Exchange Traded Concepts (ETC) has teamed up with Eve Capital to launch the first ETF focusing exclusively on public companies engaged in the manufacture and sale of wearable devices and their component manufacturers on the Bats Exchange.
The WEAR ETF (WEAR) is based on the Wearables Index, developed by EQM Indexes, and has an expense ratio of 0.85 per cent.
The fund includes companies such as Apple at 3 per cent, Fitbit at 1.66 per cent, Garmin at 3.07 per cent, Boston Scientific at 2.63 per cent, GoPro at 2.65 per cent and Seiko at 3.07 per cent among others.
"Wearable devices are changing the way people work and play. They are becoming more and more a part of our daily lives," says Bryce Tillery, chief executive officer of Eve Capital. "We think this trend will continue far into the future as devices become smaller and faster and new technologies enable more uses for wearable devices."
"The wearable industry is very exciting and changing rapidly," says J Garrett Stevens, CEO of Exchange Traded Concepts. "The WEAR ETF allows investors to participate in the breakthrough technologies and sales channels that we believe will continue to drive growth in this market. We are proud to deliver this product to the market."