The numbers are clear: The fund analysis company Morningstar counted 192 funds that focus on special investment themes in 2006. Only 83 of them are still on the market today; far more than half have now been closed. This usually happens when the funds are not collecting enough money from investors – and it’s part of the business. “They are designed to be trendy,” says Morningstar analyst Kenneth Lamont. If the supposed trend is over, the fund disappears again. This applies to active theme funds, but also to the popular, exchange-traded, passive index funds (ETFs). “Fund companies can close them at any time,” says consumer advocate Niels Nauhauser.