The New York Stock Exchange celebrates the listing of two new ETFs from First Trust, marking the first time an issuer has utilized the new streamlined generic listing rules approved last month. ...
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Launched on NYSE Arca, the First Trust Horizon Managed Volatility Domestic ETF (HUSV) and First Trust Horizon Managed Volatility Developed International ETF (HDMV) are two actively managed funds that were approved through the new streamlined listing process, which no longer requires a separate filing with the Securities and Exchange Commission (SEC) under SEC Rule 19b-41. The funds are managed by First Trust Advisors, L.P. and Horizon Investments, LLC, and are based in Wheaton, IL.
Doug Yones, NYSE Head of Exchange Traded Products, welcomed First Trust’s two new products to the New York Stock Exchange’s expanding ETP offering.
“We worked extensively with industry to support an innovative, efficient solution for the listing process for actively managed funds to support new product development for our issuers,” said Yones. “It’s fantastic that First Trust is the first issuer to benefit from this new process, and we look forward to welcoming others in the near future.”
Ryan Issakainen, CFA, Senior Vice President, ETF Strategist at First Trust said, “We believe that the generic listing standards for actively-managed ETFs are an important step forward for the ETF industry. As a leading provider of actively-managed ETFs, First Trust is excited to be the first to take advantage of these new rules with the launch of these two new ETFs.”
NYSE Arca currently lists 1561 ETPs from over 70 issuers and is the leading exchange in both assets under management (AUM), number of listed ETPs, and ETP traded volume.
1 Unless an exchange-traded product meets SEC approved “generic” listing standards, as were recently approved for certain actively-managed transparent funds, SEC Rule 19b-4 under the Securities Exchange Act of 1934 requires an exchange to file with the SEC a detailed description of a new derivative product, including options, warrants, hybrid securities and ETFs, on Form 19b-4 and for the SEC to approve the filing, before the exchange can list such a new derivative product. More information on the Form 19b-4 is available on the SEC website.