Thu, 05/11/2015 - 12:02
BlueStar Indexes has launched the BlueStar TA-BIGITech Israel Technology ETF (ITEQ), the first ETF to exclusively hold shares of public Israeli and Israel-linked global tech stocks.
ITEQ tracks the performance of the TASE-BlueStar Israel Global Technology Index (TA-BIGITech), which follows a range of major Israeli tech companies listed on five exchanges worldwide – TASE, NASDAQ, NYSE, London Stock Exchange and the Singapore Exchange.
Factor Advisors, a subsidiary of ETF Managers Group, partnered with ITEQ ETF Partners, an affiliate of BlueStar Global Investors, for the launch of ITEQ on Nasdaq.
“We are pleased to collaborate with the TASE, the International Securities Exchange, ETF Managers Group, Nasdaq and other key partners in launching ITEQ – the first US-listed index product to focus on the full universe of established, emerging and disruptive technological innovation by Israeli companies,” says Steven Schoenfeld, Founder and Chief Investment Officer of BlueStar Indexes. “This is a unique opportunity for investors around the globe to access Israel’s dynamic tech sector for their portfolios.”
“Israel is a dominant leader in the high-tech industry and the Tel Aviv Stock Exchange is committed to ensuring that global Israeli tech companies are available to investors worldwide,” says Yossi Beinart, CEO of the TASE. “The launch of the ITEQ ETF tracking TA-BIGITech will raise visibility of this important sector and strengthen TASE’s profile with global investors, contributing to our overall market and economic development."
TA-BIGITech is comprised of 65 stocks of Israeli high-tech companies working in information technology, cybersecurity, clean and renewable energy, biotechnology, sustainable agriculture, and defence technology. These companies have minimal overlap with technology indexes and ETFs currently listed in the US.
By tracking the TA-BIGITech index, ITEQ provides investors access to Israeli companies regardless of which stock exchange a company’s shares are listed. The benchmark for ITEQ includes leading Israeli global technology companies such as Amdocs (Ticker: DOX), Checkpoint Software (Ticker: CHKP), Mobileye (Ticker: MBLY), Elbit Systems (Ticker: ESLT) and Verint Systems (Ticker: VRNT).
The TA-BIGITech index was launched in 2013 with history from 2004 onward, and in 2015, the Tel Aviv Stock Exchange partnered in the dissemination of the index, as part of TASE’s globalisation efforts. It has a float-adjusted market capitalisation of USD55 billion, compared to just USD22 billion for TASE’s TA-TechElite benchmark
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