First Trust [profile] is building a hedge fund-shadowing ETF. Last week the Wheaton, Illinois-based mutual fund firm filed to launch the First Trust Hedge Fund Manager Holdings Index Fund [filing].

Benzinga and IndexUniverse both reported on the filing.

The planned ETF will track the Wells Fargo Hedge Fund Manager Holdings Index, which includes top equities holdings from hedge funds' 13F filings submitted 45 days after the end of each quarter. First Trust did not include proposed pricing for the ETF.

IndexUniverse notes that the proposal follows Global X's filing a few weeks ago for a quartet of hedge-fundlike index ETFs.  

Edited by: HFD


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