The fund aims to offer a streamlined alternative to advisers who currently manage multiple autocallable notes on single stocks across a single portfolio.

First Trust is gearing up to launch its first autocallable ETF linked to individual stocks – the FT Vest Autocallable Barrier & High Income ETF (ACYQ) - with revised features, according to an SEC filing that became effective Wednesday. The fund has dropped a restriction that previously limited its underlying stocks to constitutes of the Nasdaq 100 Index, and will instead draw from a smaller chosen set of large-cap stocks, its updated prospectus shows. The ETF is scheduled to go live