First Trust Debuts Smartphone ETF (FONE)

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 smartphone 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 smartphones. “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 are represented in the [...] Click here to read the original article on ETFdb.com. Related Posts: Ten Proposed ETFs To Be Excited For In 2011 Three ETFs For Smart Phone Exposure August ETF Roundup: Launches, Filings, and Closures First Trust Files For Smartphone ETF (FONE)