RIAs Add 20,000+ ETF Slots, Tilt to Real Assets

Registered investment advisors added 62,302 ETF positions and dropped 41,858 in the first quarter of 2026, a net increase of 20,444 slots, according to AdvizorPro’s Q1 2026 Quarterly RIA ETF Trends Report. The report draws on 13F filings and a holdings dataset covering 5,304 consistently reporting firms. The average number of ETFs held per RIA rose from 85.9 to 89.7.

Half of the firms tracked increased their ETF lineups in Q1, fewer than 29% reduced holdings, and about 20% held positions steady. Adds represented 13.7% of prior holdings while drops ran at 9.2%, indicating more new positions opened than existing ones closed.

Category-level changes showed the largest gains in real assets. Equity energy, natural resources, and broad commodities baskets combined for 528 net new RIA allocators. Fund-level increases included the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), which grew its RIA allocator base by 62.7%, the Sprott Critical Materials ETF (SETM) by 61.5%, the Global X Copper Miners ETF (COPX) by 44.5%, and the VanEck Oil Services ETF (OIH) by 44.4%.

Defense- and aerospace-related industrials also recorded new allocations. The Global X Defense Tech ETF (SHLD) added 93 net new RIA relationships in Q1, the SPDR S&P Aerospace & Defense ETF (XAR) added 69, and the Invesco Aerospace & Defense ETF (PPA) added 44. Combined, those three funds accounted for more than 200 net new RIA relationships.

Active managers gained traction in the RIA channel. Akre Capital Management’s Akre Focus ETF (AKRE) increased its RIA relationships from 140 to 404 in the quarter, a 188.6% increase. AdvizorPro’s dataset shows that growth concentrated in mid-market RIAs, defined in the report as firms with $1 billion to $100 billion in assets. Other active issuers that expanded their RIA allocator counts in Q1 include Cohen & Steers (+35.3%), MFS Investment Management (more than 33%), and First Eagle Investments (more than 33%).

RIAs added some higher-fee, risk-managed strategies. The Convergence Long/Short Equity ETF (CLSE) moved from 55 to 69 RIA relationships (25.5% growth). The AGF U.S. Market Neutral Anti-Beta Fund (BTAL) added about 7% more RIA relationships. Infrastructure-focused funds that gained RIA allocators included the Virtus InfraCap U.S. Preferred Stock ETF (PFFA), which rose by 9.5%, and the InfraCap MLP ETF (AMZA), which rose by 6.5%.

The AdvizorPro report maps changes in allocator counts and position turnover using public filings and its holdings dataset of 5,304 consistently reporting RIAs for Q1 2026.