First Trust launches First Trust California Municipal High Income ETF

o    Exchange-traded fund (ETF) provider and asset manager First Trust Advisors has launched a new actively managed ETF, the First Trust California Municipal High Income ETF (FCAL).
o    The fund seeks to provide income that is exempt from regular federal income taxes and California state income taxes with long-term capital appreciation as a secondary objective. The fund will seek to achieve its investment objectives by investing primarily in municipal debt securities issued by the state of California. The fund may also invest in municipal securities issued by territories or possessions of the US (including, but not limited to, Puerto Rico, the US Virgin Islands and Guam.)
o    Has an expense ratio of 50 BPs.