The First Trust CBOE S&P 500 VIX Tail Hedge Fund (NYSE: VIXH) ETF has changed its investment objective to seek investment results that correspond generally to the price and yield of an index called the Nasdaq Dorsey Wright People’s Portfolio Index.
The New Index is developed, maintained and sponsored by Nasdaq.
To reflect the change the fund will now be known as the First Trust Dorsey Wright People’s Portfolio ETF and its shares will be listed and trade on the NASDAQ Stock Market LLC under the ticker symbol DWPP. The Fund’s new CUSIP, ISIN and SEDOL are 33733E880, US33733E8802 and BZBYDF1, respectively.
The New Index is designed to provide exposure to either the US equity market or T-Bills, based upon daily relative strength readings resulting from a wholly quantitative analysis. The Index always holds exactly one of three possible positions: all the component securities in the Nasdaq US 500 Large Cap Index, all the component securities of the Nasdaq US 500 Large Cap Equal Weight Index or all the component securities of the Nasdaq US T-Bill Index. If T-Bills have higher relative strength than the US equity market, then the New Index will consist entirely of one to three-month T-Bills. If T-Bills have lower relative strength than the US equity market, then the New Index will consist of whichever index has higher relative strength between the Nasdaq US 500 Large Cap Index or the Nasdaq US 500 Large Cap Equal Weight Index.