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First Trust refines allowed securities for two high-tech index funds
By Toni Weeks
San Diego, March 16 - First Trust Exchange-Traded Fund II announced that two of its funds altered eligibility criteria for the securities underlying each fund's benchmark index, according to a 497 filing with the Securities and Exchange Commission.
The two funds are the First Trust Nasdaq CEA Smartphone Index Fund and the First Trust Nasdaq Clean Edge Smart Grid Infrastructure Index Fund.
To be included in the index, a security must adhere to the following conditions:
• The security of the issuer must be classified as a Smartphone company as defined by Consumer Electronics Association (for the Smartphone fund) and as smart grid, electric infrastructure and/or other grid-related activities company according to Clean Edge (for the Smart Grid fund);
• The security must be listed on an index-eligible global stock exchange;
• One security per issuer is permitted;
• The security must have a minimum worldwide market capitalization of $250 million for the Smartphone fund and $100 million for the Smart Grid fund;
• The security must have a minimum three-month average daily dollar trading volume of $1 million for the Smartphone fund and $500,000 for the Smart Grid fund; and
• The security's foreign ownership restriction limitations have not been met.
The funds' investment adviser is Wheaton, Ill.-based First Trust Advisors LP.
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