GraniteShares has launched the first exchange-traded products (ETP) offering investors access to the world’s largest tech stocks in a single, "high conviction" basket.
The FAANG, GAFAM and FATANG ETPs will be available as long, short and 3x leveraged ETFs, offering investors access to Facebook, Amazon, Apple, Netflix, Google, Microsoft and Tesla in a single ticker, without having to own other companies.
Each of the three acronyms has outperformed the S&P 500 over one, three and five years, and the constituent firms now represent roughly 26% of the entire US stock market by capitalisation.
The leveraged ETPs are available for a total expense ratio (TER) of 0.99%, while the unleveraged versions will feature a TER of 0.69%.
Will Rhind, founder and CEO of GraniteShares, said: "We are delighted to launch another first to market ETP suite and give investors pure index exposure to FAANG stocks for the first time."
"This ETP family is an opportunity for investors to express their convictions by investing in the index of their choice on an unleveraged or leveraged basis."