FocusShares will launch a new exchange-traded fund (ETF) on March 30, 2011, ETFDaily News reports. The Focus Morningstar Financial Services Index ETF will track the performance of the Morningstar Financial Services Index.
The underlying index is a subset of the Morningstar U.S. Market Index and comprises of companies offering financial services, such as banks, asset management companies and investment brokerage firms. The fund will seek to invest at least 90% of its assets in securities of the underlying index.
Click here for the story from ETF Daily News.