FWT: First Trust's New Water ETF

Roger Nusbaum submits: First Trust has filed for a water ETF that is proposed to trade under ticker FWT.

According to the paperwork they just filed on February 9th, so it could be a couple of months before it lists.

I hopped on the PowerShares Water ETF (PHO) right away, as I buy into the theme, but I would not hesitate to sell it across the board in favor of FWT if I thought it could be a better mousetrap. You can take a peak at the underlying index. There appears to be a fair bit of overlap at first glance, but there is no need to solve this now.

For the time being, if you care about the water theme just know that another ETF is on the way. A hat tip to IndexUniverse for the heads up.