Both PowerShares and First Trust Advisors have filed docs with the SEC to provide Wind Energy ETFs.  The PowerShares Global Wind Energy ETF requires a minimum market cap of 200 million and will likely include some or all of the big wind players such as Vestas Wind Systems (Denmark), Clipper Steam Turbine (China), Gas Turbine Efficiency (Sweden), Gamesa Corp Technologica (Spain), Windflow Technology (New Zealand) or Wind Energy America of Eden (US).  Get your free PowerShares Global Wind Energy ETF (PWND) analysis here

The First Trust ISE Global Wind Energy ETF will be made up of 2/3 pure plays and 1/3 of companies with a portion of their sales from wind and include companies of all sizes.  Get your free First Trust Wind Energy ETF (FAN) analysis here

Countries with the most installed capacity of wind power include Germany, US, Spain, India and China with China leading the growth by tripling its capacity in 2007 over 2006.  Some expect China to be the leader in wind power generation in just a few years.

Currently, the best way to play wind with a diversified strategy is through the Market Vectors Global Alternative Energy ETF (GEX) which lists Vestas Wind Systems (Denmark) as it’s largest holding at just under 13% of the fund.  You can get a free analysis of this fund too.