How would you like to own a small piece of Idexx Laboratories, Dechra Pharmaceuticals and PetMed Express?
The Bethesda, Maryland, firm ProShares on Nov. 5 launched an exchange-traded investment fund called Pet Care ETF. Shares of Idexx, Dechra, PetMed Express and about 20 other pet-related companies are among the initial holdings.
ProShares called Pet Care ETF the first of its kind in the pet care industry.
An exchange-traded investment fund is similar to a mutual fund but is traded on stock exchanges. The website Investopedia.com calls an ETF “a marketable security that tracks a stock index, a commodity, bonds or a basket of assets.”
ProShares reported the new ETF arose from investor interest in the rapidly expanding global pet industry.
“Pet owners are spending billions on premium-quality foods, state-of-the-art health care, insurance policies, luxury services and more,” said Michael L. Sapir, co-founder and CEO of ProShare Advisors LLC. “It’s causing a new pet care economy to emerge that could reach $203 billion by 2025. With PAWZ, we’re giving investors broad exposure to this emerging industry in a single ETF.”
PAWZ is the fund’s trading symbol.