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Narrative ETF Intelligence

Most ETFs are selling a story.
Nobody is keeping score.

Bloomberg, FactSet and Morningstar measure performance. Thematic classifiers file an ETF in a box. Sentiment engines score tone. None measures a story as a unit, or the capital inside it.

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$15.7T
US ETF Market
81%
Of Market Capital Analyzed
1,096
ETFs Carrying a Story
148
ETFs in the Beta Book
22
Narrative Clusters
W25–W34
Live Data
The System

How loud the story is.
Who owns it.

Two measures, different inputs, never combined. A composite would assert that one moves the other.

THE NARRATIVE 22 ratified clusters The AI compute core · 2026-W36 01 · How loud it is 54.6 HOT Six channels, weekly 25 60 02 · Who owns it 54.5% moderate Held by its top three ETFs top three every other ETF Never combined Across all 22 narratives, attention and ownership rank all but independently this week: +0.10
01 · How loud it is · NAI · Narrative Attention Index

Six channels, equally weighted into one level, then placed in a band against the other twenty-one that week.

Channel Signal Weight Score Cross-sectional band YouTube views and engagement 16.7% Reddit posts and comments 16.7% Wikipedia article page views 16.7% GDELT news coverage 16.7% Google Trends search interest 16.7% Stocktwits message volume 16.7% Σ 54.6 NAI · ANCHORED The AI compute core · 2026-W36 HOT pct ≥ 0.85 WARM 0.15 < pct < 0.85 QUIET pct ≤ 0.15 DELTA · NOT PUBLISHED

The published axis is the level and its band. Delta is an internal data-quality trigger only, flagged beyond ±15. Every figure is a within-week measurement.

02 · Who owns it · SoN · Capital Share of Narrative

ETF assets times narrative exposure, never attention. Two readings: what one ETF holds of a story, and how concentrated that capital is.

C15 The fear layer NAI 38.7 · WARM
C13 Dollar displacement NAI 37.2 · WARM

Similar attention. Opposite ownership.

Narrative Exposure

The name is not
the exposure.

Three questions, in descending order of authority. Not one reads the ETF's name.

01
The prospectus
The N-1A objective sets the primary narrative. A mandate changes rarely; a name is marketing.
02
The holdings
A second cluster above twenty percent of the portfolio sets the secondary narrative. Its weight is one of five fixed ratios.
03
Market usage
What the ETF is used to express. It can confirm a secondary, never set one.

One ETF, decomposed.

EWY · iShares MSCI South Korea ETF · Narrative composition · 2026-W36
0.7/0.3 Standard dual
Dollar displacement
primary
The AI compute core
secondary
primary narrative WARM at 37.2 · one of 154 ETFs carrying it · EWY assets $24.4bn
Its name says South Korea. So does its filed objective, and step one reads that as the repricing of US exceptionalism. Step two then opens the portfolio and finds its two largest holdings are SK Hynix and Samsung Electronics, which are memory, and memory is the AI compute core. A country classifier files it under Korea and stops there.
The Weekly Board

Every story,
ranked against every other.

All twenty-two update at once, every Friday. This is the attention axis, exactly as subscribers receive it.

NAI SIGNAL STACK · BY ATTENTION LEVEL · 2026-W36
#CNarrativeCoversTop ETFsLevelNAIAttentionCoverage
01C5The rate regimeFed communications, yieldsBND SGOV AGG BIL
58.3HOT
02C2The productivity handoffEnterprise workflow marginIGV XLC CIBR FDN
56.6HOT
03C1The AI compute coreMemory and computeVGT XLK SMH SOXX
54.6HOT
04C16Pure narrative flowThe crowd as signalARKK BUZZ IBUY MILN
51.2HOT
85th percentile4 narratives HOT
05C6Hard asset flightDollar weakness, distrustGLD IAU SLV GLDM
50.4WARM
06C11Geopolitical supplyHormuz, OPEC, crudeXLE AMLP VDE XOP
50.0WARM
07C21The orbital economyLaunch, satellites, orbitNASA UFO UFOX WARP
49.6WARM
08C10The power constraintGrid and nuclearXLU VPU GRID URA
48.6WARM
09C8Crypto convictionBitcoin, regulation, adoptionIBIT FBTC GBTC ETHA
47.8WARM
10C19The defense tradeDeterrence and rearmamentXLI ITA VIS PPA
47.0WARM
11C22The quantum frontierBeyond silicon, pre-revenueQTUM WQTM CQTM QTUP
43.4WARM
12C18The refinancing cycleReal estate refinancingVNQ SCHH XLRE USRT
41.7WARM
13C9Onchain infrastructureMining meets computeBSOL LEGR BHYP GSOL
41.5WARM
14C12The reshoring tradeCritical materials, fabricationIGF PAVE XLB COPX
40.2WARM
15C17The income overlayCovered calls, dividendsSCHD VYM VIG JEPI
39.8WARM
16C4The biology tradeFDA decisions, CRISPRXLV VHT XBI IBB
39.6WARM
17C14The trade-war taxTariffs as costXLY AIRR VCR IYC
39.3WARM
18C15The fear layerOptions flow, hedgesDBMF CTA SBAR SVOL
38.7WARM
19C13Dollar displacementUS exceptionalism repricingVEA IEFA VXUS IEMG
37.2WARM
15th percentile3 narratives QUIET
20C7The credit signalSpreads and defaultsXLF VCIT LQD VCSH
35.6QUIET
21C3Physical AI layerProduction lines, logisticsBOTZ ROBO ARKQ IRBO
34.4QUIET
22C20The values tradeESG and anti-ESGESGU ESGV ESGD DSI
23.1QUIET
22 narratives ranked by attention level. Bar length is level on the fixed 25 to 60 domain. History: W31–W34.
Daily Narrative Wire

The board moves weekly.
The reasons move nightly.

Every evening before the next session: what moved, which story it belongs to, which ETFs carry it. Free.

Sample card · 2026-W36 · one of five a night
#1
Waller conditioned a September rate hike on next week's inflation print
C5 The rate regime NAI 58.3 · HOT
C7 The credit signal NAI 35.6 · QUIET
CONFIDENCE 88  |  HARD CATALYST  |  SOURCE: REUTERS
Federal Reserve Governor Christopher Waller said he would hold rates steady if August inflation cools and would consider a hike if it runs hot. The rate regime tops the board in the hottest band, and its capital is spread more thinly than any narrative near it: no ETF holds more than eleven percent of it and the hundred and nineteen outside the top five hold the majority. Conditioning the decision on one release concentrates the argument into a single print, and next week's inflation reading is what settles it.
ETFs are listed by measured Capital Share of Narrative. Placement cannot be bought and is not editorial.
Every weekday evening. No charge.
Coverage

Built for issuers.
Read by advisors.

Narrative ownership is a product decision before it is a marketing one. Issuers subscribe. Advisors read the wire, free.

ETF Issuers
Issuer Intelligence
For product and strategy teams. The average ETF that closed this year lasted under two years. Questions no dataset answers today.
  • How much of our ETF's story do we own?
  • Which stories carry real capital and almost no product?
  • Which channels carry the stories we are in?
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Financial Advisors
Advisor Intelligence
For advisors who still pick ETFs. A client asks about the story, not the ticker. Questions that arrive unannounced.
  • Which stories are loudest this week?
  • Which ETFs carry that story and at what weight?
  • Which story does last night's news belong to?
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