Unfortunately, there are hardly any quantum computer stocks in this quantum computer fund

It may sound somewhat cynical: The numerous wars are a godsend for providers of listed investment funds, also known as ETFs. Defense ETFs with stocks like BAE Systems or Rheinmetall are currently among the most successful products on the stock market.

Whatever one's moral opinion of defense ETFs, it's an investment theme with good investment opportunities. Why? Because there are a number of companies specializing in the development of weapons systems whose shares are listed.

A newly launched product from Van Eck, the Quantum Computing ETF, illustrates that this isn't the case for some investment themes. Quantum computers are fundamentally interesting from an investor's perspective. Significant advances in their development raise hopes of a breakthrough – in just a few years, not decades.

Unfortunately, there's a problem: In addition to governments and universities, large tech companies like Amazon, Google, IBM, and Microsoft are working on developing these top-of-the-line computers. And for these corporations, they represent just one research activity among many.

This market structure poses a problem for the quantum computer ETF: The vast majority of the stocks in this product are only marginally related to the investment theme. In addition to the companies mentioned, the ETF also includes shares of Deutsche Telekom, Ericsson, HP, Intel, LG, Nokia, Samsung, and Sony. So, it could be any technology product, supplemented by a few exotics like Bank of America or Wells Fargo.

There are very few listed companies dedicated exclusively to the development of quantum computers, such as INOQ, Rigetti, or D-Wave. Van Eck has naturally included these pure players in the ETF, and with a high weighting. Nevertheless, they only account for 32 percent of the portfolio.

Upon request, the provider provides this explanation: "The ETF deliberately combines specialized pure-play companies with established companies that play a leading role in the development and commercialization of quantum computing. Precisely because the number of listed companies is currently still limited, we believe this structured mix of pioneers and strategic technology drivers offers ETF investors an opportunity to invest early in the quantum computing sector."

From Van Eck's perspective, this may all make sense. The firm is embracing the quantum computing investment theme ahead of all its competitors and is trying to replicate it more or less effectively.

But for investors, the math won't work out. They're buying a product with annual fees of 0.55 percent that can't even live up to its promise.

There are two better alternatives: Either you invest a small amount in the very risky stocks of pure players developing quantum computers. Or you buy an ETF that simply tracks the Nasdaq 100 technology index. This only costs 0.1 percent in fees.

An article from the « NZZ am Sonntag »