MutualFundWire.com: Russell Indices Basis for Nine New ETFs

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Thursday, September 7, 2006

Russell Indices Basis for Nine New ETFs

First Trust Advisors is readying nine exchange-traded funds based on sector indices from Frank Russell. The Lisle, Illinois-based investment advisor filed an N-1 with the SEC on the funds last week.

The firm licensed the Russell Sector AlphaDex Series of indices for the ETFs which will be a part of the First Trust Exchange-Traded Fund II series. They will trade on the American Stock Exchange. The Bank of New York ("BONY") will provide transfer agent and accounting services for the ETFs. Chapman and Cutler LLP is the legal counsel to the trusts and Deloitte & Touche is their auditor.

First Trust Advisors sponsors 24 mutual funds, eight exchange-traded funds and 14 closed-end funds.

The ETFs include:

First Trust Russell Consumer Discretionary AlphaDex Fund

First Trust Russell Consumer Staples AlphaDex Fund

First Trust Russell Energy AlphaDex Fund

First Trust Russell Financial AlphaDex Fund

First Trust Russell Health Care AlphaDex Fund

First Trust Russell Industrials AlphaDex Fund

First Trust Russell Materials AlphaDex Fund

First Trust Russell Technology AlphaDex Fund