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NEW YORK, July 22, 2014 (GLOBE NEWSWIRE) -- NASDAQ OMX today announced that First Trust will launch a new exchange traded fund (ETF), First Trust Dorsey Wright International Focus 5 ETF (Symbol: IFV), which will be listed on The NASDAQ Stock Market
®). IFV will begin trading on NASDAQ on Wednesday, July 23, 2014.
"International investing has always been a passion of mine," said Tom Dorsey, President and CEO of Dorsey, Wright & Associates. "I am excited that we have collaborated with First Trust to bring a second ETF that captures the Dorsey Wright Focus Five methodology and now provides investors with a tactical international equity strategy."
IFV is designed to provide targeted exposure to the five First Trust international ETFs identified by the Dorsey, Wright & Associates (DWA) index methodology to offer the greatest potential to outperform the other ETFs in the selection universe. First Trust international ETFs provide the universe for the index selection. Using DWA's relative strength ranking system, the ETFs are compared to each other to determine inclusion. The top five ranking ETFs are included in the index and the relative strength analysis is conducted on a weekly basis with ETFs replaced when they fall sufficiently out of favor. The index is rebalanced periodically so each position is equally weighted. DWA believes the design of the index allows them to identify major themes in the market, have exposure to those countries or regions whose price action is superior to others and eliminate exposure to those countries or regions whose price action is sub-par relative to others.
"We are thrilled to expand our partnership with First Trust and welcome their new exchange traded product (ETP) to the NASDAQ marketplace," said Dave LaValle, Head of Exchange Traded Product Listings at NASDAQ OMX. "With this new product, we will build on the success of the domestic version of the First Trust Dorsey Wright Focus 5 ETF and we believe the international version will be well received by a broad spectrum of investors."