The Nasdaq Stock Market has teamed up with First Trust Advisors LP to launch two new exchange traded funds (ETFs) based on NSADAQ indexes.
The NASDAQ-100 Equal Weighted Fund (NASDAQ:QQEW) and the NASDAQ-100 Technology Fund (NASDAQ:QTEC) will be based on the NASDAQ-100 Equal Weighted IndexSM (Symbol:NDXE) and the NASDAQ-100 Technology IndexSM (Symbol:NDXT), respectively. The ETFs will be managed by First Trust Advisors and listed on NASDAQ.
Both ETFs - financial products that trade like shares of stock and can be bought and sold throughout the trading day - are designed to correspond to the price and yield performance of their respective indexes.
"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,' says John Jacobs, NASDAQ Executive Vice President. 'Our collaboration with First Trust underscores NASDAQ's commitment to provide investors with a variety of practical products that are designed to help them reach their investment goals."
The NASDAQ-100 Equal Weighted Index is the equal weighted version of the NASDAQ-100 Index, which includes 100 of the largest non-financial securities listed on the Nasdaq Stock Market based on market capitalization. The Index contains the same securities as the NASDAQ-100 Index, but each of the securities is initially set at a weight of 1.00 per cent of the Index and is rebalanced quarterly.
The NASDAQ-100 Technology Index, an equal weighted index based on technology companies in the NASDAQ-100 Index, contains securities that are classified as technology according to the ICB Classification System. Each of the securities is initially set at an equal weight of the Index and is rebalanced quarterly.
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