Intercontinental Exchange announced Tuesday it will launch an index tracking FANG stocks starting in November.
FANG is the acronym coined by TheStreet's own Jim Cramer that refers to stock market darlings Facebook Inc , Apple Inc, Amazon.com Inc., Netflix Inc. and Alphabet Inc.'s Google. The index will also include Alibaba Group Holding Ltd. Baidu Inc., Nvidia Corp., Tesla and Twitter.
"Given their size, performance and innovation, the FANG stocks are among the most widely traded stocks and we're pleased to offer a capital efficient means of accessing and hedging these growth stocks in a cost-effective way," ICE Futures U.S. president Trabue Bland said.
The combination of the index's stocks has returned 28.44% annually since September of 2014. Their performance outpaces the Nasdaq-100's 14.89% gains and the S&P 500 Index's 16.8% gains during the same period.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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