A once-hot sliver of the exchange-traded funds universe focused on thematic investing is having another difficult year.
Investors have yanked roughly $2.6 billion from these types of ETFs so far in 2023, putting them on pace for their worst year of outflows in data going back to 2001, according to Bloomberg Intelligence. If the trend holds it will be the second consecutive year of cash leaving thematic funds, the first such losing streak of the last two decades.
“I call it thematic fatigue,” said Bloomberg Intelligence’s Athanasios Psarofagis. “People got burned by themes, like with ARKK. So they either are already in and don’t want to allocate more, or didn’t want to chase returns. Flows just flatlined.” But it’s not just ARK funds that have seen outflows — money has also been pulled from clean energy, cloud computing, natural resources, fintech and cybersecurity-centered products, among many others, the data compiled by BI show. ETFs targeting electric cars and batteries have seen more than $500 million leave, while those focused on travel and leisure have suffered outflows of more than $800 million.
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