GRMN Garmin Ltd

   By Dieter Holger 
 

BlackRock Inc. (BLK) has launched an exchange-traded fund that invests in electric-vehicle and automotive technology, it said Monday.

The iShares Electric Vehicles and Driving Technology UCITS ETF (ECAR) tracks the STOXX Global Electric Vehicles & Driving Technology Index, which contains manufacturers, battery suppliers and component producers, the asset manager said.

"Beyond the vehicle manufacturers, producers of battery technology, autonomous vehicle components and charging infrastructure will all benefit from this revolution in transportation," said Rob Powell, lead strategist of iShares Thematic Investing at BlackRock.

Garmin Ltd. (GRMN) is the top holding in the ETF at 1.93%, followed by Integrated Device Technology Inc. (IDTI) at 1.91% and Marvell Technology Group Ltd. (MRVL) at 1.62%, according to ECAR's factsheet.

ECAR charges investors in the fund $40 for every $10,000 invested, representing an expense ratio of 0.40%.

The ETF joins BlackRock's lineup of 16 thematic ETFs and 27 environmental, social and governance ETFs listed in Europe, BlackRock said.

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

(END) Dow Jones Newswires

February 25, 2019 12:43 ET (17:43 GMT)

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