First Trust May Introduce Long/Short Yield ETF
First Trust, the tenth-largest U.S. ETF issuer, has filed plans with the SEC to possibly introduce the First Trust High Yield Long/Short Fund, an ETF whose primary objective will be generating income, then capital appreciation.
An expense ratio and a ticker were not included in the filing.
The fund will take long positions in securities the advisor believes have the potential to outperform the fund's benchmark and take short positions in securities that look poised to lag the benchmark. It is not intended that any specified portion of the initial fund's assets will be allocated to long positions or short positions, respectively.
First Trust had 69 ETFs with $7.35 billion in assets under management at the end of May, according to data from the ETF Industry Association.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.