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:
February 11, 2020
Record Date:
February 12, 2020
Payable Date:
February 28, 2020
Ticker
Exchange
Fund Name
Frequency
Ordinary
Income Per Share Amount
ACTIVELY MANAGED EXCHANGE-TRADED
FUNDS
First Trust Exchange-Traded Fund
VIII
FCEF
Nasdaq
First Trust CEF Income Opportunity ETF
Monthly
$0.0975
MCEF
Nasdaq
First Trust Municipal CEF Income
Opportunity ETF
Monthly
$0.0500
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 $146 billion as of January 31, 2020 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
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.
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.
First Trust Municipal CEF Income Opportunity ETF (MCEF) and
First Trust CEF Income Opportunity ETF (FCEF) invest in closed-end
funds (“CEFs”). Because the shares of CEFs cannot be redeemed upon
demand, shares of many CEFs will trade on exchanges at market
prices rather than net asset value, which may cause the shares to
trade at a price greater than NAV (premium) or less than NAV
(discount). There can be no assurance that the market discount on
shares of any CEF purchased by MCEF or FCEF will ever decrease or
when MCEF or FCEF seeks to sell shares of a CEF it can receive the
NAV for those shares. MCEF and FCEF may also be exposed to higher
volatility in the market due to the indirect use of leverage
through their investment in CEFs. CEFs may issue senior securities
in an attempt to enhance returns.
An underlying CEF that is concentrated in securities of
companies in a certain sector or industry involves additional
risks, including limited diversification. An investment in an
underlying CEF 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.
An underlying CEF may invest in small capitalization and
mid-capitalization companies. Such companies may experience greater
price volatility than larger, more established companies.
An investment in an underlying CEF 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. An underlying CEF may invest in depositary
receipts which may be less liquid than the underlying shares in
their primary trading market.
Certain underlying CEFs are subject to credit risk, call risk,
income risk, interest rate risk, prepayment risk and zero coupon
bond 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. 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.
Zero coupon bond risk is the risk that zero coupon bonds may be
highly volatile as interest rates rise or fall because they do not
pay interest on a current basis.
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.
Certain of the fixed-income securities held by certain
underlying funds may not have the benefit of covenants which could
reduce the ability of the issuer to meet its payment obligations
and might result in increased credit risk.
Income from municipal bonds held by an underlying CEF 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.
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 an 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 an
underlying CEF's portfolio managers use derivatives to enhance an
underlying CEF'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 an underlying CEF.
A Fund’s investment in CEFs and ETFs 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.
Income from the Funds may be subject to the federal alternative
minimum income tax.
Certain underlying CEFs 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 an underlying CEF or at prices approximately the
value at which an underlying CEF is carrying the securities on its
books.
The 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 Funds 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.
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 advisors 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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