First Trust Makes Connection With New Smart Phone ETF

Michael Johnston submits:Score another first for the ETF industry: Today marks the launch of the first ETF to offer pure play exposure to companies engaged in the smart phone segment. The First Trust NASDAQ CEA Smartphone Index Fund (FONE) is linked to a modified equal dollar weighted index that includes companies primarily involved in the building, design and distribution of the handsets, hardware, software and mobile networks associated with the development, sale and usage of smart phones. “First Trust is extremely pleased to launch another pioneering exchange-traded fund,” said Robert Carey, the company’s chief investment officer. “We continually evaluate opportunities to broaden the First Trust family of ETFs, and FONE will enhance our unique specialty sector offerings.” The new fund is global in nature, with U.S. companies accounting for about 45% of assets. Other big weightings are made to Taiwan (11%) and Japan (9%), while more than a dozen individual countries areComplete Story »


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