US ETF issuers rush to offer investors new ways to bet on US tech megacap stocks
(Reuters) - Asset management companies seeking to offer investors still more ways to play the boom in U.S. mega-cap technology stocks are rolling out new exchange-traded funds (ETFs).

GraniteShares on Monday launched three new leveraged ETFs designed to generate twice the daily return of Microsoft, Amazon.com and Advanced Micro Devices.

In the 15 months since the firm launched its 2x leveraged Nvidia ETF, its assets have soared to $2 billion.

"We wanted to make a similar product available based on AMD," said Will Rhind, CEO of GraniteShares.

The ProShares Nasdaq-100 High Income ETF launched on Wednesday. The firm said the new fund's strategy will combine a long position in the Nasdaq-100 Index with a short position in Nasdaq-100 Index call options. The goal, ProShares said, is to use swap agreements to capture exposure to those options and deliver both total return and high income.

Roundhill Investments also has rolled out a series of covered call and leveraged ETFs tied to the Nasdaq 100 and the so-called Magnificent Seven - the group of megacap tech stocks that has dominated the U.S. market in recent months.

Direxion, another provider of leveraged ETFs, has launched two new funds tied specifically to the Magnificent Seven and offering speculators a way to bet on daily movements in the group. The Direxion Daily Concentrated Qs Bull 2x ETF delivers double their daily gain; its counterpart, the Direxion Daily Concentrated Qs Bear 1x ETF, is designed to capture 100% of the inverse of any move in the group.

GraniteShares' Rhind said he hopes to introduce leveraged funds tied to stocks like American Airlines and Exxon Mobil to prove that demand for these ETFs extends beyond technology stocks. He did not give a time frame for those launches.

(Reporting by Suzanne McGee in Providence, Rhode Island; Editing by Matthew Lewis)
Technology
(Reuters) -     Asset management companies seeking to offer investors still more ways to play the boom in U.S. mega-cap technology stocks are rolling out new exchange-traded funds (ETFs).