It looks like most ETF investors aren’t cashing in on tech, despite this year’s painful losses.

Widespread ARK innovations ETFs and SPDR Technology Select Sector Funddown 59% and 25% respectively this year, are not showing significant outflows this year.

Invesco’s Anna Paglia says the reason is that investors are more loyal to the idea of ​​growth than short-term market fluctuations.

“You don’t judge the growth of companies based on what’s happening today, [and] what’s going to happen next month,” the company’s global head of ETFs and index strategies told CNBC’s “ETF Edge” last week.

The Nasdaq rose nearly 3% on Friday — climbing more than 2% for the week during a tough part of the earnings season. Although the technology index is back AmazonEstimates following Thursday’s quarterly earnings and guidance.

The Nasdaq is still nearly 32% off its all-time high hit last November.

However, many high volume ETFs including Proshares Ultrapro QQQwhich tracks Nasdaq 100, are also holding on to investors. This year it fell by 74%.

VettaFi’s Dave Nadig believes that future growth prospects are driving investor interest. Short debt QQQs in the ETF space have been “steady volume supporters” since launch, according to Nadzig.

“We can refer to QQQ as a perfect example here. People who trade short Q and leveraged Q are not doing so because they are looking for a more efficient beta for their retirement plan. They’re doing it because we’re making a call to technology,” said the firm’s financial futurist.

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