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||3.97%||4.14%|
|15 yr fixed||3.05%||3.13%|
|30 yr refi||4.09%||4.22%|
|15 yr refi||3.16%||3.21%|
Today's featured rates:
Amazon has signed Jeremy Clarkson and his fellow former co-hosts of global TV hit Top Gear to present a new car show on Amazon. More
The U.S. economy grew 2.3% in the second quarter -- a lukewarm sign of recovery after a sluggish first quarter. More
President Obama signed an executive order announcing plans to start working on the fastest supercomputer in the world. More
Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More
You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More