ALPS ETF Trust has changed the underlying index for the ALPS Equal Sector Weight ETF (NYSE Arca: EQL). The fund previously tracked the BofA Securities Merrill Lynch Equal Sector Weight Index but will now replicate the NYSE Select Sector Equal Weight Index. The fund’s name and ticker symbol will remain unchanged.

The ETF of ETFs invests equally in ten SPDR US sector ETFs.

The ETF is a fund of funds, investing in equal proportions in each of the ten SPDR US sector ETFs from provider State Street Global Advisors (SSGA). The ETFs provide exposure to S&P 500 firms operating in specific sectors – as defined by the Global Industry Classification Standard (GICS) – with the exception of telecommunications.

EQL was launched in July 2009, and currently has $162 million in assets under management and a total expense ratio of 0.30%. It has returned 16.5% in the 12 months to 3 October 2017.

ALPS has 21 ETFs listed in the US covering niche categories including thematics, alternative weighting, and smart beta. The star of the ALPS stable is the ALPS Sector Dividend Dogs ETF (NYSE Arca: SDOG), which has $2.3 billion in assets under management.