BlueStar Indexes and the Tel Aviv Stock Exchange (TASE) are launching the BlueStar TA-BIGITech Israeli Technology exchange traded fund (ETF) that will be traded on Nasdaq under the ticker ITEQ.
This is the first ETF that will hold stocks of Israeli technology companies, or of technology companies connected to Israel, traded on several stock exchanges around the world. It will track the performance of the TASE and BlueStar’s BIGITech Index, which is the first index to include a wide variety of large Israeli technology companies traded on the TASE, Nasdaq, the New York Stock Exchange, the London Stock Exchange, and the Singapore Stock Exchange.
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The BIGITech Index is made up of 65 stocks of Israeli high-tech companies in information technology, computer and network security, renewable and clean energy, biotechnology, sustainable agriculture, and defense technologies. The BIGITech Index was launched in 2013, with the TASE joining in 2015 in publishing the index as part of its globalization effort. The market cap of the index, adjusted according to the number of floating shares available for purchase on the open market, is $72 billion.
Among the stocks in the ITEQ ETF will be Amdocs Ltd. (Nasdaq: DOX), Check Point Software Technologies Ltd. (Nasdaq: CHKP), Mobileye, and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT). There is minimal overlap between this index and indexes and ETFs currently listed in the US.
“This is a unique opportunity providing investors all over the world access to Israel’s innovative and dynamic technology sector through their portfolios, ” said BlueStar founder and chief investment officer Steven A. Schoenfeld, “We are delighted to cooperate with the Tel Aviv Stock Exchange, the ISE Stock Exchange, ETF Managers Group, Nasdaq, and other important partners in launching the BlueStar TA-BIGITech Israeli Technology ETF, the product of the original index listed in the US. The fund will focus on the world of established and breakthrough technological innovation from Israeli companies traded throughout the world.”
TASE CEO Yossi Beinart added, “Israel is a high-tech leader, and the TASE is making efforts to expose Israeli technology to investors all over the world. The BlueStar TA-BIGITech index is part of the implementation of the recommendations of the R&D committee, and is designed to encourage and nurture Israeli technology companies, and to boost access for international investors to the Start-up Nation companies.”