First Trust launched a new actively managed ETF today on the New York Stock Exchange: the First Trust Multi-Manager Large Growth ETF (NYSE: MMLG).

MMLG seeks to provide long-term capital appreciation by using a multi-manager approach to provide exposure to the large-capitalization growth segment of the equity market.

Ryan Issakainen, CFA, Senior Vice President, ETF Strategist at First Trust, said they are thrilled to work with best-in-class large cap growth managers, which have demonstrated a long-term history of success, by employing distinct, complementary investment philosophies.

“A multi-manager approach combines the potential advantages of an actively managed portfolio with the added benefit of diversified expertise from multiple asset management firms, each of whom offers its own experience, philosophy and strategy for investing in equity securities issued by large capitalization growth companies,” Issakainen said. “By combining multiple large-cap growth strategies that have the potential to perform well in different market environments, this ETF seeks to produce more consistent alpha over time.”

The fund’s portfolio is managed by First Trust Advisors L.P. (“First Trust”), with a First Trust Investment Committee handling the selection and ongoing monitoring of the securities in the fund’s portfolio. The First Trust Investment Committee is responsible for selecting and overseeing the sub-advisors. The assets of the fund will be initially allocated between two sub-advisors; Wellington Management Company LLP and Sands Capital Management, LLC.

Each sub-advisor is responsible for providing model portfolios to First Trust regarding the selection and allocation of securities in the fund. Through the blending of multiple portfolio management teams, First Trust seeks to provide idiosyncratic profiles that complement each other.

For more ETF launch stories, visit https://www.etftrends.com/category/new-etfs/.