Here's something interesting about the Trump administration's return: it's not creating new investment trends so much as turning up the volume on ones that were already playing. That's the read from Dave Mazza, CEO of Roundhill Investments, who's been watching how policy shifts are reshaping the thematic ETF landscape.
Roundhill runs thematic ETFs covering everything from the Magnificent Seven to sports betting, cannabis, weight-loss drugs, and the metaverse. So Mazza has a pretty good vantage point for spotting where investor money is flowing.
When Policy Becomes the Input
The big shift in 2025? Policy suddenly matters more for markets than it has in recent years.
"The biggest change was that policy mattered more for markets," Mazza explained. "When policy becomes a more direct input, dispersion tends to rise, and real-economy themes get more attention."
Translation: when the White House starts pulling specific policy levers, some sectors win big while others don't. That creates opportunities for investors who can identify which themes have tailwinds.
According to Mazza, Trump's first year back in office reinforced a pattern where policy tends to favor domestic investments, physical infrastructure, and productivity gains. "That's generally a good environment for themes tied to real capital spending," he said.
Three Themes Standing Out
When asked which themes have benefited most from the Trump administration's approach, Mazza pointed to artificial intelligence, energy security, and healthcare as the standout areas.
"Policy didn't create these trends, but it amplified them and made thematic positioning feel more relevant," Mazza said. He emphasized that thematic ETFs work best when policy creates clear winners and losers. "The strongest themes are tied to tangible investment and structural change, not hype."
Artificial Intelligence: Beyond the Hype
AI is moving past the buzzword phase and into actual deployment, according to Mazza. "AI benefited from actions aimed at accelerating infrastructure and reducing friction around deployment."
The focus is shifting toward practical applications: automation, robotics, autonomous systems, and AI infrastructure for manufacturing and logistics. This is the unglamorous stuff that actually requires capital spending and creates measurable economic impact.
Roundhill offers several ETFs positioned to capture this theme, including the Roundhill Magnificent Seven ETF (MAGS), Roundhill Generative AI & Technology ETF (CHAT), and Roundhill Humanoid Robotics ETF (HUMN).
Energy Security: Nuclear's Comeback
The second major theme Mazza highlighted is energy security, with nuclear power making a serious return to the conversation.
"Electricity demand from AI, reshoring, and electrification is pushing nuclear and related supply chains back into the mainstream. This looks like a multi-year capital cycle, not a short-term trade."
Think about it: AI data centers are electricity hogs, manufacturing is coming back to the U.S., and everything is getting electrified. That creates sustained demand for reliable baseload power, which is exactly what nuclear provides.
For investors interested in this theme, Roundhill offers the Roundhill Uranium ETF (UX) as a way to gain exposure to the nuclear and uranium sector.
Healthcare Productivity: The GLP-1 Revolution
The third key theme centers on healthcare, particularly around pricing and access to GLP-1 drugs—those weight-loss medications that have been making headlines.
"GLP-1 adoption continues to reshape obesity and metabolic health, and the opportunity has broadened well beyond drug developers into the surrounding ecosystem," Mazza noted.
This isn't just about the pharmaceutical companies making the drugs anymore. The opportunity extends to the entire value chain: manufacturing, distribution, healthcare services, and related industries that benefit from improved metabolic health outcomes.
Roundhill's Roundhill GLP-1 & Weight Loss ETF (OZEM) offers a pure-play option for investors seeking exposure to this trend.
Themes Worth Watching
Beyond his top three, Mazza also flagged space exploration and defense as areas deserving attention. "With a framework (albeit early) now in place, there is a clear opportunity for space exploration companies that have the tailwind of supportive U.S. government policy."
The broader takeaway? We're in an environment where policy is actively shaping which sectors get capital and attention. For thematic investors, that creates both opportunities and risks—but mainly opportunities if you can identify where the policy winds are blowing.
