RIAs spent the second quarter rotating out of the real-asset trade that defined the start of 2026 and into technology and artificial-intelligence exposure, according to new data from AdvizorPro, while a separate analysis suggests the ETF calls advisors make may be driven at least partly by factors beyond their control.
AdvizorPro's Q2 2026 RIA ETF Trends Report, which tracked 5,398 RIAs present in both the first and second quarter, found technology-focused funds attracted 230 net RIA allocators, more than any other segment.
Semiconductor and AI-focused funds led the charge: the iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH) each gained more than 200 net RIA relationships in the quarter, while artificial-intelligence names such as Global X's AIQ and Defiance's QTUM also posted double-digit percentage gains.
At the same time, commodities-focused funds shed 103 RIAs and Digital Assets lost 86, essentially reversing the real-asset surge AdvizorPro documented in its first-quarter report.
The average RIA portfolio held 92.9 unique ETFs by the end of the quarter, up from 88.4 in the first quarter, a bigger jump than the prior period's increase. Nearly two-thirds of firms, 63.4%, added ETFs while just 18.2% trimmed their lineups, a ratio AdvizorPro said widened from roughly 2-to-1 in the first quarter. Turnover held fairly steady at 11.6% of holdings, with adds outpacing drops by close to 1.6 to 1, producing a net gain of nearly 25,000 ETF positions across the tracked universe.
Among issuers, every one of the ten largest ETF providers by RIA penetration added advisors this quarter. Invesco led that group with 95 net new RIA relationships, followed by Schwab ETFs, First Trust and VanEck.
But the sharpest percentage gains came from smaller, actively managed shops: EntrepreneurShares grew its RIA base 115.6%, largely on the strength of its XOVR crossover fund, while Baron Capital and ProcureAM posted gains above 70%.
New-launch adoption slowed sharply in the second quarter – only 41 tickers appeared in RIA portfolios for the first time, down from 140 in the first quarter – suggesting advisors grew more selective about which new products earned a spot.
A separate report from ISS Market Intelligence this week complicates the picture of who is driving these allocation shifts. Based on 13F holdings data, ISS MI estimates that at least $1.8 trillion, or 35%, of the $4.3 trillion in ETF assets held in discretionary brokerage and advisory accounts as of the first quarter exhibited what it calls "model-like characteristics" – meaning the holdings resemble a structured model portfolio even when the advisor may not be operating within a formally labeled one.
As of March 2026, wirehouses accounted for 31% of model-like assets, while RIAs and independents made up 29% and 25%, respectively.
The firm's research found sharp variations in model influence over ETF selection, depending on the advisor channel. At wirehouses, portfolio construction runs through centralized CIO-directed frameworks and approved lists, producing portfolios that look broadly similar across firms.
Meanwhile, independent RIAs remain the most fragmented channel, but ISS MI noted that scale is gradually concentrating portfolio authority among investment committees, outsourced chief investment officers, and strategist relationships at mid- and large-sized firms, even as smaller RIAs retain more autonomy.
Elise Terry, head of US iShares at BlackRock, recently described a trend of "customization at scale," where advisory firms standardize how they build portfolios while still leaving room for individual client needs.
Besides more firms building their own proprietary model portolios, she said smaller RIAs are exhibiting "greater willingness to outsource portfolio management through OCIO relationships so advisors can focus on planning and client relationships."
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