Amundi has expanded its ETF range with the launch of a large-cap US tech equal-weight strategy.
The Amundi US Tech 100 Equal Weight UCITS ETF (WEBB) is listed on the Deutsche Boerse with a total expense ratio (TER) of 0.07%.
WEBB tracks the Solactive United States Technology 100 Equal Weight index which offers exposure to 100 largest companies on the Nasdaq Stock Exchange.
Over a third of the index is weighted towards information technology at 37.3%, followed by consumer discretionary at 14.4% and health at 14%.
Other big industries include hardware, software, telecommunications and biotechnology.
The Nasdaq 100 has had a tumultuous year as debt-laden tech stocks have been hit hard by rising interest rates. The index has returned -30.3% versus -17.5% for the S&P 500.
The equally weighted version of the index has returned -22.6% over the same period due to its natural bias to small caps and lower exposure to the FAANGs which have suffered this year.
It follows the launch of the Amundi S&P 500 Equal Weight ESG Leaders UCITS ETF (WELE) which listed on the Deutsche Boerse in June with a TER of 0.18%.
WEBB is labelled Article 6 under the Sustainable Finance Disclosure Regulation (SFDR).
It is the second ETF issuer to launch a Nasdaq 100-focused product in a week after French rival AXA Investment Managers launched the AXA IM 100 UCITS ETF (ANAU) last Wednesday.
In October, ETF Stream revealed Amundi launched 10 global ESG sector ETFs with a €600m seeding from a Dutch investor.
Last week, Europe’s largest asset manager reclassified its entire €19bn Paris Aligned-Benchmark and Climate Transition Benchmark (CTB) ETF range from Article 9 to Article 8.
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