"This collaboration with First Trust is indicative of our commitment to offer investors products that help them reach their investment objectives," said John Jacobs, executive vice president of Nasdaq. "The development of ETFs that are based on Nasdaq's industry-leading companies bolsters First Trust's reputation as a provider of innovative financial products and services."
The First Trust Nasdaq-100 Equal Weighted Index Fund will track the Equal Weighted Index, which includes the 100 largest non-financial securities listed with Nasdaq. Each company will represent 1% of the share at first, and will later be rebalanced.
The First Trust Nasdaq-100 Technology Index Sector Fund will track the 100 technology stocks as identified according to the Industry Classification Benchmark system. This fund will assign equal weight to each company at first, and also be rebalanced quarterly.
"First Trust is proud to team up with Nasdaq to launch these new products on one of the most innovative exchanges in the world," said First Trust Advisors Managing Director Scott Hall.