Toronto-based FT Portfolios Canada Co. (First Trust Canada) Wednesday announce the launch of the common and advisor class of units of the First Trust Global Risk Managed Income Index ETF (TSX: ETP/ETP.A).

The new ETF seeks to replicate, to the extent possible, the performance of the Nasdaq Global Risk Managed Income Index, net of expenses. The index seeks to provide a risk managed, global income portfolio which generates a high yield for the risk taken and consists of liquid income-bearing exchange traded funds (ETFs) and other exchange traded products across various asset classes.

“In the current low yield environment where many investors and advisors actively hunt for the dual goals of income generation and risk mitigation, we feel our new First Trust ETF (TSX:ETP) may provide the flexibility to potentially achieve both objectives,” said Fraser Howell, CEO of FT Portfolios Canada Co., in a release.

“The Canadian ETF market boasts over 300+ ETFs which tap into everything from dividend paying equities to niche bond markets such as convertible bonds and senior loans. We feel the desire for a simplified, single ticker solution comprised of some of the largest and most liquid income based ETFs in Canada is a significant need across many investor and advisor wish lists,” added Karl Cheong, senior vice president of First Trust Canada.