XLC is dominated by just three stocks – Facebook Inc. (NASDAQ: FB) and the two share classes of Google parent Alphabet Inc. (NASDAQ: GOOG). Those stocks combine for about 39% of the fund’s weight. EWCO offers more diversification among the communication services sector’s 26 components.

Just two of EWCO’s holdings exceed weights of 5%. The new ETF devotes 37.60% of its weight to media stocks while entertainment and interactive media names combine for nearly half the fund’s weight. Neither Facebook nor Alphabet are among EWCO’s top 10 holdings.

The new EWCO charges 0.40% per year, or $40 on a $10,000 investment.

For more on new ETFs, please visit our new ETFs channel.