PureFunds, the issuer of the wildly popular PureFunds ISE Cyber Security ETF (NYSEArca: HACK), doubled the size of its exchange traded funds stable today with the introduction of two new funds, both of which are first-of-their-kind in various technology niches.
As PureFunds did with HACK, it is blazing new trails with the launch of the PureFunds ISE Mobile Payments ETF (NYSEArca: IPAY), the first ETF dedicated to providers of mobile payments solutions. ISE ETF Ventures, the new ETF’s index provider, is also the index provider for HACK and the PureFunds ISE Junior Silver Small Cap Miners/Explorers ETF (NYSEArca: SILJ), the other PureFunds ETF. [Headlines Help HACK]
IPAY’s underlying index “tracks companies at the forefront of the mobile, electronic, and digital payments industry,” according to a statement from PureFunds.
Index constituents include Dow components American Express (NYSE: AXP) and Visa (NYSE: V) as well as MasterCard (NYSE: MA) and PayPal Holdings (NasdaqGS: PYPLV). Those stocks combine for nearly 24% of the index’s weight, according to ISE data.
The index is home to 31 companies with an average market value of $30 billion.
“Mobile payments can expand the global revenue pie from $175 billion to $250 billion, including $45 billion in developed markets and $30 billion in emerging markets,” said Smittipon Srethapramote, who covers the North American payments industry for Morgan Stanley, in a note out earlier this year.
The PureFunds ISE Big Data ETF (NYSEArca: BDAT) is the other new ETF introduced by PureFunds today. BDAT is benchmarked to the ISE Big Data Index, which “follows companies that provide products and services that facilitate the creation, management, and analysis of oversized data sets,” according to the statement.