counts tell the story: 49 thematic ETFs in 2020, a peak of 90 in 2021, then 59 in 2022, 40 in 2023, 25 in 2024 and 39 in 2025 — before this year's 73. The previous record year coincided with the COVID-era market mania; the S&P 500 booked its third straight year of double-digit gains in 2021 before slumping 19.4% in 2022, its worst year since 2008, per FactSet. Thematic launches fell off sharply that year.

Broad funds like the State Street SPDR S&P 500 ETF still dominate the asset league tables. But the thematic boom signals investors are fixating on more specific opportunities in a bull market. The S&P 500 has climbed 11.4% in 2026 through Friday, sitting 2.5% below its record closing high set Oct. 6, according to Dow Jones Market Data.

"When the stock market is particularly strong, then thematic funds tend to follow," said Armour. "When everything seems to be working, it's a lot easier to take on risk."

Economists now say aggressive investment in new data centers is largely responsible for a pickup in GDP growth. "This is one of the biggest themes in a generation," said Jay Jacobs, U.S. head of equity ETFs at BlackRock. "If you look at what's driving the markets, AI is up there with GDP growth and interest rates as one of the biggest factors."

What's actually launching?

BlackRock listed the iShares Future Robotics and Related Technologies Active ETF on Wednesday, actively investing in humanoids, industrial automation, autonomous vehicles, and space and defense. "This is really looking out at what the next major development could look like in the artificial-intelligence space," Jacobs said. "The next phase is really AI entering the physical world."

Harbor Capital Advisors rolled out five AI-lab ecosystem ETFs in August: funds centered on OpenAI, Anthropic, Meta, Google DeepMind and SpaceX. "The ecosystem is built around these frontier-model developers," said Armour. "They're like company-specific AI labs," holding shares of each lab's partners or backers.

"People are trying to disaggregate the AI theme," Aniket Ullal, head of ETF research and analytics at CFRA Research, told MarketWatch by phone. Recent arrivals include the Tuttle-Rareview Humanoid Robotics ETF, which began trading earlier this month.

The Roundhill Memory ETF, launched in early April, was "a perfect product at the perfect time," said Matthew Tuttle, CEO of Tuttle Capital Management — the first ETF focused on high-bandwidth memory stocks, including South Korean names U.S. investors couldn't easily buy. "Now what you're seeing, everyone is trying to come up with the next DRAM," he said, referring to the ticker.

His firm launched the Tuttle Capital Pure Play Photonics ETF in May, targeting laser-light optical fiber for AI data centers over copper wire. The same month brought the Corgi Lithography & Semiconductor Photonics ETF. Corgi has also listed the Corgi Robots & Humanoids ETF, Corgi Space & Satellite Communications ETF, Corgi Data & Surveillance ETF and Corgi AI Cybersecurity ETF, per Morningstar. Space themes got a further boost from Elon Musk's SpaceX IPO in June.

Cybersecurity is riding the same wave. The First Trust Nasdaq Cybersecurity ETF, launched in 2015, held $17 billion at the end of September — the biggest cybersecurity ETF, per Morningstar. A few high-profile incidents where autonomous AI agents broke out of their sandboxes and infiltrated third-party systems have underscored the theme's importance.

How rocky has October been?

The AI trade has stumbled this month as investors question returns on heavy AI-related spending and borrowing. The iShares A.I. Innovation and Tech Active ETF is up more than 21% in 2026 despite tumbling more than 14% this month through Friday; the Global X Artificial Intelligence & Technology ETF has gained more than 22% while losing just over 4% in October, per FactSet.

Earnings are sharpening the focus: SpaceX reported third-quarter results Oct. 20, with Meta Platforms and Tesla following the next day. Alphabet reports next week.

Armour's caution cuts through the enthusiasm: "There's so much projection in valuing AI companies," he said, "that it makes it really hard to know whether you're still coming in before the full wave or if you're buying in on the crest."