WHEATON, Ill. -- (Business Wire)
First Trust RBA Quality Income ETF (Nasdaq: QINC) (the “Fund”), an
exchange-traded index fund and a series of First Trust Exchange-Traded
Fund VI (the “Trust”), announced today that the Board of Trustees
(“Board”) of the Trust has approved changes to the Fund’s investment
objective. On or around September 5, 2018, the Fund will seek investment
results that correspond generally to the price and yield (before the
Fund’s fees and expenses) of an index called the Nasdaq Dorsey Wright
Momentum + Yield Index (the “New Index”) and normally will invest at
least 90% of its net assets (including investment borrowings) in
securities comprising the New Index. The New Index will be developed,
maintained and sponsored by the Nasdaq Stock Market, LLC (“Nasdaq”).
The Board of the Trust also approved a reduction in the annual
management fee payable by the Fund to First Trust Advisors L.P. (“FTA”),
the Fund’s investment adviser, from 0.70% of the Fund’s average daily
net assets to 0.60% of the Fund’s average daily net assets. FTA will
manage the investment of the Fund’s assets and will be responsible for
the Fund’s expenses, including the cost of transfer agency, custody,
fund administration, licensing fees, legal, audit and other services,
but excluding fee payments under the Investment Management Agreement,
interest, taxes, brokerage commissions and other expenses connected with
the execution of portfolio transactions, distribution and service fees
related to a Rule 12b-1 plan, if any, acquired fund fees and expenses,
and extraordinary expenses, which are paid by the Fund. The reduction in
the management fee will have no effect on the services provided to the
Fund by FTA and will be effective on or around September 5, 2018. It is
also anticipated that on or around September 5, 2018, the Fund will
change its name to First Trust Dorsey Wright Momentum & Dividend ETF.
The Fund will continue to list and trade its shares on the Nasdaq Stock
Market LLC under the ticker symbol QINC until September 5, 2018, at
which time the Fund will list and trade its shares under the ticker
symbol “DDIV”. The Fund will obtain a new CUSIP and other identifiers.
The New Index is designed to provide U.S. equity exposure to the 50
securities in the NASDAQ U.S. Mid Large Index that provide a high level
of dividend income. The New Index is a rules-based equity index designed
to track the overall performance of the 50 stocks with the highest
dividend yield comprising the NASDAQ U.S. Mid Large Index that still
maintain high levels of “relative strength.”
FTA., the Fund's investment advisor, along with its affiliate, First
Trust Portfolios L.P., are privately-held companies which provide a
variety of investment services, including asset management and financial
advisory services, with collective assets under management or
supervision of approximately $126 billion as of May 31, 2018 through
unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts.
You should consider the Fund’s investment objectives, risks, charges and
expenses carefully before investing. Contact First Trust portfolios L.P.
at 1-800-621-1675 or visit www.ftportfolios.com
to obtain a prospectus or summary prospectus which contains this and
other information about the Fund.
The New Index has been licensed for use by the Fund. Nasdaq, Nasdaq
Dorsey Wright Momentum + Yield Index, and NASDAQ U.S. Mid Large Index
are trademarks of Nasdaq, Inc. (which with its affiliates is referred to
as the “Corporations”) and are licensed for use by FTA. The Fund has
have not been passed on by the Corporations as to their legality or
suitability. The Fund is not issued, endorsed, sold, or promoted by the
Corporations. The Corporations make no warranties and bear no liability
with respect to the Fund.
The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, FTA is not undertaking to give advice in any fiduciary
capacity within the meaning of ERISA and the Internal Revenue Code. FTA
has no knowledge of and has not been provided any information regarding
any investor. Financial advisors must determine whether particular
investments are appropriate for their clients. FTA believes the
financial advisor is a fiduciary, is capable of evaluating investment
risks independently and is responsible for exercising independent
judgment with respect to its retirement plan clients.
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First Trust RBA Quality Income ETF
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Analyst Inquiries: Stan Ueland,
Source: First Trust RBA Quality Income ETF
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