Defiance ETFs looks to launch new ETF with narrow focus on electric vehicles
Richard Drury
Defiance ETFs announced that they intend to launch a new exchange traded fund aimed at the electric vehicle space, looking to provide a very narrow focus on the sector.
The company filed a prospectus with the U.S. Securities and Exchange Commission for the Defiance Pure Electric Vehicle ETF (EVXX). Per the filing, the stocks inside the fund will derive at least 50% of their annual revenue or operating activity from the development or manufacturing of electric vehicles and be identified as having track records of high trading volume and liquidity.
EVXX will be actively managed and trade on the New York Stock Exchange. According to the regulatory submission, the ETF will come attached with a 0.68% expense ratio.
While EVXXX did not outline any specific holdings within the prospectus, Tesla (TSLA) represents a likely candidate for a heavy concentration, as it represents a high-profile example of a "pure electric vehicle" player. 
Moreover, EVXX will also find itself fighting for market share against other EV-centric funds such as the Autonomous & Electric Vehicles ETF (NASDAQ:DRIV), KraneShares Electric Vehicles and Future Mobility (NYSEARCA:KARS), Fidelity Electric and Future Transportation ETF (BATS:FDRV) and the leveraged Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (NYSEARCA:EVAV).
Year-to-date price action: TSLA +104.7%, DRIV +24.9%, KARS +7.7%, FDRV +19.7%, and EVAV -13.7%.
More on Markets: 

Market volatility eases as VIX drops to lowest level since Jan. 2020
BlackRock: âWe donât see major central banks coming to the rescueâ
JPMorgan: Fears of imminent recession look overblown but headwinds remain