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First Trust Advisors L.P. announced that shareholders of the First Trust Municipal CEF Income Opportunity ETF (MCEF) voted to approve a shift from a fund-of-funds strategy to direct investments in municipal debt securities. The ETF will be renamed First Trust Flexible Municipal High Income ETF, with a new ticker symbol, MFLX, effective April 14, 2022. Additionally, a transition period of 30 to 60 days will follow the press release to align assets with the new strategy. First Trust manages approximately $216 billion in assets as of March 31, 2022.
First Trust Advisors has announced that shareholders of the First Trust Horizon Managed Volatility Developed International ETF (HDMV) approved a new investment sub-advisory agreement with Horizon Investments, LLC. This move follows Horizon's acquisition of a majority stake by ACP Horizon Holdings. The transition does not affect the daily operations or portfolio management of the Fund. Horizon manages approximately $6.96 billion in assets as of September 30, 2021. First Trust Advisors, based in Wheaton, Illinois, oversees approximately $210 billion in assets across various investment vehicles.
First Trust Advisors L.P. announced that the First Trust CEF Income Opportunity ETF will change its name to the First Trust Income Opportunities ETF effective April 8, 2022. The ETF will continue trading under the ticker symbol FCEF, and its investment strategy will now allow investments in both closed-end funds and exchange-traded funds. The objective remains to provide current income with an emphasis on total return. First Trust manages approximately $210 billion in assets, emphasizing careful consideration of risks and expenses before investing.
On November 5, 2021, shareholders of First Trust Merger Arbitrage ETF (NYSE Arca: MARB) approved a new investment sub-advisory agreement with First Trust Capital Management L.P. (FTCM). This agreement follows the creation of a joint venture between Vivaldi Holdings and First Trust Capital Partners, which resulted in Vivaldi Asset Management transitioning to FTCM. As investment sub-advisor, FTCM is tasked with managing the Fund's portfolio, while First Trust Advisors L.P. continues its role as the main investment advisor.
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