Overview
Investment banks, broker-dealers, and securities exchanges. Goldman Sachs, Morgan Stanley, Cboe, CME Group. Capital markets deal flow and trading volume drive revenues. Exchanges profit from volatility regardless of direction.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| GS | Goldman Sachs | 14.8% |
| MS | Morgan Stanley | 12.4% |
| RJF | Raymond James | 8.4% |
| CBOE | Cboe Global Markets | 7.8% |
| CME | CME Group | 7.4% |
| SCHW | Charles Schwab | 6.8% |
| ICE | Intercontinental Exch. | 6.4% |
| LPLA | LPL Financial | 5.8% |
| HOOD | Robinhood Markets | 4.8% |
| VIRT | Virtu Financial | 4.4% |
Fund Details
Investment Thesis
IAI captures the Wall Street ecosystem — investment banks, broker-dealers, and securities exchanges that profit from capital markets activity, trading volume, and asset management growth. Unlike XLF which includes insurance and commercial banks, IAI focuses specifically on companies that benefit directly from financial market activity levels. Securities exchanges like Cboe, CME, and ICE add a uniquely defensive element: exchanges profit from volatility regardless of market direction. In years of high trading volumes, robust IPO markets, and strong M&A deal flow, IAI significantly outperforms the broader financial sector.
Who It's For
Investors with a positive view on capital markets activity and deal flow who want purer exposure to investment banking and trading revenues than broad financial sector ETFs provide. IAI suits those who believe the AI-driven corporate restructuring cycle and elevated market volatility will benefit broker-dealers and exchanges disproportionately versus commercial banks. Also used for tactical positioning around periods of expected high M&A activity or market volatility spikes.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $56.42 | -- |
| 2017 | $72.82 | +29.1% |
| 2018 | $64.42 | -11.6% |
| 2019 | $82.42 | +27.9% |
| 2020 | $86.42 | +4.9% |
| 2021 | $108.42 | +25.5% |
| 2022 | $88.42 | -18.4% |
| 2023 | $108.42 | +22.6% |
| 2024 | $134.42 | +24.0% |
| 2025 | $167.72 | +24.8% |
| Year | Yield |
|---|---|
| 2016 | 0.82% |
| 2017 | 0.72% |
| 2018 | 0.82% |
| 2019 | 0.72% |
| 2020 | 0.62% |
| 2021 | 0.52% |
| 2022 | 0.68% |
| 2023 | 0.62% |
| 2024 | 0.68% |
| 2025 | 0.82% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.4B | -- |
| 2017 | $0.5B | +25.0% |
| 2018 | $0.4B | -20.0% |
| 2019 | $0.5B | +25.0% |
| 2020 | $0.5B | 0.0% |
| 2021 | $0.7B | +40.0% |
| 2022 | $0.5B | -28.6% |
| 2023 | $0.6B | +20.0% |
| 2024 | $0.6B | 0.0% |
| 2025 | $0.49B | -18.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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