First Trust Wins Auto ETF Race, Debuts CARZ
Thursday, 12 May 2011 00:07

Tuesday marks another first for the rapidly-expanding ETF industry, as First Trust rolled out the NASDAQ Global Auto Index Fund (CARZ). The new automotive ETF will seek to replicate a benchmark comprised of the largest and most liquid companies engaged in the manufacturing of automobiles.

 The underlying NASDAQ OMX Global Auto Index consists of about 30 companies from nine developed and emerging markets, including Japan, Germany, the U.S., and China. The largest individual allocations go to Daimler, GM, Honda, and Toyota. U.S. stocks account for about 18% of total assets; Japan (33%) and Germany (20%) make up the largest country allocations. The related benchmark is a modified market cap-weighted index, capping the allocation to any one security to avoid significant concentration in any one name [Are Your Cap-Weighted ETFs Leaders Or Laggards?]. Auto Industry In Focus In the U.S., the automotive industry has ventured to the edge of collapse and [...]

 

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