New York Life Plans New Exchange-Traded Fund
January 29, 2001
New York Life Investment Management of Parsippany, N.J. has filed a registration statement with the SEC for its NYLIM Exchange-Traded Fund.
Shares of the fund, which will be called TechIES for Technology Index Equity Shares, will be listed on the American Stock Exchange and the Pacific Exchange, according to the company's filing.
The fund will track the PSE Technology 100 Index, which is composed of 100 listed and over-the-counter stocks from 15 technology industry sectors, the registration statement said.
The fund will invest at least 90 percent of its total assets in securities in approximately the same weightings as the index and will carry a two percent sales charge, the SEC filing said. New York Life has not yet determined when the fund will open to investors, according to the filing.