First Trust Launches First Trust Indxx Medical Devices ETF
First Trust Advisors has launched the First Trust Indxx Medical Devices ETF (MDEV), which seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an index called the Indxx Global Medical Equipment Index.
“The 2020 global pandemic has put health care at the forefront of news headlines and kitchen table conversations. Growing medical awareness in emerging economies due to ageing populations, greater wealth accumulation, and government focus on health care infrastructure all pave the way for increased investment in medical equipment,” said Indxx’s Managing Partner, Rahul Sen Sharma. The fund provides exposure to global companies that comprise the medical devices industry, which are those that focus on developing equipment, instruments, and machines to diagnose, monitor, and treat diseases.
Indxx’s Chief Revenue Officer, Vaibhav Agarwalm adds: “Our index is the product of a unique methodology backed by top-notch research. It tracks the top 50 global companies by market capitalisation within the medical equipment space. We are pleased to work with First Trust who recognises the value in offering US investors access to this growing sector.”
“Many of the technological developments taking place to enable new discoveries and methods of treatment in health care are significant, and we believe there are strong incentives to find ways to harness these global innovations,” says Ryan Issakainen, CFA, Senior Vice President, ETF Strategist at First Trust. “As a leading provider of thematic ETFs, we are excited to offer MDEV as a way to gain exposure to the medical devices industry.”