New Community Bank ETF sets July 1 launch date.

First Trust Advisors on Friday announced plans to launch its new exchange-traded fund focused on community banks on July 1.

The firm had previously filed for Securities and Exchange Commission approval to offer the fund. (See related story here.)

But the press splash is the company's first comments after completing the required regulatory process. It also provided full details of the ticker and made official the new ETF's name: The First Trust Nasdaq ABA Community Bank Fund (NASDAQ: QABA).

First Trust will serve as the investment adviser for the fund. It will come with an expense ratio of 0.60%, according to the ETF's prospectus.

Community banks follow a different economic paradigm than the New York-centered financial giants; they’re even quite different from the regional banking companies captured by ETFs such as the SPDR KBW Regional Banking ETF (NYSE Arca: KRE). When well-run, they tend to