First Trust has become the first exchange-traded fund (ETF) provider to use the New York Stock Exchange’s streamlined generic listing rules, which were approved last month, for the launch of new ETFs.
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, and Horizon Investments.
Doug Yones, NYSE head of exchange-traded products, says: “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. 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, senior vice president, ETF strategist at First Trust, says: “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.”