Gone are the days when people carried fat wallets stashed with cash and multiple cards. Now many use digital wallets installed on their smart phones to pay grocery and utility bills, movie tickets and more.
Essentially, they are equity-funds which invest their entire portfolio in stocks of a particular sector. For instance, pharma funds invest only in stocks of the pharmaceutical industry. While they may have a diversified equity portfolio, they are riskier than a plain-vanilla equity fund that diversifies investments across sectors.