‘The world is being indexed,’ Josh Brown told fund selectors at Citywire Berlin a few years ago and now it would appear exchange-traded funds (ETFs) themselves are not safe from being turned into ETFs.
The newly launched ETF Industry Exposure & Financial Services ETF, which got underway on 20 April, will offer investors access to companies and providers driving growth in the ETF industry.
Developed by US-based Toroso Investments, the new launch is being overseen by the firm’s CIO and CEO, as well as sector specialists from Purview Investments, Level ETF Ventures and Big Tree Capital.
This will include asset management firms, public companies deriving their revenue from ETFs, 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 Toroso ETF Industry Index has been licensed to Exchange Traded Concepts, the adviser to TETF. The fund began trading on 20 April on the NYSE.