TORONTO, Dec. 18, 2020 (GLOBE NEWSWIRE) — FT Portfolios Canada Co. (the “Manager”), the manager of First Trust AlphaDEX™ U.S. Utilities Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF, First Trust AlphaDEX™ U.S. Materials Sector Index ETF, First Trust AlphaDEX™ U.S. Energy Sector Index ETF, First Trust AlphaDEX™ U.S. Financial Sector Index ETF and First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged) (collectively, the “Funds”) is pleased to announce that the board of directors of the Manager has approved a proposal to change the investment objectives of each of the Funds as set out below (the “Proposals”). In addition, in connection with the change of the investment objectives, the Manager proposes to change the name of each of the Funds as follows:
Current Fund Name and Sector Exposure
New Fund Name and Sector Exposure
Proposed Investment Objective
First Trust AlphaDEX™ U.S. Utilities Sector Index ETF
Seeks to replicate the performance of the StrataQuant® Utilities Index
First Trust Cloud Computing ETF
Cloud Computing Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies involved in the cloud computing industry, initially the ISE CTA Cloud Computing™ Index.
First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF
Seeks to replicate the performance of the StrataQuant® Consumer Staples Index
First Trust Dow Jones Internet ETF
Internet Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies involved in the internet industry, initially the Dow Jones Internet Composite IndexSM.
First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF
Seeks to replicate the performance of StrataQuant® Consumer Discretionary Index
First Trust Nasdaq Cybersecurity ETF
Cybersecurity Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies in the cybersecurity industry, initially the Nasdaq CTA Cybersecurity IndexSM.
First Trust AlphaDEX™ U.S. Materials Sector Index ETF
Seeks to replicate the performance of StrataQuant® Materials Index
First Trust NYSE Arca Biotechnology ETF
Biotechnology Sector
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies in the biotechnology industry, initially the NYSE Arca Biotechnology IndexSM.
First Trust AlphaDEX™ U.S. Energy Sector Index ETF
Seeks to replicate the performance of StrataQuant® Energy Index
First Trust Indxx NextG ETF
Wireless Networking Sector
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies that have devoted or have committed to devote, material resources to the research, development and application of fifth generation and next generation digital cellular technologies as they emerge, initially the Indxx 5G & NextG Thematic IndexSM.
First Trust AlphaDEX™ U.S. Financial Sector Index ETF
Seeks to replicate the performance of StrataQuant® Financials Index
First Trust Nasdaq Clean Edge Green Energy ETF
Clean Energy Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. listed companies designed to track the performance of clean energy companies engaged in manufacturing, development, distribution and installation of emerging clean-energy technologies including, but not limited to, solar photovoltaics, biofuels and advanced batteries, initially the NASDAQ® Clean Edge® Green Energy IndexSM.
First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged)
Seeks to replicate the performance of Dorsey Wright® U.S. Sector Focus Five Index
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies that have shown dividend consistency and dividend sustainability, initially the Morningstar® Dividend Leaders IndexSM.
If approved, unitholders of the Funds will, following implementation of the Proposals, hold the following units of the renamed Funds:
Current Fund Name
Current class of units held
Current Ticker Symbol
New Fund Name
New class of units held
New Ticker Symbol
First Trust AlphaDEX™ U.S. Utilities Sector Index ETF
Units
FHU
First Trust Cloud Computing ETF
Units
SKYY
First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF
Units
FHC
First Trust Dow Jones Internet ETF
Units
FDN
Hedged Units
FHC.F
Hedged Units
FDN.F
First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF
Units
FHD
First Trust Nasdaq Cybersecurity ETF
Units
CIBR
First Trust AlphaDEX™ U.S. Materials Sector Index ETF
Units
FHM
First Trust NYSE Arca Biotechnology ETF
Units
FBT
First Trust AlphaDEX™ U.S. Energy Sector Index ETF
Units
FHE
First Trust Indxx NextG ETF
Units
NXTG
First Trust AlphaDEX™ U.S. Financial Sector Index ETF
Units
FHF
First Trust Nasdaq Clean Edge Green Energy ETF
Units
QCLN
First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged)
Units
FSR
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
Units
FDL
The changes to the investment objectives should modernize the sector exposures and investment portfolios of the Funds and produce a more attractive return profile for unitholders moving forward, while maintaining concentrated equity exposure through an exchange-traded fund structure.
If the Proposals are approved, the Funds will provide exposure to the performance of the following new indices by investing all or substantially all of the Fund’s assets in the underlying U.S. funds as set forth in the following table, which are also managed by the Fund’s current portfolio advisor:
Fund
Index
Index Provider
Underlying Fund
First Trust Cloud Computing ETF
(formerly, First Trust AlphaDEX™ U.S. Utilities Sector Index ETF)
ISE CTA Cloud Computing™ Index
Nasdaq, Inc.
First Trust Cloud Computing ETF
First Trust Dow Jones Internet ETF
(formerly, First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF)
Dow Jones Internet Composite IndexSM
S&P Dow Jones Indices LLC
First Trust Dow Jones Internet Index Fund
First Trust Nasdaq Cybersecurity ETF
(formerly, First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF)
Nasdaq CTA Cybersecurity IndexSM
Nasdaq, Inc.
First Trust Nasdaq Cybersecurity ETF
First Trust NYSE Arca Biotechnology ETF
(formerly, First Trust AlphaDEX™ U.S. Materials Sector Index ETF)
NYSE Arca Biotechnology IndexSM
ICE Data Indices, LLC
First Trust NYSE Arca Index Fund
First Trust Indxx NextG ETF
(formerly, First Trust AlphaDEX™ U.S. Energy Sector Index ETF)
Indxx 5G & NextG Thematic IndexSM
Indxx, LLC
First Trust Indxx NextG ETF
First Trust Nasdaq Clean Edge Green Energy ETF
(formerly, First Trust AlphaDEX™ U.S. Financial Sector Index ETF)
NASDAQ® Clean Edge® Green Energy IndexSM
Nasdaq, Inc. and Clean Edge, Inc.
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
(formerly, First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged))
Morningstar® Dividend Leaders IndexSM
Morningstar, Inc.
First Trust Morningstar Dividend Leaders Index Fund
As a result, the Funds’ management fees will change from 0.70% per annum of net asset value to 0.15% per annum of net asset value and going forward the Funds will also bear the management fee of the underlying funds which range from 0.30% to 0.70% per annum of net asset value.
The Manager has called and will hold special meetings of unitholders of the Funds on February 3, 2021 to consider and vote upon the Proposals. A management information circular (the “Circular”) describing the Proposals is being prepared and will be mailed to the unitholders of the Funds. The Circular will also be available on SEDAR at www.sedar.com and posted on the Manager’s website at www.firsttrust.ca. Implementation of the Proposals is subject to all required regulatory approvals. If approved, the Proposals are expected to be implemented in February of 2021.
About First Trust
FT Portfolios Canada Co. (“FT Portfolios Canada”) is the trustee, manager and promoter of the Funds. FT Portfolios Canada and its affiliates First Trust Advisors L.P. (“FTA”), portfolio advisor to the Funds, an Ontario Securities Commission registered portfolio manager and U.S. Securities and Exchange Commission registered investment advisor, and First Trust Portfolios L.P., a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately U.S. $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
Further information about FT Portfolios Canada’s ETFs can be found at www.firsttrust.ca.
For further information: Media Contact: Karl Cheong, FT Portfolios Canada Co., 40 King Street West, Suite 5102, Email: karlcheong@firsttrust.ca, 1-877-622-5552.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.