First Trust Files Plans For Oil Refiners ETF

First Trust, the fastest growing of the 10 largest U.S. ETF issuers, has filed plans with the SEC to introduce the First Trust ISE Global Oil Refiners Index Fund, which will track the ISE Global Oil Refiners Index. The filing did not disclose a ticker or an expense ratio for the new ETF. While the filing also did not mention specific equity holdings for the new First Trust ETF, it is reasonable to expect Tesoro TSO and Valero VLO will probably be among the ETF's lineup. While there is currently no ETF devoted exclusively to refiners, refining stocks can be found in ETFs such as the SPRD S&P Oil & Gas Exploration & Production ETF XOP and the IQ Global Oil Small Cap ETF IOIL. Illinois-based First Trust has introduced over 15 new ETFs in 2011 and has been one of the most prolific issuers of new ETFs this year. At the end of May, the firm had 59 ETFs on the market and $8.2 billion in assets under management.