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Community bank ETF begins trading on Nasdaq

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The First Trust Nasdaq ABA Community Bank Index Fund has begun trading on the Nasdaq.

The First Trust Nasdaq ABA Community Bank Index Fund has begun trading on the Nasdaq.

It is an exchange-traded fund that focuses on Nasdaq listed community banks. First Trust Advisors is the investment adviser for the ETF.

QABA seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of the Nasdaq OMX ABA Community Bank Index. The index provides a benchmark for investors interested in tracking the performance of a subset of all Nasdaq listed banks and thrifts or their holding companies that are designated as community banks by the American Bankers Association according to the index methodology.

‘It is exciting for First Trust to bring to market our community bank ETF because community banks play a major role in the nation’s economic system,’ says Robert Carey, chief investment officer of First Trust. ‘QABA will allow investors to track the stocks of community banks, which have long been the primary source of capital for local communities, providing investors with a new opportunity to invest in the financial sector.’

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