Clean Energy
Q2 2025
- The three nuclear‑focused indices in the model delivered the lion’s share of gains: Global Nuclear Innovators (+74% QoQ), Uranium & Nuclear Infrastructure (+66%), and Global Uranium & Nuclear Energy (+38%).
- The metal briefly traded above $100/lb in February—the first time since 2007. (Source: Nai500)
- The U.S. Department of Energy issued six HALEU supply contracts and opened up to $800 million of incentives to domestic producers. (Source: U.S. Department of Energy)
- Westminster earmarked £300 million to commercialize HALEU production and accelerate SMR deployment. (Source: GOV.UK)
- Bill Gates–backed TerraPower signed an MoU with Sabey Data Centers to power future AI facilities, while Amazon expanded a 1.9 GW carbon‑free PPA with Talen Energy tied to uprating the Susquehanna nuclear plant. (Sources: terrapower.com, ir.talenenergy.com)
- Plug Power reported a 582% YoY jump in electrolyzer revenue, pointing to a resumption of large‑scale orders. (Source: Zacks)
- Component prices are now ~30% lower than a year ago amid Beijing’s crackdown on price wars. (Source: Reuters)
- Vestas returned to a positive EBIT margin and Siemens Gamesa more than doubled profit before special items, hinting at healthier offshore project economics. (Sources: Vestas, greentechlead.com)
- Structural shifts in traditional clean energy sub-industries such as solar and wind have weighed on share performance over the last several years, leading to deeply depressed share prices relative to book value. In the U.S., policy under the new administration has ordered an elimination of subsidies for the solar and wind energy industries. However, this may have been a “sell the rumor, buy the news” event. Overall, global demand for energy is soaring, supporting the outlook for all sources of energy. Chinese EVs, batteries, and solar cells took effect in May, but developers say module inventories remain ample, limiting near‑term project delays. (Source: Bloomberg)
Clean Energy Metatheme Indexes
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Consumer Trends
Q2 2025
- After a soft first quarter, the Consumer Trends metatheme climbed +16.75% QoQ, pushing the MarketVector's model to a fresh all‑time high and back above both its 50‑ and 200‑day moving averages. Most of the gains came late in the quarter as inflation data eased and the Fed’s tone turned less hawkish.
- Video Gaming & eSports and Online Gambling, Video Gaming & eSports each added ~26% on the quarter, while the broader Metaverse & e‑Games basket rose 18%. Catalysts included a record $0.6 billion in monthly U.S. game‑subscription spending in May and continued strength in flagship releases such as Oblivion Remastered. (Sources: Pure Xbox, Interactive Brokers)
- Analysts lifted their 2025 U.S. online‑casino and sports‑betting revenue forecast to $31.6 billion (+25% YoY) after operators reported double‑digit top‑line growth in Q1 despite a tough March‑Madness hold. That momentum underpinned the Online Gambling sub‑index’s 26.6% quarterly gain. (Sources: Legal Sports Report, Odds Shark)
- Headline U.S. inflation slowed to 2.4% YoY in May, yet the Conference Board’s Consumer Confidence Index slipped to 93.0 in June, its second‑lowest print of the past 12 months—evidence that shoppers remain price‑sensitive. (Sources: US Inflation Calculator, The Conference Board)
- The sub‑index rose a more modest 12.2% as airlines recovered from earlier guidance cuts but still faced tepid domestic demand. Delta’s July earnings beat and upbeat second‑half outlook provided some late‑quarter support, lifting the broader carrier group. (Source: Reuters)
Consumer Trends Metatheme Indexes
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Financials 2.0
Q2 2025
- The Financials 2.0 metatheme advanced +30.85% QoQ, lifting MarketVector's model to its highest level on record and back above both its 50‑ and 200‑day moving averages.
- Crypto‑linked equities dominated. The Digital Assets Equity basket soared +82% QoQ, powered by:
- Bitcoin retaking the US $100k mark on 10 May 2025.
- Optimism around a new growth driver for digital asset exchanges, capital market participants, and stable coin issuers following Circle’s IPO and acceleration in the trend toward tokenization of real world assets.
- Ongoing inflows into spot‑bitcoin ETFs and the SEC’s earlier green‑light for spot‑ether ETFs, which began trading last July. (Investopedia)
- The EU’s MiCA regime entering full effect in January, giving exchanges and custodians a clear passporting framework ahead of the June 2025 stable‑coin deadline. (IFC Review)
- Online brokers kept pace. E‑Brokers & Digital Capital Markets jumped +41.8% QoQ / +86.2% YoY as volatility drove record trading activity.
- The Fintech sub‑index managed +10.59%, with high‑growth names such as Adyen and XP offsetting double‑digit declines in legacy processors Fiserv (‑21.9%) and Global Payments (‑18.3%), both of which landed in the theme’s bottom‑10 return list.
- Alternative asset managers reported solid fee‑related earnings, the sub‑index added +8.4% as fundraising for private‑market vehicles remained subdued.
- Macro tail‑winds emerge. U.S. headline inflation eased to 2.4% YoY in May—its lowest since early 2023—fueling expectations of the first Fed rate cut later this year and supporting duration‑sensitive growth stocks. (US Inflation Calculator)
Financials Metatheme Indexes
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Healthcare innovation
Q2 2025
- After three rough quarters, the Healthcare Innovation metatheme advanced +8.90% QoQ. The move pushed the group back above its 50‑day moving average, although it still sits below the 200‑day trend line, showing that risk‑taking in early‑stage health tech remains measured.
- Genomic Health Care delivered the strongest sub‑sector gain (+19.6%). Sentiment stayed buoyant as the FDA‑approved CRISPR therapy Casgevy started reaching U.S. patients, reinforcing confidence that gene‑editing can clear regulatory and commercial hurdles. (FDA)
- The basket added +13.98%, supported by a pick‑up in venture funding: U.S. investors committed $6.4 billion to digital‑health start‑ups across 245 deals in 1H 2025, with AI‑enabled care‑coordination and clinical‑decision tools leading the charge.
Healthcare Innovation Metatheme Indexes
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Materials
Q2 2025
- The Materials metatheme advanced +10.51% QoQ, reclaiming both its 50‑ and 200‑day moving averages. Performance was front‑loaded in April–May as real rates slipped and commodity desks dialed up long‑exposure.
- Global Gold Miners jumped +20.2% and the more levered Junior Gold Miners +18.5%. Bullion touched a fresh all‑time high above US $2,300/oz in May amid escalating geopolitical risk and an increasingly dovish Fed outlook, while the World Gold Council’s latest survey showed a record 29% of central banks planning to boost reserves over the next 12 months. (World Gold Council)
- The Clean‑Tech Metals basket gained +13.6%, helped by renewed deal‑flow in U.S. lithium assets—GM‑backed EnergyX just spent US $26m on Smackover brine acreage, signaling that strategic buyers view today’s depressed lithium prices as transitory. (Reuters)
- The Rare Earth/Strategic Metals sub‑index eked out a +2.4% rise as Washington’s draft Critical Minerals Act and Beijing’s latest graphite export controls left traders reluctant to add directional exposure.
- Soft‑commodities stabilization lifted Agribusiness +7.4%, but Global Steel slipped ‑3.7% on weak construction demand and lingering tariff jitters.
Materials Metatheme Indexes
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Nextgen Hardware & Communications
Q2 2025
- The Next Gen Hardware & Communications metatheme rose +28.69% QoQ, vaulting the MarketVector's model to a fresh high and back above both its 50‑ and 200‑day moving averages.
- The U.S.‑listed Fabless Semiconductor basket delivered +34.3%, buoyed by another blockbuster print from Nvidia. Nvidia briefly became the first public company to top a US $4 trillion market value in early July as AI‑server demand continued to outstrip supply. (FingerLakes1, Barron's)
- Foundry partner TSMC reported a 39% YoY jump in June‑quarter revenue and lifted its full‑year outlook, reinforcing the demand picture through year‑end. (Invezz)
- Global Quantum Leaders gained +25.2% after Google and partners published new data showing a quantum processor solving a problem “47 years” faster than the world’s top supercomputer—a headline that reignited speculative interest across pure‑play quantum stocks (four of which appear in the quarter’s top‑return list). (ScienceAlert)
- The Connective Technologies basket advanced +24.3%, powered by strong cloud‑data‑center spending on high‑performance Ethernet switching. Arista Networks’ Q1 2025 results beat expectations, and the board authorized a further US $1.5bn buy‑back, underscoring healthy visibility into AI‑cluster build‑outs. (Arista Networks, Seeking Alpha)
- A draft U.S. Senate bill would extend CHIPS‑Act tax credits to advanced‑packaging and photonics facilities, bolstering domestic build‑outs just as export rules tighten on next‑gen AI accelerators. (Pillsbury Law)
Nextgen Hardware & Communications Metatheme Indexes
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Nextgen Software
Q2 2025
- The Next Gen Software metatheme rallied +25.19% QoQ, reclaiming both its 50‑ and 200‑day moving averages. All three underlying baskets finished solidly higher.
- The sub‑index surged +32.2%, helped by strong prints from platform names such as Palantir, which reported Q1 2025 revenue up 39% YoY and raised full‑year revenue guidance to +36%. (Palantir Investors)
- The Artificial Intelligence basket added +26.3% as incumbents rolled out new Gen‑AI tools. Adobe’s April MAX London event introduced Firefly Image Model 4 Ultra and expanded video, vector and board features across Creative Cloud, underscoring the pace of product monetization. (Adobe Newsroom)
- Digital Advertising gained +16.5%, aided by rising adoption of generative‑AI creative. Meta’s Advantage+ Gen‑AI suite already sees “over 1 million advertisers generating 15 million ads in a single month,” lifting conversion rates for small businesses and supporting spend‑per‑advertiser. (Engineering at Meta)
Nextgen Software Metatheme Indexes
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Regional Technology
Q2 2025
- The Regional Technology metatheme gained +11.07% QoQ, breaking out to a new three‑year price high and sitting comfortably above both its 50‑ and 200‑day moving averages.
- The sub‑index added roughly +6% on the quarter and is now up +46% YoY, helped by record share‑buyback authorization and a policy push for higher shareholder returns among platform companies. (EconoTimes, J.P. Morgan)
- Israel Global Technology rose +15% QoQ as venture funding accelerated—Israeli start‑ups attracted about US $9 billion in the first half of 2025, while defense‑tech spin‑outs continued to draw global investors amid heightened geopolitical demand for battlefield‑tested solutions. (Jewish Exponent, Reuters)
- A +14% rise following a leadership hand‑off from e‑commerce to fintech as adoption of the digital‑rupee CBDC grew ten‑fold in value over the past year, creating a tail‑wind for payment‑rail vendors. (Fortune India)
- Investors remain alert to potential new U.S. levies on imported servers and networking gear—key spend categories for AI data‑centers—which could raise costs for Southeast‑Asian contract manufacturers even as TSMC and others seek exemptions. (Barron's)
Regional Technology Metatheme Indexes
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Thematic Industrials & Infrastructure
Q2 2025
- The Thematic Industrials & Infrastructure metatheme jumped +21.07% QoQ, marking a new three‑year high and extending a year‑long streak of higher highs and higher lows.
- US AI & Power Infrastructure added +45%, its best quarter on record. U.S. utilities have filed for US $29 billion of rate hikes in H1‑25—a 142% YoY jump—as they scramble to fund sub‑stations, high‑voltage lines and backup generation for AI‑driven data‑center demand. (Financial Times)
- The Defense Industry basket climbed +28%, supported by a fresh high in global military expenditure: US $2.46 trillion in 2024, up 7.4% in real terms. Elevated order books for drones, precision munitions and electronic‑warfare gear continue to draw generalist capital into what was once a cyclical niche. (IISS)
- Space Industry returned +37% QoQ as NASA’s Commercial Lunar Payload Services (CLPS) program progressed. Firefly and Intuitive Machines both executed hardware deliveries ahead of scheduled moon landings in March 2025, underscoring near‑term revenue visibility for private lunar contractors. (Space Insider)
- Autonomous‑driving suppliers rose +18%, helped by lidar makers Ouster and Innoviz.
Thematic Industrials & Infrastructure Metatheme Indexes
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Thematic REITs
Q2 2025
- The REITs 2.0 metatheme slipped ‑1.20% QoQ, closing below its 200‑day moving averages. The fall was shallow thanks to strength in data‑center names, but five of the six sub‑indices finished in the red.
- Data Center & Logistics Real Estate rose +6.4% QoQ as hyperscale tenants raced to lock in power‑dense capacity. Top gainer Applied Digital signed a 250 MW, 15‑year lease with CoreWeave that could generate ~US $7bn in revenue—its largest deal to date—while Digital Realty reported record leasing rates and a US$9bn development pipeline targeted at AI workloads. (Applied Digital Corporation, CoinDesk, Insider Monkey)
- The Top 10 US Residential basket slid ‑11.5% YTD, and US Mortgage REITs fell ‑10.9% YTD despite a retreat in the average 30‑year fixed mortgage rate from above 7% in January to 6.66% by 6 March 2025. Elevated financing costs continue to weigh on acquisition spreads and dividend resets. (Norada Real Estate)
- The national median existing‑home price reached US $398,400 in February 2025, up 3.8% YoY, keeping the ownership cost burden near a record 32% of median income and limiting volume upside for single‑family landlords. (National Association of REALTORS®)
- The sub‑index dropped ‑1.68% QoQ as hybrid‑work‑driven vacancies persisted; select Tier‑1 CBD markets (e.g., New York City) saw improved tour activity but little evidence yet of sustained rent inflection.
Thematic REITs Metatheme Indexes
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