First Trust Advisors LP in Wheaton, Ill., has introduced an exchange-traded fund based on community banks listed on the Nasdaq.

The First Trust Nasdaq ABA Community Bank Index Fund, which began trading on the Nasdaq last week, seeks investment results that correspond to the price and yield of the Nasdaq OMX ABA Community Bank Index. The index is a benchmark for investors interested in tracking the performance of a subset of all Nasdaq-listed banks and thrifts that are designated as community banks by the American Bankers Association.

The Illinois firm had $19 billion of assets under management at May 31, offers investment services that include asset management, financial advice and municipal and corporate investment banking.

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