Billionaire ETF to Debut Friday

A new spin on the guru exchange traded fund comes to market Friday when the Direxion iBillionaire Index ETF debuts under the ticker “IBLN.”

The new ETF tracks iBillionaire Inc.’s iBillionaire Index (BILLIONR). That index “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), Micron Technology (NasdaqGS: MU), (NasdaqGM: PCLN) and Dow Chemical (NYSE: DOW). [Billionaire ETF Close to Debut]

The index “picks the top 10 billionaires by performance. It judges performance by looking at filings called 13Fs that investors overseeing more than $100 million in U.S. equities must file with the Securities and Exchange Commission,” reports Eric Balchunas for Bloomberg.

IBLN will only feature exposure to large-cap U.S. equities. The new ETF will charge 0.65% per year and is part of Direxion’s ongoing effort to deepen its bench of non-leveraged ETFs.