A proposal to convert two closed-end funds into exchange traded funds (ETFs) at First Trust Advisors has created a proxy battle. This is the first time for such a change. The two funds involved are First Trust Value Line and Ibbotson Equity Allocation (FVI) and First Trust Value Line Dividend (FVD), reports Tom Leswing of Ignites.
It is believed by many that the dissident shareholder, Ralph Bradshaw, is holding out to change the advisor on the funds. Closed-end fund observers say the concept of converting the funds to ETFs is sound. Bradshaw argues there is little to gain by the conversion.
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