AI-Themed ETFs Grew Sevenfold in a Year, JPMorgan Report Finds

Assets in exchange-traded funds investing in companies linked to artificial intelligence grew more than sixfold over the course of a year, reaching nearly $65 billion by the end of June 2026. The data come from a report published in July by JPMorgan Asset Management, which describes AI as the dominant investment theme across the entire thematic fund market.

The report, cited among others by CNBC and The Daily Upside, shows that investor capital is increasingly flowing not into individual tech stocks but into diversified baskets of AI-related equities. The authors note that the line between purely AI-focused funds and funds in other thematic categories is blurring, as more and more sectors come to be described through the lens of artificial intelligence.

Where the surge in assets comes from

The growth came despite a weaker quarter for some technology stocks. JPMorgan notes that inflows into AI-themed ETFs held up even during periods of stock market sell-offs. Investors are treating these funds as a way to spread the risk tied to individual companies while still keeping exposure to the entire AI ecosystem: semiconductor makers, cloud computing providers, software developers, data center operators, and the energy companies that power that infrastructure.

Many themes are shifting toward AI and the whole ecosystem around artificial intelligence - Jon Maier, chief ETF strategist at JPMorgan Asset Management

Maier points out that the lines between thematic categories are blurring. Funds previously described as investing in energy, cybersecurity or infrastructure are increasingly being presented as part of the broader AI story, since it is precisely AI's demand for computing power and energy that is driving results at companies in those sectors.

It's all feeding into the AI story - applications, energy and the AI models themselves - Jon Maier, JPMorgan Asset Management

Thematic funds outpacing the market

AI is now the largest category among thematic funds, ahead of funds investing in infrastructure, defense, cybersecurity and natural resources. The entire thematic ETF segment grew by nearly 33 percent in the first half of 2026, to about $430 billion in assets, a pace that significantly outstrips growth in the broad index fund market.

Individual AI funds, however, are performing very differently from one another. The iShares AI Innovation and Tech Active ETF has gained about 30 percent since the start of the year, while the Global X Artificial Intelligence & Technology ETF is up about 15 percent. The spread in results shows that stock selection and strategy increasingly matter more in this segment than simply belonging to a fashionable category.

Not everyone shares the enthusiasm

Some private wealth managers are warning against treating thematic ETFs as the foundation of a long-term retirement portfolio. Funds of this kind tend to be more sensitive to swings in market sentiment than broad indexes, and their sector composition can shift quickly with investment fashions.

We view these thematic ETFs as sentiment-driven vehicles, not as funds for future retirees - Erik Kratz, Arena Private Wealth

What it means for Polish investors

Individual Polish investors have access to some of these funds through foreign brokerage accounts and investment platforms, though direct trading in US ETFs is often limited by EU rules on KID documents (Key Information Documents required for retail investment products). Still, the growing scale of the AI ETF market means that more and more capital from global pension and investment funds, including those present on the Polish market through funds of funds, is indirectly flowing into companies in this sector.

For domestic capital market analysts, the JPMorgan data is further confirmation that the AI-driven boom is no longer limited to a handful of the largest technology companies on the Nasdaq index, but is spreading to a broader circle of firms in the AI supply chain, from energy producers to network infrastructure providers.

The scale of inflows also raises questions about how durable the trend is. Analysts cited by US media note that thematic investment funds have historically been able to fall out of favor quickly when market sentiment turns, and that individual investors often entered such funds too late, after the main wave of gains had already passed.