First Trust’s newest ETF aims to capture the global gaming and streaming industry in a passive strategy.
The First Trust S-Network Streaming & Gaming ETF (BNGE) debuted on the NYSE Arca Wednesday with an expense ratio of 0.70%.
BNGE follows an index from S-Network tracking global companies that have at least $100 million in market capitalization and $3 million in average daily trading volume in the prior three months, among other liquidity targets.
The index follows companies engaged in user-generated streaming services, video games and the e-sports industry, or derives revenues from producing technology in support of those industries. It rebalances quarterly.
BNGE enters a thematic ETF segment already mired in competition. The VanEck Video Gaming and eSports ETF (ESPO) is the largest fund targeting e-sports, with $547 million in assets. This fund is followed by the Wedbush ETFMG Video Game Tech ETF (GAMR), the Roundhill BITKRAFT Esports & Digital Entertainment ETF (NERD) and the Roundhill Streaming Services and Technology ETF (SUBZ), which round out the category with under $100 million in assets.