Smartphone ETF To Make Debut On Friday

The long-awaited First Trust NASDAQ CEA Smartphone Index Fund will make its debut tomorrow on the Nasdaq under the ticker "FONE," ETF issuer First Trust said in a statement. First Trust filed plans for the ETF on Aug. 3, 2010. FONE will track the NASDAQ OMX CEA Smartphone Index, which had over 80 stocks in it as of the end of July and it's probably safe to assume companies like Apple AAPL, Google GOOG and Research In Motion RIMM will be major components in FONE. Illinois-based First Trust also said its family of 44 ETFs has eclipsed $6 billion in assets under management. Well-known First Trust funds included the First Trust Dow Jones Internet Index Fund FDN and the First Trust ISE-Revere Natural Gas Index Fund FCG.