Financial services provider Indxx’s US Tech Top 10 index has been licensed by South Korea-based exchange-traded fund (ETF) issuer Mirae Asset Global Investments as the underlying benchmark for the TIGER US Tech Top 10 INDXX ETF, which began trading on April 9.
The index tracks the performance of the top 10 largest tech-oriented companies listed on the NASDAQ Stock Exchange,
“Technology companies have played a crucial role in helping organisations sail smoothly through the pandemic,” says Rahul Sen Sharma, a managing partner at Indxx. “These companies became the drivers of the recovery in 2020 and are well positioned for future growth. Our index offers targeted exposure to technology giants at the epicentre of the global digital revolution.”
“As the market crawled its way out of the economic downturn in the past year, there was a huge disparity in terms of the gains experienced across the sectors,” adds Vaibhav Agarwal, Indxx’s chief revenue officer. “Technology emerged to be the winner amongst these and was a key driver in lifting the US market to record highs in 2020.
“The pandemic has also accelerated the growth of this sector. It has been observed in the past few years that the largest technology stocks have experienced the strongest growth as compared to other sectors. The Indxx US Tech Top 10 Index provides a highly focused exposure to the largest tech-oriented companies, which goes beyond the FAANG [Facebook, Apple, Amazon, Netflix and Google] stocks. Thus, it serves to help investors gain value from the surge in technology and internet-related companies.”