There are exchange-traded funds (ETFs) for almost every niche out there, from health trends to solar power to even marijuana.
Now New York-based Toroso Investments has launched an ETF that will allow investors to chase the growth potential of ETFs themselves.
The ETF Industry Exposure & Financial Services ETF was launched on April 20 on the NYSE and comes into the market after over $2.9 trillion has been poured into the funds over the last 10 years.
The new ETF index includes asset managers, such as BlackRock, Charles Schwab Corp, Invesco, State Street and WisdomTree Investments, as well as other firms that derive revenue from ETFs.
It also contains other companies benefiting from ETFs’ rise like ETF sponsors, index and data companies, trading and custody providers and exchanges, among others.
It will have 50% exposure to companies participating in the industry, 25% in companies indirectly linked to the market, 15% in companies with moderate levels of participation and 10% in new entrants and smaller players in the market.
The new launch is being overseen by the firm’s CIO, Mike Venuto, and CEO, Guillermo Trias, as well as sector specialists from Purview Investments, Level ETF Ventures and Big Tree Capital.
The Toroso ETF Industry Index has been licensed to Exchange Traded Concepts, the adviser to their newly launched ETF.