The investment landscape is littered with acronyms, but few in the world of equities have received the adulation and scrutiny as FANG – the quartet comprising the storied internet and technology stocks Facebook, Inc. (FB), Amazon.com, Inc. (AMZN), Netflix, Inc. (NFLX) and Google parent Alphabet Inc. (GOOG). Plenty of exchange-traded funds (ETFs) offer exposure to some or all of the FANG stocks, with some of the legacy internet ETFs available to U.S. investors featuring substantial FANG exposure. Prior to this week, however, there was not a dedicated FANG ETF. That changed with the debut of the AdvisorShares New Tech and Media ETF (FNG).

Actively managed, the AdvisorShares New Tech and Media ETF is "designed to invest in the companies that are driving economic growth in the modern era, and can adapt to changing leadership by maintaining the ability to invest in the next generation of technology and media companies leading the equity markets," according to AdvisorShares. (See also: Why FANG Stocks Can Extend Their July Rally.)

Investors should note that FNG's holdings expand beyond Facebook, Amazon, Netflix and Alphabet. The ETF holds just over 25 stocks and can also be said to be a FAANG and FAAMG ETF because it holds shares of Apple Inc. (AAPL) and Microsoft Corporation (MSFT). Other well-known holdings in the new ETF include NVIDIA Corporation (NVDA) and Alibaba Group Group Holding Limited (BABA).

"The portfolio manager seeks to identify additional constituents with similar characteristics using technical analysis, sampling and broad-based fundamental reviews to enhance the exposure of the portfolio," according to AdvisorShares. "This approach will be dynamic, enabling the portfolio management team to use a repeatable and scalable process that consistently seeks out the next industry leaders in technology and media as those faces change over time." (See also: Forget the FAANGs! These Are Tech's Real Winners.)

Each of the primary FANG stocks are up 20% or more year to date, but the group has recently retreated along with the broader technology space, stoking concerns that the FANG quartet is richly valued. Despite those concerns, the Nasdaq-100 Index has bounced back in admirable fashion, jumping 3.5% over the past week. That could be a sign that the debut of FNG is not marking a top in the technology and internet spaces. The FANG stocks combine for over one-quarter of the Nasdaq-100's weight. (See also: U.S. Stocks in 2017 Face a Rocky Second Half.)

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