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Nasdaq OMX lists First Trust Managed Municipal ETF


First Trust has launched a new exchange-traded fund, the First Trust Managed Municipal ETF, on Nasdaq OMX.

The fund began trading on 15 May.
"We are thrilled to list the First Trust Managed Municipal ETF (FMB) on The Nasdaq Stock Market, where we can explore countless opportunities in municipal bonds," says Ryan Issakainen, exchange traded fund strategist and senior vice president at First Trust Portfolios. "Given the potential for rising interest rates as a result of stronger economic growth, we believe that in the current market, positioning the fund along the intermediate portion of the yield curve, coupled with including bonds with lower investment grade ratings, provides investors less interest rate sensitivity than longer duration portfolios."
The ETF is managed by First Trust Advisors using a disciplined approach that focuses on a combination of quantitative analysis and fundamental research. Under normal market conditions, FMB seeks to achieve its objectives by investing at least 80 per cent of its total net assets (including investment borrowings) in municipal debt securities. Active portfolio management allows the fund managers to make portfolio adjustments, as necessary as conditions change. FMB provides access to a portfolio of primarily investment grade municipal bonds, while offering daily liquidity and full transparency of holdings and pricing.
"We are pleased to launch FMB in conjunction with our good partners at First Trust," says Dave LaValle, head of exchange traded product listings at Nasdaq OMX. "We appreciate First Trust's confidence in choosing the Nasdaq marketplace. We are committed to increasing the value of our partnership by continuing to fuel innovation in the listing and trading of exchange-traded products and acting as thought leaders and pioneers in the industry."

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