First Trust Multi-Manager Small Cap Opportunities ETF(AMEX:MMSC)

MMSC invests in small-cap US growth stocks while using a multi-manager approach. The fund expects to benefit from complementing investment strategies of different asset management firms. First Trust, the advisor, selects managers with consistent track record of success and have investment strategies focused on long-term outlook. Each manager or sub-advisor provides independent recommendations regarding selection and allocation of securities, respective to their portion of assets. The advisor may recommend the addition or removal of managers, as well as changes to the allocation of assets. Given the different styles of each sub-advisor, the allocation of assets within the portfolio is periodically rebalanced equally to maintain exposure to each managers strategy. As an actively managed fund, the portfolio managers can analyze market and financial data to make buy, sell, and hold decisions at their discretion.