New York Life Investment Management
is giving a new meaning to the term "techie."
The firm is planning to offer an exchange-traded fund dubbed TechIES, which will be tied to the
Pacific Exchange Technology 100 Index
. TechIES, for
Technology Index Equity Shares,
will trade on both the
American Stock Exchange
TechIES will be available during an initial public offering --which hasn't yet been set -- during which transaction fees will be waived. Large and institutional investors also will be able to purchase TechIES directly from New York Life through creation units of 50,000 shares, according to registration papers filed with the
Securities and Exchange Commission
TechIES will be sold with a 2% sales charge through broker/dealers, led by a firm as yet unnamed, according to the filing.
The Pacific Exchange Technology 100 Index is a price-weighted, broad-based index of 100 listed and OTC stocks covering 15 technology sectors, ranging from computer hardware and software to networking and semiconductors. PSE fell 17.7% in 2000 and is up 20.7% so far this year.