The ETF will look to buy companies that were recently deleted from major indexes.
Naysayers argue that the funds encourage day trading at the risk of fierce underperformance.
Asset managers are racing to combine a trendy investment vehicle with a fast-growing asset class.
A historically small number of Big Tech firms keep driving equity indexes to new highs.
Fidelity Investments is looking for a cut of the revenues of the ETFs on its platform.
BlackRock's fund dethroned the $19.65 billion Grayscale Bitcoin Trust.
The effort goes against the grain of a U.S. retirement structure built around mutual funds.
While 95 new mutual funds have debuted this year, 123 have already shuttered.
Lake has led the asset manager's ETF effort globally.
Big tech companies are being viewed by investors as shares that can withstand anything the economy throws at them.
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