The American Stock Exchange began trading a new exchange traded fund (ETF) converted from a closed-end fund. The First Trust Value Line 100 Fund was changed to an ETF after shareholders agreed last month. Darla Mercado for InvestmentNews reports as of last Friday the conversion was finalized. The fund was de-listed at the end of the day and will now trade as an ETF under the symbol FVL. The First Trust Value Line 100 ETF will strive for results that match the Value Line Index and at least 90% of assets will go toward common stocks in the equity index.
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