First Trust Announces Name Change for First Trust CEF Income Opportunity ETF

Rhea-AI Summary

First Trust Advisors L.P. announced that the First Trust CEF Income Opportunity ETF will change its name to the First Trust Income Opportunities ETF effective April 8, 2022. The ETF will continue trading under the ticker symbol FCEF, and its investment strategy will now allow investments in both closed-end funds and exchange-traded funds. The objective remains to provide current income with an emphasis on total return. First Trust manages approximately $210 billion in assets, emphasizing careful consideration of risks and expenses before investing.

Positive

• The ETF will broaden its investment strategy to include exchange-traded funds, enhancing flexibility.
• The Fund's objective remains focused on providing current income and total return, appealing to income-seeking investors.

Negative

• None.

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Advisors L.P. (“FTA”) announced today that as of Friday, April 8, 2022, First Trust CEF Income Opportunity ETF (Nasdaq: FCEF) will change its name to “First Trust Income Opportunities ETF” (the “Fund”). The Fund will continue to trade on The Nasdaq Stock Market LLC under the ticker symbol “FCEF” and its CUSIP will not change.

This corresponds with the removal of the Fund’s non-fundamental investment policy to invest at least 80% of its net assets (including investment borrowings) in a portfolio of closed-end investment companies that are listed and traded in the United States on registered exchanges. The Fund still intends to invest in closed-end funds; however, the Fund may also invest in exchange-traded funds to pursue its investment objective. The Fund’s investment objective to seek to provide current income with a secondary emphasis on total return and other fundamental policies have not changed.

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 $210 billion as of February 28, 2022 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 Fund’s investment objective, risks, charges and expenses carefully before investing. You can download a prospectus or contact FTA to request a prospectus, which contains other information about the Fund. Read it carefully before you invest. The risks of investing in the Fund are spelled out in its prospectus, shareholder reports and other regulatory filings.

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 and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220407005648/en/

Press Inquiries: Ryan Issakainen 630-765-8689

Analyst Inquiries: Stan Ueland 630-517-7633

Source: First Trust Advisors L.P.

FAQ

What is the new name of the First Trust CEF Income Opportunity ETF?

The ETF will be renamed as the First Trust Income Opportunities ETF.

Will the ticker symbol change for First Trust Income Opportunities ETF?

No, the ticker symbol will remain FCEF.

When will the name change for the ETF take effect?

The name change will take effect on April 8, 2022.

What is the investment strategy of First Trust Income Opportunities ETF?

The ETF will invest in closed-end funds as well as exchange-traded funds, focusing on current income and total return.

How much assets does First Trust Advisors manage?

First Trust Advisors manages approximately $210 billion in assets.