fbpx
QQQ
+ 7.36
309.05
+ 2.33%
DIA
+ 2.46
306.85
+ 0.8%
SPY
+ 5.16
373.48
+ 1.36%
TLT
+ 0.15
152.16
+ 0.1%
GLD
+ 2.84
169.69
+ 1.65%

New ETF Brings Innovative Tech To Investors

by
January 14, 2016 3:11 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
New ETF Brings Innovative Tech To Investors

State Street Corp. (NYSE: STT)'s State Street Global Advisors (SSgA), the third-largest U.S. issuer of exchange traded funds, today added to its lineup of well-known technology ETFs with the debut of the SPDR FactSet Innovative Technology ETF (NYSE: XITK).

The SPDR FactSet Innovative Technology ETF follows the “FactSet Innovative Technology Index, which is designed to represent the performance of US-listed stocks and American Depository Receipts (ADRs) of technology-related companies with high revenue growth. The Index is designed to tracking companies within the highest growth segments of the technology sector and the electronic media sub-sector of the media sector,” according to SSgA

The SPDR FactSet Innovative Technology ETF is home to 86 companies with a weighted average market capitalization of $17.2 billion. XITK's underlying index is equal weighted, which helps reduce stock specific risk.

“In addition to traditional Technology companies, Electronic Media companies are included in the Index because of their core focus on technology and the integral role technology plays in determining how such companies operate, innovate and compete within their industry,” according to SSgA.

The new ETFs holdings have “disruptive” business models, are working on leading edge technologies or services, are engaged in potentially game-changing research or a combination of those traits.

"In today’s low growth environment, investors have expressed a desire to access companies with the greatest potential to create change. XITK provides exposure to technology-related companies with high revenue growth, including those with disruptive business models,” said Nick Good, chief operating officer of the US intermediary business at State Street Global Advisors, in a statement. “This means investing beyond the stalwarts of the tech space and capturing newer firms that are innovating and changing the landscape.”

As of the end of the fourth quarter, top 10 holdings in XITK's underlying index included Splunk Inc (NASDAQ: SPLK), Qualcomm, Inc. (NASDAQ: QCOM) and Yelp Inc (NYSE: YELP). The new ETF charges 0.45 percent per year, or $45 for each $10,000 invested.


Related Articles

Why This Ethereum Alternative Is Grabbing Eyes Amid Crypto Markets Carnage

An alternative to Ethereum (ETH) saw heightened interest on a day when cryptocurrency market capitalization eroded by 18.51%. read more

Applied Materials, II-VI Are BofA's Favorite Semiconductor Plays For 2021

Tech stocks are poised to outperform yet again as the industry sees accelerating growth, according to an analyst at BofA Securities. read more

Will AMD Or Qualcomm Stock Grow More By 2022?

Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios. read more

'Halftime Report' Final Trades: Netflix, Facebook And More

On CNBC's 'Halfitme Report,' the investment committee gave their final trades. Virtus Investment Partners' Joseph Terranova likes Netflix, Inc. (NASDAQ: NFLX) and believes the stock is about to break out. read more