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Look around. You probably see at least a half-dozen people with their iPhones or Blackberrys out. Smartphones are taking the world by storm, and now there’s an index to represent. Perhaps an ETF could be in the offing.

The NASADQ OMX CEA Smartphone Index is a new index that tracks companies specifically dedicated to the Smartphone business. The index holds about 84 companies and includes networks that are associated with the development, sale and usage of smartphones, says ETF Professor for Benzinga.

Companies to look for that would hold weight in the Smartphone world include: Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Research In Motion (RIMM), Palm (PALM), Qualcomm (NASDAQ:QCOM).

ETF Professor does make the case that a smartphone ETF may not necessarily be needed, and it’s hard to argue against it. There are a variety of telecom ETFs out there now, including those listed below, that hold not only the developers of smartphones, but also cellular service providers with whom many of these smartphone makers have developed contracts. ETF Professor points out that SPDR Morgan Stanley Technology (NYSEARCA:MTK) may cover both bases the best.

  • SPDR Morgan Stanley Technology (MTK)

  • PowerShares Dynamic Telecom & Wireless Portfolio (PTE)

  • Vanguard Telecom Services (NYSEARCA:VOX)

  • iShares Dow Jones U.S. Telecommunications (NYSEARCA:IYZ)

Disclosure: None

Source: Four ETFs for Accessing Smartphone Popularity