This year, I published a wide range of research notes across the ETF landscape, but reader interest consistently focused around a few big themes: crypto ETFs, global defense ETFs, and commodities ETFs. These areas of the ETF market not only drew meaningful year-to-date inflows. They also captured some of the most discussed—and in some cases, the fastest-moving—segments of the ETF universe. Below are my most-read notes of the year, along with a quick recap of each theme.
Crypto ETFs: Product Innovation Explosion
Despite some end of year outflows, crypto ETFs had a strong year. The iShares Bitcoin Trust ETF (IBIT ) remains the ETF with the fifth highest year-to-date net inflows (out of a universe of over 4,800 ETFs). Even as macro uncertainty and lower sentiment weighed on prices, issuers pushed beyond Bitcoin with a wave of new ETFs (including altcoins). Over 75 new crypto ETFs launched this year. In response, investors have been piling in to certain crypto ETFs like Solana and XRP despite falling prices. The Bitwise Solana Staking ETF (BSOL) has drawn over $800 million in net inflows since its late October launch, despite prices falling over 35% since inception.
At the same time, the next leg of adoption quietly started to take shape through crypto index ETFs: multi-token, diversified approaches, typically anchored by a heavy bitcoin weight. Flows into these diversified products have been modest so far, but the logic is straightforward. Once the field of crypto ETFs becomes too crowded for easy comparison, more investors may gravitate toward simple, diversified exposures, accepting that baskets can lag bitcoin in down markets but offer an easier way to own the broader large-cap crypto market in one allocation.
Read more:
Crypto ETFs: Crypto Index ETFs Quietly Emerge
Defense ETFs: Global Defense Story Dominates
Among tech-adjacent themes like crypto and artificial intelligence, global defense is an outlier — although global defense is arguably growing more tech-adjacent. In 2025, defense rotated into a broader rearmament and modernization story. Now, software, cyber, data, satellites, and advanced systems increasingly sit alongside missiles and aircrafts. Europe was a major catalyst: With NATO and EU countries playing catch-up on defense spending, European defense equities moved from a niche international story to a mainstream theme. Products like the Global X Defense Tech ETF (SHLD ) and the SelectSTOXX Europe Aerospace & Defense ETF (EUAD ) helped put that regional angle on the map.
By the end of the year, the opportunity set widened further as issuers rolled out more targeted global/international defense tools, building on the momentum. EUAD and SHLD expanded into newer niches like single-country exposures (e.g., Korea), active approaches that blend quantitative/AI inputs with fundamental insight, and more Europe-focused baskets.
Read more:
2025 Puts European & Global Defense ETFs on the Map
Commodities: Diversifying the Diversifier
Although gold has maintained a lot of attention throughout 2025, other commodities like platinum, silver, and even uranium (each along with their respective commodity miners) pulled investor attention in 2025. Uranium sat at the intersection of clean energy and the AI conversation. The ETF ecosystem still reflects a market that’s early in its product evolution and is using mostly the picks-and-shovels approach with equity exposure. Regardless, the VanEck Uranium and Nuclear ETF (NLR ) gained over $2.3 billion in net inflows YTD.
Silver’s renewed interest, meanwhile, was framed by valuation signals like a gold-to-silver ratio over 80 for a large part of the year (often interpreted as silver being cheap versus gold). And platinum offered a different kind of diversification. It’s more “hybrid” than gold or silver, with demand tied heavily to industrial/automotive use and a supply backdrop that helped drive a sharp YTD move. The iShares Silver Trust (SLV ) was up over 120% YTD, almost twice as much as the SPDR Gold Shares (GLD ) which was up 64%. The abrdn Physical Platinum Shares ETF (PPLT ) was up 96%.
Read more:
Uranium ETFs: A Commodity to Watch in 2025
Silver ETFs: Shining Through the Market Noise
Platinum ETFs: Beyond Gold & Silver
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