E*Trade Asset Management Inc, a subsidiary of online brokerage E*Trade Group Inc, says it has filed with the Securities and Exchange Commission to add two mutual funds to its portfolio. The first new offering, the E*Trade E-Commerce Index Fund, is based on the Goldman Sachs E-Commerce index – which represents an array of e-commerce stocks selected by investment bank Goldman Sachs & Co. The index includes companies with a majority of their revenue coming from online sources or transactions related to the internet, as well as virtual companies and key e-commerce infrastructure providers.
The second new fund is the E*Trade International Index Fund, which will attempt to match the performance of the EAFE Free Index. The EAFE (Europe, Australasia, Far East) Index comprises roughly 1,100 securities listed on the stock exchanges of 20 markets in countries in those regions. The index also excludes all stocks that are not available to US investors. E*Trade says the new funds will be advised by E*Trade Asset Management and distributed exclusively by E*Trade Securities. The funds will be supported by a site within E*Trade’s Mutual Fund Center, which now boasts more than 4,600 funds in total.
