Investors looking to follow the smart money and own some of the same stock as the sharpest minds on Wall Street have a new exchange traded fund to consider with the debut of the Direxion iBillionaire Index ETF (NYSEArca: IBLN) today.
IBLN follows 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. [Billionaire ETF on the Way]
“The iBillionaire Index, introduced in November 2013, consists of the 30 leading U.S. stocks in which a pool of up to 10 billionaires has invested the most assets. All billionaires in the pool must meet several criteria, including a portfolio turnover rate of less than 50 percent and a demonstrated long-term investment strategy,” according to a statement released by Direxion.
The index was launched in November 2013. Only money managers that oversee more than $100 million in U.S. stocks are eligible for inclusion. IBLN will only feature exposure to large-cap U.S. equities. The new ETF will charge 0.65% per year.