And then there were three: the Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) debuted Tuesday.
The new ETF, the latest in a long line of thematic funds from Global X, tracks the Solactive Autonomous & Electric Vehicles Index. DRIV features companies “involved in the development of autonomous vehicle software and hardware, as well as companies that produce EVs, EV components such as lithium batteries, and critical EV materials such as lithium and cobalt,” according to Global X.
EV Opportunity
Electric vehicles are obvious competitors to automobiles powered by internal combustion engines. Declining production costs could increase EV adoption in coming years, powering ETFs related to the EV theme.
DRIV holds 75 stocks. About 76 percent, on a combined basis, hail from the technology and consumer discretionary sectors. Materials is the new ETF's third-largest sector weight at 14.92 percent.
Familiar Fare
DRIV is a global ETF with exposure to 15 countries, but the U.S. accounts for over 52 percent of the new ETF's geographic exposure. The new Global X fund charges 0.68 percent per year, or $68 on a $10,000 investment.
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