Thematic Investing Trends - The market is closely monitoring tokenization and its potential within the ETF structure [3] - Reshoring is gaining traction as a significant theme, driven by policy and consumer factors, potentially benefiting old-school infrastructure and industrial products [3][4] - Infrastructure is a key area of focus, particularly in relation to reshoring efforts [6] Impact of External Factors - Tariffs, while not currently having a massive impact on consumers, could further drive reshoring efforts through infrastructure plays [6] - Electrification of the US economy is crucial to support the AI boom [7] Company Focus - Global X's largest ETF, PAVE, highlights the importance of infrastructure [6]

Thematic ETF Investing Landscape - Thematic ETF investing has gained popularity, with artificial intelligence being a significant driver of flows [1] - Global X ETFs manages approximately $75 billion in assets, with roughly 20% allocated to thematic investments [3] - Thematic investing extends beyond AI, encompassing data centers, energy (including uranium and clean energy), and LNG [3][4] AI Investment Trends - The AI trade is broadening, with investors seeking targeted exposure through data centers and energy sources [4] - Demand for granular AI investments, such as data centers and energy, is expected to continue growing [5] Defense Technology Investment - Defense technology, particularly SHLD, has seen significant inflows, exceeding $3 billion in net new funds this year [6] - The trend of NATO countries defending themselves and arming up is expected to continue driving investment in defense technology [6]