First Trust has launched a new exchange-traded fund (ETF) to offer pure play exposure to companies engaged in the smartphone segment, The Wall Street Journal reports. The First Trust NASDAQ CEA Smartphone Index Fund will have an expense ratio of 0.7% of assets. The fund is linked to a modified equal dollar weighted index that includes companies involved in the building, design, and distribution of the handsets, hardware, software and mobile networks associated with the development, sale, and usage of smartphones, adds Business Insider. The company has started trading the portfolio on the Nasdaq Stock Market.
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