First Trust Advisors LP will create the First Trust ISE Global Wind Energy Index Fund, a wind energy exchange-traded fund (ETF). The fund will begin trading on the New York Stock Exchange (NYSE) Arca under the ticker symbol NYSE Arca: FAN. First Trust will be the investment advisor for the ETF.
‘We are watching the wind energy industry rapidly mature due to investment from around the globe,’ says Robert Carey, chief investment officer of First Trust. ‘In 2007, companies involved in wind energy generation participated in a 27-percent growth of installed global wind generation capacity, bringing the global total to more than 94,000 MW.’
The First Trust ISE Global Wind Energy Index Fund will seek investment results that correspond generally to the price and yield of the ISE Global Wind Energy Index.
SOURCE: First Trust Advisors LP