On Friday, Eve Capital with ETC services rolled out the Wear ETF (BATS: WEAR). WEAR comes with a 0.85% expense ratio.
“The wearable industry is very exciting and changing rapidly,” J. Garrett Stevens, CEO of Exchange Traded Concepts, said in a statement. “The WEAR ETF allows investors to participate in the breakthrough technologies and sales channels that we believe will continue to drive growth in this market.”
The Wear ETF tries to reflect the performance of the EQM Wearables Index, which is designed to follow companies that have a current or future business focus on wearable technology devices.
Specifically, underlying components are involved in the sale of technology devices that can be worn on the body that are sued for sports, wellness, industrial, military, lifestyle, infotainment, or healthcare, along with the manufacture of components used in wearable devices.
“Wearable devices are changing the way people work and play. They are becoming more and more a part of our daily lives,” Bryce Tillery, Chief Executive Officer of Eve Capital, said in a press release. “We think this trend will continue far into the future as devices become smaller and faster and new technologies enable more uses for wearable devices.”
The underlying index also follows a modified equal weighting methodology where constituents are equal-weighted but core holdings are subject to a multiplier of 1.5 times the equal weight.
Components include notable firms like Abbott Laboratories (NYSE: ABT), Alphabet Inc (NasdaqGS: GOOGL), Analog Devices (NasdaqGS: ADI), Apple (NasdaqGS: AAPL) and Biotelemetry (NasdaqGS: BEAT).
According to EQM Indexes, sub-sectors include display, healthcare/medical, industrial/military, infotainment/lifestyle, semiconductors, sensors and sports/fitness.
The underlying index also includes a hefty U.S. weight, along with other markets including Denmark, Finland, Germany, Ireland, Japan, Netherlands, Singapore, South Korea, Switzerland and Taiwan.
For more information on new fund products, visit our new ETFs category.