First Trust Advisors L.P. ("FTA") announces the declaration of
the monthly distributions for certain exchange-traded funds advised
by FTA.
The following dates apply to today's distribution
declarations:
Expected Ex-Dividend Date:
July 21, 2021
Record Date:
July 22, 2021
Payable Date:
July 30, 2021
Ticker
Exchange
Fund Name
Frequency
Ordinary
Income Per Share Amount
ACTIVELY MANAGED EXCHANGE-TRADED
FUNDS
First Trust Exchange-Traded Fund
III
FCAL
Nasdaq
First Trust California Municipal High
Income ETF
Monthly
$0.0900
FEMB
Nasdaq
First Trust Emerging Markets Local
Currency Bond ETF
Monthly
$0.1590
FMB
Nasdaq
First Trust Managed Municipal ETF
Monthly
$0.0900
FMHI
Nasdaq
First Trust Municipal High Income ETF
Monthly
$0.1300
FMNY
NYSE Arca
First Trust New York Municipal High Income
ETF
Monthly
$0.0300
FPE
NYSE Arca
First Trust Preferred Securities and
Income ETF
Monthly
$0.0708
FPEI
NYSE Arca
First Trust Institutional Preferred
Securities and Income ETF
Monthly
$0.0765
FSMB
NYSE Arca
First Trust Short Duration Managed
Municipal ETF
Monthly
$0.0200
FUMB
NYSE Arca
First Trust Ultra Short Duration Municipal
ETF
Monthly
$0.0060
First Trust Exchange-Traded
Fund IV
FCVT
Nasdaq
First Trust SSI Strategic Convertible
Securities ETF
Monthly
$0.0400
FDIV
Nasdaq
First Trust Strategic Income ETF
Monthly
$0.1550
FTSL
Nasdaq
First Trust Senior Loan Fund
Monthly
$0.1350
HYLS
Nasdaq
First Trust Tactical High Yield ETF
Monthly
$0.2130
LGOV
NYSE Arca
First Trust Long Duration Opportunities
ETF
Monthly
$0.0550
LMBS
Nasdaq
First Trust Low Duration Opportunities
ETF
Monthly
$0.0900
First Trust Exchange-Traded
Fund VI
FTHI
Nasdaq
First Trust BuyWrite Income ETF
Monthly
$0.0800
FTLB
Nasdaq
First Trust Hedged BuyWrite Income ETF
Monthly
$0.0550
First Trust Exchange-Traded
Fund VIII
DEED
NYSE Arca
First Trust TCW Securitized Plus ETF
Monthly
$0.0350
EFIX
NYSE Arca
First Trust TCW Emerging Markets Debt
ETF
Monthly
$0.0725
FIXD
Nasdaq
First Trust TCW Opportunistic Fixed Income
ETF
Monthly
$0.0600
LDSF
Nasdaq
First Trust Low Duration Strategic Focus
ETF
Monthly
$0.0350
UCON
NYSE Arca
First Trust TCW Unconstrained Plus Bond
ETF
Monthly
$0.0490
INDEX EXCHANGE-TRADED FUNDS
First Trust Exchange-Traded Fund
VI
MDIV
Nasdaq
Multi-Asset Diversified Income Index
Fund
Monthly
$0.0630
FTA is a federally registered investment advisor and serves as
the Funds' investment advisor. FTA and its affiliate First Trust
Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are
privately-held companies that provide a variety of investment
services. FTA has collective assets under management or supervision
of approximately $205 billion as of June 30, 2021 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the
First Trust unit investment trusts, while FTP is the sponsor. FTP
is also a distributor of mutual fund shares and exchange-traded
fund creation units. FTA and FTP are based in Wheaton,
Illinois.
You should consider the investment objectives, risks, charges
and expenses of a Fund before investing. Prospectuses for the Funds
contain this and other important information and are available free
of charge by calling toll-free at 1-800-621-1675 or visiting
https://www.ftportfolios.com. A prospectus should be read carefully
before investing.
Past performance is no assurance of future results. Investment
return and market value of an investment in a Fund will fluctuate.
Shares, when sold, may be worth more or less than their original
cost.
Principal Risk Factors: A Fund's shares will change in value,
and you could lose money by investing in a Fund. An investment in a
Fund is not a deposit of a bank and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental
agency. There can be no assurance that a Fund's investment
objectives will be achieved. An investment in a Fund involves risks
similar to those of investing in any portfolio of equity securities
traded on exchanges. The risks of investing in each Fund are
spelled out in its prospectus, shareholder report, and other
regulatory filings.
Securities held by a fund, as well as shares of a fund itself,
are subject to market fluctuations caused by factors such as
general economic conditions, political events, regulatory or market
developments, changes in interest rates and perceived trends in
securities prices. Shares of a fund could decline in value or
underperform other investments as a result of the risk of loss
associated with these market fluctuations. In addition, local,
regional or global events such as war, acts of terrorism, spread of
infectious diseases or other public health issues, recessions, or
other events could have a significant negative impact on a fund and
its investments. Such events may affect certain geographic regions,
countries, sectors and industries more significantly than others.
The outbreak of the respiratory disease designated as COVID-19 in
December 2019 has caused significant volatility and declines in
global financial markets, which have caused losses for investors.
While the development of vaccines has slowed the spread of the
virus and allowed for the resumption of "reasonably" normal
business activity in the United States, many countries continue to
impose lockdown measures in an attempt to slow the spread.
Additionally, there is no guarantee that vaccines will be effective
against emerging variants of the disease.
An Index ETF seeks investment results that correspond generally
to the price and yield of an index. You should anticipate that the
value of an Index Fund's shares will decline, more or less, in
correlation with any decline in the value of the index. An Index
Fund's return may not match the return of the index. Unlike a Fund,
the indices do not actually hold a portfolio of securities and
therefore do not incur the expenses incurred by a Fund.
Investors buying or selling Fund shares on the secondary market
may incur customary brokerage commissions. Investors who sell Fund
shares may receive less than the share's net asset value. Shares
may be sold throughout the day on the exchange through any
brokerage account. However, unlike mutual funds, shares may only be
redeemed directly from the Fund by authorized participants, in very
large creation/redemption units. If the Fund's authorized
participants are unable to proceed with creation/redemption orders
and no other authorized participant is able to step forward to
create or redeem, Fund shares may trade at a discount to the Fund's
net asset value and possibly face delisting.
One of the principal risks of investing in a Fund is market
risk. Market risk is the risk that a particular security owned by a
Fund, Fund shares or securities in general may fall in value.
An actively managed ETF is subject to management risk because it
is an actively managed portfolio. In managing such a Fund's
investment portfolio, the portfolio managers, management teams,
advisor or sub-advisor, will apply investment techniques and risk
analyses that may not have the desired result.
A Fund that is concentrated in securities of companies in a
certain sector or industry involves additional risks, including
limited diversification. An investment in a Fund concentrated in a
single country or region may be subject to greater risks of adverse
events and may experience greater volatility than a Fund that is
more broadly diversified geographically.
Certain Funds may invest in small capitalization and
mid-capitalization companies. Such companies may experience greater
price volatility than larger, more established companies.
An investment in a Fund containing securities of non-U.S.
issuers is subject to additional risks, including currency
fluctuations, political risks, withholding, the lack of adequate
financial information, and exchange control restrictions impacting
non-U.S. issuers. These risks may be heightened for securities of
companies located in, or with significant operations in, emerging
market countries. A Fund may invest in depositary receipts which
may be less liquid than the underlying shares in their primary
trading market.
Investments in securities of issuers located in emerging market
countries are considered speculative and there is a heightened risk
of investing in emerging markets securities. Financial and other
reporting by companies and government entities also may be less
reliable in emerging market countries. Shareholder claims that are
available in the U.S., as well as regulatory oversight and
authority that is common in the U.S., including for claims based on
fraud, may be difficult or impossible for shareholders of
securities in emerging market countries or for U.S. authorities to
pursue.
Investments in sovereign bonds involve special risks because the
governmental authority that controls the repayment of the debt may
be unwilling or unable to repay the principal and/or interest when
due. In times of economic uncertainty, the prices of these
securities may be more volatile than those of corporate debt
obligations or of other government debt obligations.
Preferred securities, high-yield securities, corporate bonds,
government bonds, municipal bonds and senior loans are subject to
credit risk, call risk, income risk, interest rate risk, inflation
risk and prepayment risk. Credit risk is the risk that an issuer of
a security will be unable or unwilling to make dividend, interest
and/or principal payments when due and that the value of a security
may decline as a result. Credit risk is heightened for
floating-rate loans and high-yield securities. Call risk is the
risk that if an issuer calls higher-yielding debt instruments held
by a Fund, performance could be adversely impacted. Income risk is
the risk that income from a Fund's fixed-income investments could
decline during periods of falling interest rates. Interest rate
risk is the risk that the value of the fixed-income securities in a
Fund will decline because of rising market interest rates.
Inflation risk is the risk that the value of assets or income from
investments will be less in the future as inflation decreases the
value of money. Prepayment risk is the risk that during periods of
falling interest rates, an issuer may exercise its right to pay
principal on an obligation earlier than expected. This may result
in a decline in a Fund's income.
Senior floating-rate loans are usually rated below investment
grade but may also be unrated. As a result, the risks associated
with these loans are similar to the risks of high-yield fixed
income instruments. High-yield securities, or "junk" bonds, are
subject to greater market fluctuations and risk of loss than
securities with higher ratings, and therefore, may be highly
speculative. These securities are issued by companies that may have
limited operating history, narrowly focused operations, and/or
other impediments to the timely payment of periodic interest and
principal at maturity. The market for high yield securities is
smaller and less liquid than that for investment grade
securities.
The senior loan market has seen an increase in loans with weaker
lender protections which may impact recovery values and/or trading
levels in the future. The absence of financial maintenance
covenants in a loan agreement generally means that the lender may
not be able to declare a default if financial performance
deteriorates. This may hinder the Fund’s ability to reprice credit
risk associated with a particular borrower and reduce the Fund’s
ability to restructure a problematic loan and mitigate potential
loss. As a result, the Fund’s exposure to losses on investments in
senior loans may be increased, especially during a downturn in the
credit cycle or changes in market or economic conditions.
To the extent a fund invests in floating or variable rate
obligations that use the London Interbank Offered Rate (“LIBOR”) as
a reference interest rate, it is subject to LIBOR Risk. The United
Kingdom’s Financial Conduct Authority, which regulates LIBOR, will
cease making LIBOR available as a reference rate over a phase-out
period that will begin immediately after December 31, 2021. The
unavailability or replacement of LIBOR may affect the value,
liquidity or return on certain fund investments and may result in
costs incurred in connection with closing out positions and
entering into new trades. Any potential effects of the transition
away from LIBOR on the fund or on certain instruments in which the
fund invests can be difficult to ascertain, and they may vary
depending on a variety of factors, and they could result in losses
to the fund.
In the event a borrower fails to pay scheduled interest or
principal payments on a senior loan held by the Fund, the Fund will
experience a reduction in its income and a decline in the value of
the senior loan, which will likely reduce dividends and lead to a
decline in the net asset value of the Fund’s common shares. If the
Fund acquires a senior loan from another lender, for example, by
acquiring a participation, the Fund may also be subject to credit
risks with respect to that lender. Although senior loans may be
secured by specific collateral, the value of the collateral may not
equal the Fund’s investment when the senior loan is acquired or may
decline below the principal amount of the senior loan subsequent to
the Fund’s investment. Also, to the extent that collateral consists
of stock of the borrower or its subsidiaries or affiliates, the
Fund bears the risk that the stock may decline in value, be
relatively illiquid, and/or may lose all or substantially all of
its value, causing the senior loan to be under collateralized.
Therefore, the liquidation of the collateral underlying a senior
loan may not satisfy the issuer’s obligation to the Fund in the
event of non-payment of scheduled interest or principal, and the
collateral may not be readily liquidated.
Income from municipal bonds held by a Fund could be declared
taxable because of, among other things, unfavorable changes in tax
laws, adverse interpretations by the Internal Revenue Service or
state tax authorities, or noncompliant conduct of a bond
issuer.
Convertible securities have characteristics of both equity and
debt securities and, as a result, are exposed to certain additional
risks. The values of certain synthetic convertible securities will
respond differently to market fluctuations than a traditional
convertible security because such synthetic convertibles are
composed of two or more separate securities or instruments, each
with its own market value. A Fund is subject to the credit risk
associated with the counterparty creating the synthetic convertible
instrument. Synthetic convertible securities may also be subject to
the risks associated with derivatives.
Exchange-traded notes (ETNs) are senior, unsecured,
unsubordinated debt securities whose returns are linked to the
performance of a particular market benchmark or strategy minus
applicable fees. The value of an ETN may be influenced by various
factors.
Real estate investment trusts (REITs) and real estate operating
companies (REOCs) are subject to certain risks, including changes
in the real estate market, vacancy rates and competition, volatile
interest rates and economic recession.
Master limited partnerships (MLPs) are subject to certain risks,
including price and supply fluctuations caused by international
politics, energy conservation, taxes, price controls, and other
regulatory policies of various governments. In addition, there is
the risk that a MLP could be taxed as a corporation, resulting in
decreased returns from such MLP.
The use of futures, options, and other derivatives can lead to
losses because of adverse movements in the price or value of the
underlying asset, index or rate, which may be magnified by certain
features of the derivatives. These risks are heightened when a
Fund's portfolio managers use derivatives to enhance a Fund's
return or as a substitute for a position or security, rather than
solely to hedge (or offset) the risk of a position or security held
by a Fund.
A Fund may effect a portion of creations and redemptions for
cash, rather than in-kind securities. As a result, an investment in
a Fund may be less tax-efficient than an investment in an
exchange-traded fund that effects its creations and redemptions for
in-kind securities.
A Fund's investment in repurchase agreements may be subject to
market and credit risk with respect to the collateral securing the
repurchase agreements.
Alternative investments may employ complex strategies, have
unique investment and risk characteristics and may not be
appropriate for all investors.
Certain Funds may invest in other investment companies,
including closed-end funds (CEFs), ETFs and affiliated ETFs, which
involves additional expenses that would not be present in a direct
investment in the underlying funds. In addition, a Fund's
investment performance and risks may be related to the investment
and performance of the underlying funds.
A Fund may invest in U.S. government obligations. U.S. Treasury
obligations are backed by the "full faith and credit" of the U.S.
government. Securities issued or guaranteed by federal agencies and
U.S. government sponsored instrumentalities may or may not be
backed by the full faith and credit of the U.S. government.
Income from the First Trust Managed Municipal ETF (FMB), the
First Trust California Municipal High Income ETF (FCAL), the First
Trust Municipal High Income ETF (FMHI), the First Trust Short
Duration Managed Municipal ETF (FSMB), and the First Trust Ultra
Short Duration Municipal ETF (FUMB) may be subject to the federal
alternative minimum income tax. FMB, FCAL, FMHI, FSMB, and FUMB may
invest in zero coupon bonds which may be highly volatile as
interest rates rise and fall. FCAL invests principally in municipal
debt securities from issuers located in California. Such
concentration exposes the Fund to political, fiscal, and economic
conditions affecting California municipal issuers and may affect
the value of the Fund’s investments.
Short selling creates special risks which could result in
increased volatility of returns. In times of unusual or adverse
market, economic, regulatory or political conditions, a Fund may
not be able, fully or partially, to implement its short selling
strategy.
Certain Funds may invest in distressed securities and many
distressed securities are illiquid or trade in low volumes and thus
may be more difficult to value. Illiquid securities involve the
risk that the securities will not be able to be sold at the time
desired by the Fund or at prices approximately the value at which
the Fund is carrying the securities on its books.
Certain Funds are classified as "non-diversified" and may invest
a relatively high percentage of its assets in a limited number of
issuers. As a result, the Fund may be more susceptible to a single
adverse economic or regulatory occurrence affecting one or more of
these issuers, experience increased volatility and be highly
concentrated in certain issuers.
Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund’s service providers,
counterparties or other third parties, failed or inadequate
processes and technology or systems failures. Although the funds
and the Advisor seek to reduce these operational risks through
controls and procedures, there is no way to completely protect
against such risks.
Nasdaq and NASDAQ U.S. Multi-Asset Diversified Income IndexSM
are registered trademarks and service marks of Nasdaq, Inc. (which
with its affiliates is referred to as the "Corporations") and are
licensed for use by FTA. The Funds have not been passed on by the
Corporations as to its legality or suitability. The Funds are not
issued, endorsed, sold, or promoted by the Corporations. THE
CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT
TO THE FUNDS.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific person.
By providing this information, First Trust is not undertaking to
give advice in any fiduciary capacity within the meaning of ERISA,
the Internal Revenue Code or any other regulatory framework.
Financial professionals are responsible for evaluating investment
risks independently and for exercising independent judgment in
determining whether investments are appropriate for their
clients.
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