Investments in thematic funds, focused on AI, robotics, and natural resources, are growing again. The super-theme of Quantum Computing is also gaining traction.
These investments allow access to long-term structural trends, with growth over the past few years being non-linear. After a strong expansion between 2020 and 2021, and a period of outflows between 2022 and 2024, there has been a significant return of interest since 2025.
Thematic Investments on the Rise
According to the report, thematic investments represent a structural component of portfolios, worth almost $70 billion in the European market. However, they still account for a limited share of the overall $3.6 trillion European ETF market.
The collection is still concentrated on a few key themes, such as robotics and AI, which, along with natural resources, have accounted for around 70% of new inflows. Benedetta Goldner, ETF Sales Director at BlackRock Italy, notes that there has been a further acceleration since the start of 2026, driven by a few structural drivers related to AI and resource scarcity, as well as new opportunities like Quantum Computing.
The Evolution of Thematic Indices
Stoxx has emerged as one of the main innovators in the sector, having developed over 60 strategies dedicated to long-term trends since 2011. The evolution of Stoxx’s thematic indices reflects the growing sophistication of the tools used to identify companies most exposed to structural trends.
The first generation of indices, developed in 2011, was based mainly on revenue analysis, privileging companies that already generated a significant portion of their revenue from activities directly related to the index’s theme. Later, the methodology expanded to include patent analysis and combined economic exposure with innovation indicators.
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This allowed for the identification of not only established market leaders but also emerging innovators in areas like the metaverse, digital entertainment, batteries, hydrogen, and AI infrastructure. The possession of a patent enables the identification of the value of intellectual property, guaranteeing the company a competitive positioning.
Quantum Computing: A New Frontier
Quantum Computing is a frontier technology that leverages quantum mechanics to process information much faster than traditional computers. While classical computers use bits (0 or 1), quantum computers use qubits, which can explore many possibilities simultaneously.
This allows for the rapid solution of complex problems. The Stoxx Global Quantum Computing index has been developed to intercept this evolution, selecting companies most involved in the development and application of quantum technologies.
The iShares Quantum Computing UCITS ETF is designed to track this index, providing exposure to the quantum computing theme. The selection is based on a combination of patent analysis and textual evaluation supported by proprietary AI algorithms.
The goal is to guarantee the “purity” of the theme, considering the number and quality of active patents, as well as the degree of technological specialization of the company. Two components generate a score that identifies the 30 companies with the most significant exposure to the Quantum Computing theme, based on the quality and number of patents and the degree of technological specialization.
With the Stoxx Global Quantum Computing index and the iShares Quantum Computing UCITS ETF, investors can now gain exposure to this emerging theme, which has the potential to bring about significant changes in various industries and create new opportunities for growth, much like low IPO activity has done in the past.
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