First Trust is launching a California Municipal Bond ETF, (FCAL:US) covering the municipal bond market in the Golden state through an active strategy. This differentiates it from its two primary competitors from iShares and PowerShares which both offer passive exposure.

FCAL can invest in sub-investment grade bonds and securities, as well as those in territories such as Puerto Rico and the US Virgin Islands. The fund can invest in bonds of any duration or maturity.

A spokesperson for First Trust said they were "comfortable" allowing below-investment-grade bonds in the portfolio because it was actively managed.

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Guggenhiem has rolled out a new multi-factored ETF that selects 50 companies from the S&P 500, the Guggenheim Multi-Factor Large Cap ETF (GMFL: US). Stocks are chosen through a scoring system, which rates factors like value and growth and picks accordingly.

A spokesperson for Guggenheim said that the key factor GMFL targets is diversification. This enables the ETF to stand strong through various market cycles.