First Trust Advisors announced that it has made changes to the name, ticker, and index for the fund formerly known as the First Trust Global Engineering and Construction ETF (NYSE Arca: FLM).
Effective August 1, the fund’s name is now the First Trust Alerian U.S. NextGen Infrastructure ETF (NYSE Arca: RBLD). In addition, the fund has changed its index from the ISE Global Engineering and Construction Index to the Alerian U.S. NextGen Infrastructure Index. The new index will be composed of securities issued by U.S. infrastructure companies that build, operate, and own infrastructure assets.
The fund’s shares will continue to be listed for trading on NYSE Arca under the ticker symbol RBLD. VettaFi LLC will serve as the fund’s new index provider. The fund’s CUSIP, 33736M103, will remain the same.
RBLD will transition to a unitary fee structure. The fund previously paid an investment management fee equal to 0.40% of average daily net assets to First Trust and paid other expenses. However, First Trust has agreed to waive fees and/or reimburse fund expenses to keep its operating expenses from exceeding 0.70% of its average daily net assets per year.
Under the new management agreement, RBLD will pay First Trust a unitary management fee equal to 0.65% of RBLD’s average daily net assets.
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vettafi.com is owned by VettaFi, which also owns the index provider for RBLD. VettaFi is not the sponsor of RBLD, but VettaFi’s affiliate receives an index licensing fee from the ETF sponsor.