The Nasdaq Stock Market, Inc. is planning the launch of two new exchange traded funds (ETFs), the NASDAQ-100 Equal Weighted Fund and the NASDAQ-100 Technology Fund which will be based on the NASDAQ-100 Equal Weighted IndexSM and the NASDAQ-100 Technology IndexSM, respectively.
The ETFs will be managed by First Trust Advisors L.P. and listed on NASDAQ.
The NASDAQ-100 Equal Weighted Fund, which includes 100 of the largest non-financial securities listed on the exchange, and the NASDAQ-100 Technology Fund are designed to correspond to the price and yield performance of the indexes upon which they are based. ETFs are financial products that trade like shares of stock and can be bought and sold throughout the trading day.
“We are pleased to partner with First Trust which is widely recognized as a leader in providing some of the most innovative financial services in the Marketplace,” said John Jacobs, NASDAQ executive vice president.