First Trust has filed with the SEC an order to reorganize the First Trust Value Line 100(FVL) into a new exchange traded fund (ETF).  The new symbol would be FTA. FTA is the Value Line ETF that everyone wanted in the first place, reports Seeking Alpha. The new ETF will track an index of the 100 stocks ranked #1 by Value Line for timeliness, reconstituted monthly. The old fund tracked the VL 100 stocks in real time, updated every week, which resulted in massive turnover, of 400% per year, and short term capital gains distributions. This second closed-end to ETF conversion fund should be much more tax efficient.

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