Direxion Launches Nanotech ETF
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 dan.mika@etf.com, and follow him on Twitter
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