First Trust Long/Short Equity ETF(AMEX:FTLS)

FTLS is actively-managed to invest in 90-100% long equity positions, partially offset by 0-50% short positions. It may also include investments in ETFs. The fund will avoid leverage from short sale proceeds and can take defensive cash positions. The funds active managers an internal team from First Trust, have broad discretion in long/short allocation and stock selection. The selection process will include fundamental, market-related, technical and statistical attributes to screen eligible securities. The funds active managers will use an earnings quality model ranking with long high quality, short low quality, as a primary signal but will also aim to balance factor exposure and market risk for the overall portfolio.