First Trust has switched the investment objective on a trio of smart beta funds from a country-specific focus to various themes and has appointed a new index for each one.

Formerly part of its AlphaDEX range of products, each fund has seen its investment objective and policy changed to follow a thematic benchmark, from 5G to clean energy.

First Trust Japan AlphaDEX UCITS ETF has become First Trust Indxx Next G UCITS ETF and will now provide exposure to companies dedicated to the research, development and application of 5G.

Comprising up to 100 securities, it will track the Indxx 5G & NextG Thematic index, dropping its former NASDAQ AlphaDEX Japan index, as the manager believes a 5G fund will be "more marketable" than one providing exposure to Japan. It will see its base currency changed from yen to US dollars.

Its top ten holdings include Lenovo Group, Sony Corporation and Taiwan Semiconductor Manufacturing Company, and it is available for a total expense ratio (TER) of 0.7%.

First Trust Small Cap Core AlphaDEX UCITS ETF is now First Trust Nasdaq Clean Edge Green Energy UCITS ETF, offering a focus on clean energy companies, which the manager also believes are more marketable than US small-cap core firms.

The index used by the fund will switch from the Nasdaq AlphaDEX Small Cap Core index to the Nasdaq Clean Edge Green Energy index.

Its top ten holdings include Tesla, Enphase Energy and Albermarle Corporation, and it is available for a TER of 0.6%.

Finally, First Trust Switzerland AlphaDEX UCITS ETF is now First Trust Dow Jones International Internet UCITS ETF, dropping its country focus in favour of companies engaged in the "exponential growth of internet services and internet commerce."

It has adopted the Dow Jones International Internet index to replace the Nasdaq AlphaDEX Switzerland index and changed its base currency from Swiss francs to US dollars.

Its top ten holdings include Meituan, Tencent Holdings and Alibaba Group, and it is available for a TER of 0.65%.

(First published by our sister title Investment Week)