Wind exchange traded funds (ETFs) are generating enough interest and returns to be more than just hot air.

As oil prices are expected to stay high despite their retreat in recent weeks, investors have been considering renewable energy sources such as wind power as the next frontier.

Designers of the wind-industry indexes are building them around big, diversified companies along with smaller ones that focus on wind generation. The index builders say that over time the ETFs will be tweaked to be more of a pure play on the industry, reports Michael Pollack For The Wall Street Journal.

The first wind-energy ETF, First Trust ISE Global Wind Energy (FAN), was anticipated to draw $100 million in assets, and thus far, the ETF has net assets of $71 million since its June 16 inception. This ETF invests in Otter Tail Corp. which has wind-generation capacity, but also sells in markets ranging from medical diagnostic imaging systems to food.

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