NEW YORK (CNNMoney) -- Love ETFs? Love your smartphone? Well break out your iPhone, Droid or BlackBerry. Starting today, you can buy a smartphone ETF.
"It's not heavily invested in just a few stocks," said Tom Lydon, president of Global Trends Investments and editor of ETFTrends.com. "It's pretty broadly diversified."
About a quarter of the ETF includes semiconductors, with another 23% dominated by communications equipment.
But the rest is spread out pretty well among electronic equipment, wireless services and others. And some of the bigger names aren't included among the top 10.
There's no Apple (AAPL, Fortune 500), AT&T (T, Fortune 500), Verizon (VZ, Fortune 500) or Google (GOOG, Fortune 500) among the ETF's top 10 holdings, which Lydon says "bodes well for how this index was constructed." But those names are part of both the index and the ETF, which have a total of 72 components.
The smartphone ETF is clearly a niche-y product. It's unlikely that big institutional investors will snap it up. But that might be exactly what retail investors are hungering for.
"Some of these companies are huge," said Rick Ferri, investment adviser at Portfolio Solutions. "You're not getting a really pure play on smartphones."
The ETF comes less than a year after Nasdaq launched the NasdaqOMX CEA Smartphone Index (QFON). Since its debut in April 2010, the index has gained more than 19%.
Still, it's worth noting that this is roughly in line with how the PowerShares QQQ (QQQQ) ETF, which tracks the Nasdaq-100 and holds many of the same stocks, has done.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.20%||4.27%|
|15 yr fixed||3.27%||3.21%|
|30 yr refi||4.18%||4.24%|
|15 yr refi||3.26%||3.20%|
Today's featured rates:
Some Wal-Mart employees falsely told customers Coke was more expensive in New York because of a sugar tax. More
Scotland's independence vote is too close to call but those who want to keep Britain united won this year's campaign funding race by some distance. More
The FBI's new facial recognition system lets local police easily identify you. It will one day spot you from your iris, voice and the way you walk. More
Y Combinator president Sam Altman is teaching a startup class at Stanford with Silicon Valley heavy hitters as guest lecturers. Bonus: All the videos will be available for free online. More
Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More