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Rating:Midwestern Firm Launches Two New ETFs Not Rated 2.3 Email Routing List Email & Route  Print Print
Monday, June 26, 2006

Midwestern Firm Launches Two New ETFs

by: Neil Anderson, Managing Editor

Exchange traded funds are like rabbits these days -- they just keep on multiplying. First Trust Advisors L.P. just launched two new ETFs, MarketWatch reported Sunday. The two new funds, the First Trust Amex Biotechnology Index Fund and the First Trust Dow Jones Internet Index Fund , are the Lisle, Illinois-based firm's fourth and fifth ETFs on the American Stock Exchange (Amex).

The Amex keeps on drawing in new ETFs, having introduced 14 other new ones last week alone. Cliff Weber, senior vice president of the Amex's ETF Marketplace, expressed happiness about the launch.

"We are very pleased to welcome First Trust back to the Amex," Weber said in a release. "These two new products are a welcome addition to the Amex roster of ETFs and we are proud to have partnered with First Trust again to bring these unique investment opportunities to the marketplace."

First Trust vice president of ETF product development Dan Waldron described the importance of the new funds to financial advisers.

"We believe that financial advisors need a variety of investment vehicles to help their clients reach their financial goals," Waldron said in the release. "These two new funds, which focus on biotechnology and internet markets, provides these financial advisors with the tools to do this."

According to First Trust's filing with the SEC, the Amex Biotechnology Index fund tracks the Amex Biotechnology index, while the First Trust Dow Jones Internet Index fund tracks the Dow Jones Internet index. Both funds have management fees of 40 basis points, with total annual fund operating expenses running 66 bps and 64 bps for the Biotechnology fund and the Internet fund, respectively. Neither fund has a specific portfolio manager; both funds are instead managed by First Trust's investment committee. The committee members are four First Trust senior vice presidents: Daniel J. Lindquist, committee chairman ; Jon C. Erickson, head of First Trust's equity research group; David G. McGarel, head of First Trust's strategy research group; and Roger F. Testin. Bank of New York serves as administrator, custodian, fund accounting agent and transfer agent for both funds.  

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