Active ETFs Pull $400B as Thematics Make 2025 Comeback

Core Insights - Active ETFs experienced nearly $400 billion in net inflows in 2025, indicating a significant shift in investor access to professional money management [1] - Passive strategies attracted approximately $750 billion, with active ETFs capturing over one-third of total industry inflows [1] - The growth of fully transparent active ETFs contrasts with expectations of semitransparent structures leading the trend, reflecting a change in advisor strategies [2] Active Management Trends - Fixed income is highlighted as a category where active managers are adding value through security selection and duration management [3] - The approval of the ETF share class structure is expected to significantly boost the adoption of active ETFs [3][4] Thematic ETFs Resurgence - Thematic ETFs, previously considered "dead" after the 2022 market downturn, have seen a surprising return with $41 billion in net inflows in 2025 [4] - These inflows are focused on areas such as disruptive technology, infrastructure, and natural resources [4][5] - The ALPS Electrification Infrastructure ETF (ELFY) launched in April has quickly reached $100 million in assets by targeting underrepresented sectors in the S&P 500 [5] Gold ETFs Recovery - Gold ETFs, including both physical gold and gold mining strategies, have also seen a resurgence in 2025, indicating a reevaluation of asset allocations by investors [6]