The folks at First Trust [profile] and Richard Bernstein Advisors are celebrating a big milestone for a long-time offering from their two firms.

Last month, Richard Bernstein, CEO and chief investment officer of RBA, and Ryan Issakainen, senior vice president and ETF strategist at First Trust, highlighted that as of January 6 the First Trust RBA American Industrial Renaissance ETF (AIRR on the Nasdaq) had surpassed $3 billion in AUM. As of yesterday, the fund had grown to $3.469 billion.

First Advisors L.P. serves as investment advisor and fund reporting agent to AIRR. RBA serves as index provider.

AIRR's inception date was March 10, 2024. It currently comes with an expense ratio of 70 basis points.

The portfolio manager team for AIRR consists of an investment committee: Jon Erickson, SVP at First Trust; Daniel Lindquist, managing director at First Trust and chair of the committee; David McGarel, CIO, chief operating officer, and managing director; Chris Peterson, SVP; Erik Russo, SVP; Roger Testin, SVP; and Stan Ueland, SVP. The ETF is designed to track the Richard Bernstein Advisors American Industrial Renaissance Index.

Bernstein describes AIRR as being powered by what "has proven to be an exceptionally successful investment theme."

"Despite this achievement, the critical need for the U.S. to invest in manufacturing — both to safeguard economic independence and bolster national security — remains widely underappreciated," Bernstein states. "This underscores the American Industrial Renaissance's potential as a compelling long-term investment opportunity."

Issakainen shares his surprise that AIRR's investment them has gotten "little attention" from investors.

"Not only in light of its strong performance over the past decade, but more importantly, how well we believe it's positioned for the next several years," Issakainen states.

AIRR is a series of First Trust Exchange-Traded Fund VI. The new fund's other service providers include: Bank of New York Mellon as administrator, custodian, dividend disbursing agent, fund accounting agent, securities lending agent, and transfer agent; Chapman and Cutler LLP as counsel; Deloitte & Touche LLP as independent accounting firm; First Trust Portfolios L.P. as distributor; and ICE Data Indices, LLC as index calculation agent. 

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