BlackRock expands thematics range with electric vehicle and driving technology ETF
BlackRock has launched an electric vehicles and driving technology ETF that looks to tap into the growing emphasis on sustainable energy sources in transportation.
The iShares Electric Vehicles and Driving Technology UCITS ETF (ECAR) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.40%.
The ETF tracks the STOXX Global Electric Vehicles & Driving Technology index, which comprises companies involved in manufacturing suppliers and component producers.
According to BlackRock and Bloomberg New Energy Finance estimates, the number of electric vehicles sold each year is expected to rise to 60 million by 2040, up from the current level of 1.1 million.
Rob Powell, lead strategist, iShares Thematic Investing at BlackRock, commented: “We are on the cusp of another huge leap in the way we get from A to B, as the irreversible trend towards electric vehicles unfolds.
“And beyond the vehicle manufacturers, producers of battery technology, autonomous vehicle components and charging infrastructure will all benefit from this revolution in transportation.
“Thematic investments, such as ECAR, can help investors seek long-term growth while expressing a view on the innovative companies that will shape the global economic future.”