Passive funds giant BlackRock has launched an exchange-traded fund (ETF) that invests in electric vehicle and driving technology.
The iShares Electric Vehicles and Driving Technology Ucits ETF (ECAR) aims to tap into growing interest globally in sustainable energy sources for transport.
The fund tracks the Stoxx Global Electric Vehicles & Driving Technology Index of firms involved in vehicle manufacturing, battery suppliers and component producers.
Rob Powell, lead strategist for iShares thematic investing at BlackRock, said: “We are on the cusp of another huge leap in the way we get from A to B, as the irreversible trend towards electric vehicles unfolds.”
The ETF has a Total Expense Ratio (TER) of 0.40%.
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