First Trust Floats Auto Index Fund

First Trust Advisors will launch a new ETF focused on the global manufacturing of automobiles.

First Trust Advisors will launch a new ETF focused on the global manufacturing of automobiles. The First Trust NASDAQ Global Auto Index Fund will be benchmarked against the NASDAQ OMX Global Auto IndexSM. The underlying benchmark is designed to track the performance of the largest and most liquid companies engaged in the manufacturing of automobiles. The vehicle is expected to begin trading on May 10, 2011.

Click here for the release from Business Wire.