Direxion Launches Nanotech ETF
It’s the fifth thematic ETF for the issuer of primarily geared funds.
Direxion is targeting nanotechnology for its fifth thematic ETF.
The Direxion Nanotechnology ETF (TYNE) launched on the NYSE Arca on Tuesday, sporting a 0.65% expense ratio.
TYNE follows the S&P Kensho Nanotechnology Index, composed of domestic and foreign companies engaged in nanotechnology, or industrial uses for matter at the atomic and molecular level. It uses machine-processing technology to select companies it believes are most exposed to the industry.
The index has gained 21.72% year-to-date and 52.81% over the last 12 months, and holds 29 equally weighted constituents.
TYNE is going up directly against the ProShares Nanotechnology ETF (TINY), which has garnered $5.43 million since launching in late October. TINY uses the Solactive Nanotechnology Index, which holds 30 companies. Moderna and AMD dominate that index, carrying almost 20% of the weighting.
Contact Dan Mika at [email protected], and follow him on Twitter