Taiwan-listed ETFs fell on average over the past month, but funds themed around shipping, rare earths and biotechnology bucked the trend with sharp gains — bad news for investors who bet wrong on tech stocks, good news for those with diversified holdings.

• The more than 280 ETFs listed in Taiwan fell an average of 8.6% over the past month, with volatility in tech stocks the main cause.
• A global shipping leaders ETF (00960) topped the table with a 23% gain, as the situation between the United States and Iran, along with peak season for dry bulk and tankers, supported freight rates.
• A rare earths and critical resources ETF (009821) rose 20%, as safe-haven demand pushed gold above US$4,600 an ounce.
• Biotech and healthcare ETFs gained close to 20%, with international biotech conferences and new drug data in the second half of the year the focus going forward.
• Taiwan's benchmark index surged 663 points yesterday to close at 45,832, with financial stocks performing strongly. At the same time, the Taiwan Stock Exchange extended the monitoring period for investors who default on settlement from one year to five years.

Outlook: As long as tech stocks remain volatile, funds may continue to flow into thematic ETFs such as shipping, commodities and biotech that are decoupled from the tech cycle.