There are plenty of internet ETFs dedicated to Internet stocks, opening the possibility that some good funds in this arena can go overlooked. That is the case with the SPDR S&P Internet ETF (NYSEArca: XWEB).

XWEB is comprised of internet names taken from the S&P Total Market Index. The ETF tracks the S&P Internet Select Industry Index.

XWEB “seeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocks,” according to State Street Global Advisors (SsgA).

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After surging 37% last year, technology remains a favorite among investors, despite data suggesting technology stocks are relatively expensive as they trade at elevated price-to-earnings compared to the broader S&P 500. Roughly a third of global fund managers say they are overweight tech in their portfolios, according to a recent Bank of America Merrill Lynch survey.

“XWEB holds 68 stocks and follows the S&P Internet Select Industry Index. Like the other S&P select industry benchmarks, XWEB’s index is equally weighted, a methodology that helps limit single stock risk. None of XWEB’s holdings account for more than 2% of the fund’s weight. The weighted average market value of this internet fund’s holdings is less than $40 billion, indicating XWEB is not highly dependent on the Amazon’s and Facebook’s of the world as primary drivers of performance,” according to InvestorPlace.

Related: Two Tech Trends Shaping 2018

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