Wednesday, May 28, 2008

First Trust Registers Wind ETF

UPDATE II: Here's the good stuff
The ETF is trading NYSE Arca, symbol FAN, more here

Here's the registration at the SEC:
The Fund seeks investment results that correspond generally to the price and
yield (before the Fund's fees and expenses) of an equity index called the ISE
Global Wind Energy Index.

The Fund will normally invest at least 90% of its assets in common stocks that
comprise the Index or in depositary receipts that may include American
Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European
Depositary Receipts ("EDRs"), New York shares or global shares (collectively
"Depositary Receipts") representing securities in the Index. The Fund may invest
the remainder of its assets in securities not included in the Index, but which
First Trust believes will help the Fund track its Index. First Trust will seek
to match the performance of the Index (before the Fund's fees and expenses). The
investment objective and the 90% investment strategy are non-fundamental
policies of the Fund and require 60 days' prior written notice to shareholders
before they can be changed. The Board of Trustees of the Trust may change
non-fundamental policies without receiving shareholder approval.

The Fund, using an "indexing" investment approach, attempts to replicate, before
fees and expenses, the performance of the Index. First Trust seeks a correlation
over extended periods of 0.95 or better (before fees and expenses) between the
Fund's performance and the performance of the Index; a figure of 1.00 would
represent perfect correlation. First Trust will regularly monitor the Fund's
tracking accuracy and will use the investment techniques described below in
seeking to maintain an appropriate correlation....