FXL attempts to outperform the broad US technology market by selecting securities based on growth and value factors, and skewing away from neutral coverage. The funds tiered equal-weighting scheme leads to a mid-cap bias and significant sector tilts. That is, FXL overweights semiconductor companies at the expense of larger software and IT services firms. Overall, the fund offers a smart beta approach to the US technology space, instead of giving market-like sector exposure. The index is reconstituted and rebalanced quarterly.
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