The ETF is the first in Europe to offer exposure to the S&P 100 Equal Weighted Index Net Total Return, the firm said in a statement. It aims to give an alternative to the standard S&P 500 Index by providing access to many of the largest index constituents, with lower concentration risk.

L&G has launched the ETF to provide investors with simple, liquid and cost-effective access to many of the largest stocks in the US market, with each position reweighted at 1 per cent at each rebalance.

“We are pleased to work with L&G on the launch of their L&G S&P 100 Equal Weight UCITS ETF, expanding the range of index-based tools available to European investors,” Fiona Boal, global head of equities at S&P Dow Jones Indices, said. “This index provides an alternative to traditional market-cap weighting by enhancing diversification and underscores our commitment to offering innovative, transparent benchmarks that meet evolving investor needs.”