First Trust's New Water ETF vs. PowerShares' PHO

Roger Nusbaum submits: I want to follow up a little on the First Trust Water ETF (FIW) that is on the way soon. The chart below compares the index that underlies FIW to the PowerShares Water ETF (PHO) that I have owned since a day or two after its listing.

Not much difference is there? For me to want to make a switch I would need to believe that going forward FIW will do better price-wise. Or if somehow it yielded a lot more, that would be a reason to consider switching. I doubt FIW can yield a lot more because of the overlap, but we'll see.

StateStreet has a bunch of ETFs in the hopper including the Emerging Europe SPDR (GUR) and the Middle East/Africa SPDR (GAF), according to IndexUniverse. Well those would certainly open some frontier markets to the mainstream.