BetaShares launches Aussie tech ETF
BetaShares has launched its first technology-focused exchange traded fund (ETF), the BetaShares S&P/ASX Australian Technology ETF (ATEC), to provide access to ASX-listed tech companies.
The fund would track the S&P/ASX All Technology Index which provided exposure to a range of tech-related segments such as information technology, consumer electronics, online retail and medical technology. It also included companies that had a market cap of at least $120 million, exceed minimum liquidity threshholds and were a part of broad technology sub-sector classifications.
“We are excited to be able to give Australian investors the chance to invest in a diversified portfolio of ASX-listed technology companies,” BetaShares’ chief executive, Alex Vynokur, said.
“Technology has been one of the standout industry sectors globally and Australia’s dynamic technology sector has been growing rapidly. Our new fund will deliver a simple, cost-effective way to get exposure to the exciting opportunities this sector offers while additionally providing important sector diversification benefits that many investors’ portfolios may lack.”
Commenting, Max Cunningham, executive general manager, listings and issuer services at ASX, said: “The launch of the BetaShares ETF validates the growing market interest in technology stocks. It will enhance the profile and understanding of listed technology companies in Australia, and increase opportunities for investors”.
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