We’ve finally hit peak “FANG”. The acronym used to describe a handful of high growth stocks including Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Google (GOOGL). It’s a way for market watchers and CNBC aficionados to easily reference these big winners without overtaxing their jaw muscles.

All four of these household names have gained more than 30% over the last 52-weeks. Their momentum has become so unstoppable that someone felt it would be a good idea to create an ETF geared specifically towards this theme.

The AdvisorShares New Tech And Media ETF (FNG) recently debuted as an actively managed equity fund designed to tap into the technology space. This aggressive growth strategy is heavily concentrated in a portfolio of 28 stocks that were selected and weighted by Sabretooth Advisors, LLC. The original FANG stocks are all represented near the top of the group with several other strong contenders like NIVIDIA (NVDA) and Alibaba (BABA) rounding out the leaders.

The marketing material surrounding FNG is heavily influenced by words like innovation, leadership, disruption, and flexibility. All phrases that have likely been used in one form or another to describe the business models of its holdings. You won’t find any beaten down value plays with 100-year track records in here.

FNG has an instant edge in that its portfolio comes out of the gates with some of the best stocks in the current market. That may also be its downfall as well. With no index guidelines or other rules-based criteria, the advisor is simply chasing whatever is hot in the hope that it continues to run indefinitely.

Like any sector or thematic ETF, it will almost certainly experience periods of sharp alpha (outperformance) and other cycles of weak relative returns. Such is the life of an active stock picker.

At the sector level, FNG will likely be compared to the Technology Select Sector SPDR (XLK). This ETF represents the large-cap technology segment within the S&P 500 Index.