DriveWealth has launched the DriveWealth ICE 100 Index ETF (CETF), a new exchange traded fund listed on the New York Stock Exchange that targets the top 100 U.S.-listed ETFs.
CETF seeks to provide investment results that, before fees and expenses, track the performance of the ICE DriveWealth 100 Index, a rules-based, equal-weighted index consisting of the 100 top ETFs based on a methodology that ranks eligible funds according to size, liquidity, and risk-adjusted return. The index will rebalance quarterly.
“ETFs represent an important investment opportunity for all types of investors – from Baby Boomers to Gen Z,” said DriveWealth’s founder and CEO Bob Cortright in a news release. “Our partners are now able to offer their investors a way to seek access to the top 100 ETFs in the US through a single investment product.”
DriveWealth is working with State Street Corp. as the administrator and service provider for the ETF. Foreside Fund Services is the distributor.
To be included in the index, funds must be listed on a U.S. exchange, have at least $100 million in assets, and volume must exceed $3 million on a daily average. The index will not include levered products, inverse funds, exchange-traded notes, or ETFs-of-ETFs.
Varun Pawar, head of ICE Data Indices added: “By creating an index of the top-performing ETFs, rather than individual stocks, the ICE DriveWealth 100 Index offers a unique benchmark for the market as a whole. This kind of insight is valuable for all industry participants and is a demonstration of the flexibility and innovation ICE can bring to the ETF industry.”