First Trust [profile] files paperwork for a one-of-a-kind active junk bond ETF, reports ETFdb.

The First Trust High Yield Long/Short ETF targets to give current income, and its second target is capital appreciation. According to the papers filed by the Illinois-based manager, 10 percent of the assets of this ETF will be invested in non-US dollar securities. It would also employ the 13030 strategy, maintaining "can maintain up to 130% of its assets in long positions by using proceeds from up to a total of 30% in short positions," according to the report. 

Edited by: HFD


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