Activision Blizzard (NASDAQ: ATVI), nearly 5% of ESPO’s weight and the ETF’s ninth-largest holding, released Call of Duty: Black Ops 4 in October as well.

“Analysts are predicting that the widespread popularity of Black Ops 4 will chip away at Fortnite’s dedicated user base, reinforcing the notion that the continual release of new games provides a number of benefits for both publishers and consumers,” according to VanEck.

Broader market weakness and the US/China trade spat have hindered ESPO’s performance the fund came to market, but long-term industry fundamentals look strong.

“We believe, lower prices are now presenting relatively attractive valuations, compared to levels from only a few months ago. The video game industry, boosted by the rise of esports, sits at the forefront of global cultural consciousness, and video gaming revenues remain robust,” according to VanEck.

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