Evolve Funds has launched an ETF providing exposure to a basket of popular US technology stocks.

Raj Lala, President and CEO of Evolve Funds.

The Evolve FANGMA Index ETF has listed on Toronto Stock Exchange and tracks the Solactive FANGMA Equal Weight Index.

The fund has listed with US dollar (Ticker: TECH.U CN), Canadian dollar (TECH.C CN), and hedged Canadian dollar (TECH CN) share classes.

The underlying index consists of six technology giants as represented by the FANGMA acronym: Facebook, Amazon, Netflix, Google (Alphabet), Microsoft, and Apple.

The index is equally weighted and rebalanced quarterly.

The six firms in the index collectively account for approximately $7.7 trillion in market capitalization – roughly 20% of the S&P 500 and 40% of the Nasdaq 100.

The fund offers investors a liquid and convenient means to obtain exposure to six household technology names at a far lower price point than would be possible from the direct purchase of these companies’ shares.

“The FANGMA Index ETF is first of its kind, providing investors with simplified access to the world’s six tech giants in one ETF,” says Raj Lala, President and CEO, at Evolve.

“One of the numerous operational advantages of using this fund is the fact that investors can get exposure to these six companies for a $10 starting share price. This compares with investing over $7,000 at current market prices to purchase one share of each of these companies. This ETF provides investors with a mechanism to control their overall portfolio exposure to the largest technology companies in the world.”

The fund comes with an expense ratio of 0.40%.