First Trust Advisors, together with the NASDAQ OMX Group and Clean Edge, have launched the first exchange-traded fund to invest in the electric infrastructure sector.

The First Trust Nasdaq Clean Edge Smart Grid Infrastructure Index Fund (Nasdaq: GRID) will track the Nasdaq OMX Clean Edge Smart Grid Infrastructure Index, which is a modified market capitalization index comprised of companies involved in electric grid, meters, devices and network, energy storage and management, and sector-related software.

Started in September, the index holds some 30 names.

"With a growing demand for electricity and the increasingly inefficient infrastructure, the current power grid is unable to keep up with the twenty-first century technology," Ryan Issakainen, vice president, exchange-traded fund strategist for First Trust Portfolios, said in a release.

"There's a growing movement towards a next-generation power grid—smart grid. Electricity is one of the largest and most capital-intensive sectors in our economy, and we are tremendously excited about the potential that this industry represents," he added.

First Trust Advisors, GRID's investment adviser, and its affiliate First Trust Portfolios, are privately held companies with collective assets under management of some $24 billion.

You can read the prospectus for GRID here.