ESPO has been in a sustained uptrend since bottoming below $7.50 last November. The uptrend has stalled a little between $10 and $10.50, but has not been broken. If it sustains, it could be testing its all-time highs close to $13 within the next couple of years.

The fund has copious exposure to a number of names that have run hard this year, including NVidia, AMD, and game publishers like Nintendo, Activision Blizzard and Take-Two Interactive. Interestingly, the fund also has a reasonable weighting in Aristocrat, a position that seems to have been added on relatively recently - probably the only ASX-listed name to feature.

ESPO has ample potential to be a good core holding in any diversified portfolio.

The management fee is a touch on the higher side, and the exposure to China in particular may cap near-term gains, coupled with the world reopening which is bound to reduce time spent on gaming indoors, but the long-term tailwind is undeniable, and this is a great vehicle to benefit without overthinking/overanalysing the thematic.