First Trust, one of the largest issuers of smart beta ETFs, recently launched three First Trust Dorsey Wright Momentum Plus ETFs.
Included in that group is a new replacement for the fund formerly known as the First Trust RBA Quality Income ETF (NasaqGM: QINC). That fund is now the First Trust Dorsey Wright Momentum & Dividend ETF (Nasdaq: DDIV).
“Prior to September 6, 2018, the First Trust Dorsey Wright Momentum & Dividend ETF’s investment objective was to seek to track the Richard Bernstein Advisors Quality Income Index. The fund, formerly known as the First Trust RBA Quality Income ETF, previously traded under the ticker symbol QINC,” according to a statement from First Trust.
The new ETFs from Illinois-based First Trust follow benchmarks that “are designed to select securities based on individual stock momentum using Dorsey, Wright & Associates’ (DWA) proprietary relative strength methodology, plus a fundamental factor (value, dividend yield or volatility),” said First Trust.