First Trust Announces Shareholder Approval of Changes in Investment Strategies and Other Related Matters for First Trust Municipal CEF Income Opportunity ETF
April 12 2022 - 4:20PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today shareholders
of First Trust Municipal CEF Income Opportunity ETF (Nasdaq: MCEF)
(the “Fund”), a series of First Trust Exchange-Traded Fund VIII
(the “Trust”), voted at a shareholder meeting to approve certain
changes to the Fund’s principal investment strategies. The Fund
will convert from its current fund-of-funds investment strategy to
one that seeks to provide the same investment objective of current
income by investing directly in municipal debt securities. The Fund
will still have the ability to invest up to 10% of its net assets
in closed-end investment companies that invest primarily in
municipal debt securities. Furthermore, the Fund will be renamed
“First Trust Flexible Municipal High Income ETF” and the Fund’s
ticker symbol will change to “MFLX.” In connection with the
implementation of the proposed strategy changes, the following
persons will serve as additional members of the Fund’s portfolio
management team and will manage the Fund’s non-closed-end fund
investments: Tom Futrell, CFA, Senior Vice President and Senior
Portfolio Manager of FTA, Johnathan N. Wilhelm, Senior Vice
President and Senior Portfolio Manager of FTA and Tom Byron, Senior
Vice President and Senior Portfolio Manager of FTA. The Fund’s name
change and ticker change are expected to be effective on Thursday,
April 14, 2022. The Fund’s CUSIP is not expected to change.
In order to implement the Fund’s revised investment strategy,
there will be an invest-up period of approximately 30 to 60 days
from the date of this press release in which the Fund will depart
from certain investment policies described in the Fund’s revised
prospectus (to be effective on April 14, 2022) in order to
transition the Fund’s assets to meet the new investment
strategy.
FTA is a federally registered investment advisor and serves as
the Fund’s 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 $216 billion as of March 31, 2022 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual
funds and SMAs. 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.
This press release contains certain forward-looking statements
within the meaning of the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the goals, beliefs, plans
or current expectations of FTA and its respective representatives,
taking into account the information currently available to them.
Forward-looking statements include all statements that do not
relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as
“anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,”
“may,” “should,” “would,” “will” or other words that convey
uncertainty of future events or outcomes. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of a Fund to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. When evaluating the information
included in this press release, you are cautioned not to place
undue reliance on these forward-looking statements, which reflect
the judgment of FTA and its respective representatives only as of
the date hereof. No obligation will be undertaken to publicly
revise or update these forward-looking statements to reflect events
and circumstances that arise after the date hereof.
The Fund’s daily closing price and net asset value per share as
well as other information can be found at www.ftportfolios.com.
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First Trust Advisors L.P. Press Inquiries: Ryan Issakainen,
630-765-8689 Broker Inquiries: Sales Team, 866-848-9727
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