iBillionaire Inc., an investment firm that offers products based on the holdings of some of the world’s most noteworthy investors, will launch an exchange traded fund in the next several months that will supposedly help regular investors invest like billionaires.
iBillionaire “launched an index that uses regulatory filings to track the stocks that billionaires own,” reports Stuart Pfeifer for the Los Angeles Times. iBillionaire has landed $1 billion in start up funding and hired an unidentified ETF sponsor, the Times reported.
“The iBillionaire Index (BILLION) is designed to track and measure the performance those who have, over time, reaped the biggest rewards on Wall Street: financial billionaires. The index monitors the portfolios of leading billionaire investors, such as Warren Buffett, Carl Icahn, Daniel Loeb, David Tepper and David Einhorn,” according to iBillionaire.
Top-10 holdings in the index include Apple (NasdaqGM: AAPL), Wells Fargo (NYSE: WFC), American Express (NYSE: AXP) and Priceline.com (NasdaqGM: PCLN). Financials and technology dominate the iBillionaire index at the sector level, combining for almost 55% of the index’s weight.
The iBillionaire ETF will compete with the Global X Guru Index ETF (NYSEArca: GURU) and the AlphaClone Alternative Alpha ETF (NYSEArca: ALFA), which use 13F filings as the basis for their index holdings.