TXN - VanEck looks to enter the robotics sphere as it files for a new ETF

2023-03-31 11:20:58 ET

VanEck unveiled that it intends to enter the robotics sphere with its latest U.S. Securities and Exchange Commission ETF filing.

The issuer plans to launch the VanEck Robotics ETF which will trade under the ticker symbol IBOT. IBOT according to its prospectus aims to offer the investment community exposure to robotics companies that derive at least 50% of their revenue from robotics manufacturing or industrial automation systems.

Moreover, the fund intends to closely track the performance of the BlueStar Robotics Index. For reference, the index has returned +17.3% year-to-date and over the longer 5-year timeframe the index is +63.8% .

While IBOT did not list specific holdings for the ETF, if it's anything like the BlueStar Robotics Index, investors can expect that it will have positions in Nvidia ( NVDA ), Rockwell Automation ( ROK ), Emerson Electric ( EMR ), Autodesk, Inc. ( ADSK ), Texas Instruments ( TXN ) along with many other related names.

Additionally, it can be expected that IBOT will find itself competing for market share against other robotics exchange traded funds such as Global X Robotics & Artificial Intelligence ETF ( NASDAQ: BOTZ ), ROBO Global Robotics & Automation Index ETF ( NYSEARCA: ROBO ), iShares Robotics and Artificial Intelligence Multisector ETF ( NYSEARCA: IRBO ), and the First Trust Nasdaq Artificial Intelligence & Robotics ETF ( NASDAQ: ROBT ).

In broader financial news, major market averages opened up trading on Friday to the topside as PCE inflation moderated.

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