Intntl Sec Exchange (NYSE:ISE)
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The International Securities Exchange (NYSE: ISE) announced today that
it has entered into an agreement with First Trust Advisors L.P., a major
investment management firm, to create and list Exchange-Traded Funds
(ETFs) on three proprietary ISE indexes. First Trust plans to develop
ETFs based on the ISE Water Index (underlying index ticker: HHO),
ISE-Revere Natural Gas Index (underlying index ticker: FUM), and ISE
ChIndia Index (underlying index ticker: to be determined). Currently in
the development stages, the ISE ChIndia Index will include U.S. listings
of firms domiciled in China and India. ISE currently lists options on
the ISE Water Index and the ISE-Revere Natural Gas Index.
Bruce D. Goldberg, ISE’s Chief Marketing
Officer, noted, “Our partnership with First
Trust to create three ETFs is a significant step as we look to further
establish our indexes as sector benchmarks and broaden our index
business beyond options trading. We are pleased that investors will now
have another vehicle to gain exposure to these specialized industry and
emerging market sectors through First Trust’s
ETFs.”
“First Trust is extremely pleased to team up
with ISE in licensing these three unique indexes for the purpose of
sponsoring exchange traded funds,” said R.
Scott Hall, Managing Director of First Trust Advisors L.P. “We
believe each fund provides financial advisors with an attractive
investment vehicle for their clients targeting these niche market
opportunities.”
First Trust has filed for the necessary approvals from the Securities
and Exchange Commission and, pending those approvals, expects to list
the ETFs in early May. The listing exchange and ticker symbols for the
ETFs are to be determined. Additional details regarding each ETF are
below:
First Trust ISE-Revere Natural Gas Index Fund - The Fund will
normally invest at least 90% of total assets in common stocks that
comprise the ISE-Revere Natural Gas Index, which currently contains 30
companies that derive a substantial portion of their revenues from the
exploration and production of natural gas. Index eligibility is
limited to those companies that have a greater quantity of proven
natural gas reserves compared to crude oil. Candidates are also
screened against several stock performance metrics and by their
correlation to natural gas futures prices.
First Trust ISE Water Index Fund - The Fund will normally
invest at least 90% of its total assets in common stocks that comprise
the ISE Water Index, a modified market cap-weighted portfolio of 36
stocks that derive a substantial portion of their revenues from the
potable and wastewater industries.
First Trust ISE ChIndia Index Fund - The Fund will normally
invest at least 90% of its total assets in common stocks that comprise
the ISE ChIndia Index. Currently in development, this index will be a
modified market cap-weighted portfolio of up to 50 companies domiciled
in China or India that are currently trading on U.S. exchanges.
Additional information about ISE’s portfolio
of proprietary sector indexes, including methodology guides, component
lists and weightings, performance metrics and historical data, is
available on ISE’s website, www.iseoptions.com,
on the Products Traded / Index Options page.
ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE), through
its subsidiaries, operates a family of innovative securities markets.
ISE is founded on the principle that technology and competition create
better, more efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products to
provide investors with the best marketplace and investment tools to
trade smarter.
ISE developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic US
options exchange. Currently, ISE operates the largest U.S. equity
options exchange and is among the leading options exchanges in the
world. ISE offers index options, including a portfolio of proprietary
index products, and enhanced market data products for sophisticated
investors. ISE FX Options™ are slated to
launch in 2007.
ISE Stock Exchange, launched in September 2006 with strategic partners,
includes an innovative MidPoint Match™
platform which offers investors continuous price improvement. MidPoint
Match was integrated with a fully-displayed Best Bid Offer market in
December 2006.
ISE’s alternative markets business currently
consists of an events market trading platform known as Longitude.
Longitude’s patented and proprietary
technology provides a unique parimutuel structure for derivatives
auctions which results in greater trading and pricing flexibility for
market participants.
For more information about ISE and its options exchange, visit www.iseoptions.com
and for more information about ISE Stock Exchange, visit www.isestock.com.
Additionally, to learn more about ISE alternative markets technology,
visit www.longitude.com.
Forward Looking Statements
Certain matters discussed in this press release are “forward
looking statements” intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These statements relate to future events
or our future financial performance, and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements, to be
materially different from those contemplated by the forward looking
statements. We undertake no ongoing obligation, other than that imposed
by law, to update these statements. Factors that could affect our
results, levels of activity, performance or achievements and cause them
to materially differ from those contained in the forward looking
statements can be found in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K, current reports on
Form 8-K and quarterly reports on Form 10-Q, as amended.
Investors should consider the investment objectives, risks and charges
and expenses of the ETFs carefully before investing. The prospectus for
each ETF contains this and other information about each ETF. A
prospectus can be obtained by calling First Trust Portfolios L.P. at
1-800-621-1675. A prospectus should be read carefully before investing.
The information contained herein is not complete and may be changed. The
ETFs may not be sold until a registration statement filed with the
Securities and Exchange Commission is effective. Nothing herein should
be considered an offer to sell the ETFs nor a solicitation of an offer
to buy the ETFs in any state where the offer or sale is not permitted.