2023-05-31 11:50:35 ET
With the demand for lithium batteries growing thanks to the adoption of electric vehicles, lithium-producing companies have become a key target of attention for investors. BlackRock looks to capitalize off this trend with a new exchange traded fund.
The financial behemoth has filed a prospectus with the U.S. Securities and Exchange Commission for the iShares Lithium Miners and Producers ETF (ILIT). ILIT will be a passively managed ETF that looks to track the performance of the STOXX Global Lithium Miners and Producers Index.
The underlying index related to ILIT seeks to capture the performance of U.S. and non-U.S. equity securities that are involved with the lithium industry, either in ore mining or the lithium compounds manufacturing processes.
Per the prospectus , the ETF will come with an expense ratio of 0.47% and will trade on the Nasdaq ( COMP.IND ).
Additionally, as ILIT comes to market, it will undoubtedly find itself fighting for market share against other lithium focused exchange traded funds. Three funds in particular are the Global X Lithium & Battery Tech ETF ( NYSEARCA: LIT ), Amplify Lithium & Battery Technology ETF ( NYSEARCA: BATT ), and the Proshares S&P Global Core Battery Metals ETF ( NYSEARCA: ION )
Year-to-date performance: LIT +4.6% , BATT +4% , ION -5.7% .
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For further details see:
Lithium mining and producing ETF in the works from BlackRock