Today Direxion rolled out an ETF that targets sustainability by investing in companies that offer products that can be used multiple times, abandoning the single use standard that has been common. The Direxion World Without Waste ETF (WWOW) focuses on companies falling into the following five categories detailed in the prospectus: sustainability of resources; sharing platforms; resource recovery; product as a service; and life cycle extension.
The fund comes with an expense ratio of 0.50% and lists on the NYSE Arca.
WWOW is a wide-ranging fund, including the top 10 selections from each of its five categories of focus. The types of companies in the index include everything from those involved in the renewable energy space to crowd funding or collaborative platforms to companies in the subscription economy. Companies must meet size and liquidity requirements. The index implements an equal weighting approach and draws its components mainly from the information technology, consumer discretionary and industrial sectors, the document says.
At launch, WWOW’s top holdings included Jumia Technologies (7.38%), Tesla (6%), Enphase Energy (5.96%), Etsy (4.53%) and Snap (3.33%).
The fund is Direxion’s 10th launch this year.
In other news, the North Shore Dual Share Class ETF (DUAL) is set to close before the end of the year. The fund will stop accepting creations orders on Dec. 21, and its last day of trading will be Dec. 29. Year-to-date, completed closures stand at roughly 250, a record breaking amount no matter what the final count is.
DUAL launched in August and never really gathered much in the way of assets.
Contact Heather Bell at [email protected]