Ang teknikfonden, ta en titt på Intressant research kring tema- och branschfonder, artikel som släpptes 2021.
In fact, we find that the performance of specialized ETFs is disappointing in terms of both raw and risk-adjusted returns. A portfolio of all specialized ETFs achieves risk-adjusted returns of −3.1% per year, after fees. This underperformance is due mostly to recently launched specialized ETFs, which grossly underperform: about −6% annually in the first five years after inception. In comparison, the performance of broad-based ETFs is slightly negative, though statistically indistinguishable from zero. The underperformance of specialized ETFs is not explained by their higher fees, as it persists in terms of gross returns. The absolute size of the underperformance of specialized ETFs is nonnegligible in dollar terms given that the assets in these funds are sizeable—about $460 billion at the end of our sample. Figure 2 illustrates this result.
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We conjecture that issuers of specialized ETFs identify the popular trends in the market and respond to that demand by issuing products that track these trends. However, by the time new ETFs enter the market, the securities in which they invest have reached their valuation peak. Thus, specialized ETFs underperform after launch. According to this hypothesis, specialized ETFs are chosen as a speculative vehicle by investors who extrapolate past performance into the future.
Jag vill också slå index. Men man blir lite pessimistisk när man ser data som dessa 