First Trust plans First Trust Hedge Fund Manager Holdings Index Fund

By Toni Weeks

San Diego, April 4 - First Trust Exchange-Traded Fund is planning a new fund, the First Trust Hedge Fund Manager Holdings Index Fund, according to an N-1A filing with the Securities and Exchange Commission.

The fund will seek investment results that correspond generally to the price and yield, before fees and expenses, of the Wells Fargo Hedge Fund Manager Holdings Index. It will normally invest at least 90% of its net assets in the securities in the index, which is designed to measure the performance of the 100 largest positions in equities and equity-related securities that are listed on the NYSE, NYSE Arca or Nasdaq.

The fund's portfolio management team includes Daniel J. Lindquist, Robert F. Carey, Jon C. Erickson, David G. McGarel, Roger F. Testin and Stan Ueland.

There are no shareholder fees. Management fees and annual fund operating expenses have not yet been determined.

The ticker symbol has also not been set.

Wheaton, Ill.-based First Trust Advisors LP will be the fund's investment adviser.

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