First Trust Advisors has announced the launch of its First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID), which will be the first to track electrical infrastructure technology companies.

Large infrastructure investments as part of the stimulus package have put Smart Grid technologies on the forefront of green investing. The Smart Grid is largely expected to replace the older, less efficient electrical wires that are more costly and require more energy to deliver the same amount of electricity to homes and businesses.

The index will invest in companies that are involved in the production of the electric grid, electric meters and devices, networks, energy storage, and software used by the infrastructure sector, according to a press release. The creation of an exchange-traded fund should help finance expensive R&D and implementation costs, which are some of the most capital intensive elements of the green energy movement.