Defiance has just launched EVXX, the first pure electric vehicle ETF, providing direct exposure to EV manufacturers. EVXX is designed to offer long-term investors concentrated access to the rapidly growing electric vehicle sector. It is the first ETF in the EV space to specifically target pure exposure to EV manufacturers, excluding traditional semiconductor and auto stocks with limited or no EV sales.
The adoption of electric vehicles has been exceeding early estimates in many countries. In 2022, global EV sales reached over 10 million units, and the market is projected to generate $561.3 billion in revenue in 2023. China has already surpassed its 20% EV share target, and the United States government plans to invest $15 billion in EV infrastructure. With an expected 35% growth in EV sales this year, reaching 14 million units, the industry’s growth trajectory is expected to continue.
By launching EVXX, Defiance aims to meet the demand from investors seeking a focused EV ETF that captures the emerging megatrend without diluting it with unrelated stocks. The fund provides direct exposure to the fastest-growing electric vehicle companies, allowing investors to capitalize on the potential of this transformative industry.