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Limited Duration Fixed Income ETF, Series 31
Ticker Symbol: FDJADX

24 Holdings (As of Day od Deposit)
Ticker Name Initial
Weight
Price*
Convertible Securities Funds
ICVT iShares Convertible Bond ETF 4.17% $59.53
High-Yield Bond Funds
HYLS First Trust Tactical High Yield ETF 4.18% 47.96
SHYG iShares 0-5 Year High Yield Corporate Bond ETF 4.17% 46.35
HYG iShares iBoxx $ High Yield Corporate Bond ETF 4.17% 86.79
JNK SPDR Bloomberg Barclays High Yield Bond ETF 4.17% 108.36
SJNK SPDR Bloomberg Barclays Short Term High Yield Bond ETF 4.17% 26.97
Investment Grade Bond Funds
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF 4.16% 26.23
IGSB iShares Short-Term Corporate Bond ETF 4.17% 53.69
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF 4.17% 35.35
FLTR VanEck Vectors Investment Grade Floating Rate ETF 4.17% 25.19
VCSH Vanguard Short-Term Corporate Bond ETF 4.17% 81.08
Loan Participation Funds
FTSL First Trust Senior Loan Fund 4.17% 47.04
BKLN Invesco Senior Loan ETF 4.17% 22.59
SRLN SPDR Blackstone/GSO Senior Loan ETF 4.16% 45.91
U.S. Government Bond Funds
FTSD Franklin Liberty Short Duration U.S. Government ETF 4.17% 94.83
SHV iShares Short Treasury Bond ETF 4.18% 110.63
U.S. Mortgage Bond Funds
LMBS First Trust Low Duration Opportunities ETF 4.17% 51.95
MBB iShares MBS ETF 4.16% 108.20
MBG SPDR Bloomberg Barclays Mortgage Backed Bond ETF 4.16% 26.25
VMBS Vanguard Mortgage-Backed Securities ETF 4.15% 53.07
World Income Funds
GHYG iShares Global High Yield Corporate Bond ETF 4.15% 48.80
CEMB iShares J.P. Morgan EM Corporate Bond ETF 4.17% 51.04
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF 4.15% 23.16
ELD WisdomTree Emerging Markets Local Debt Fund 4.17% 34.93

*As of the close of business on 8/21/19.
Market values are for reference only and are not indicative of your individual cost basis.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Portfolio Summary
Initial Date of Deposit 8/22/2019
Initial Public Offering Price $10.00 per Unit
Portfolio Ending Date 8/23/2021
Historical 12-Month Distribution Rate of Trust Holdings:* 3.55%
Historical 12-Month Distribution Per Unit:* $0.3551
Cash CUSIP 30311H186
Reinvestment CUSIP 30311H194
Fee Account Cash CUSIP 30311H202
Fee Account Reinvestment CUSIP 30311H210

*There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit and historical 12-month distribution rate of the securities included in the trust are for illustrative purposes only and are not indicative of the trust’s distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust’s offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. Distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rate paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio.


Sales Charges (based on a $10 public offering price)
Standard Accounts
Transactional Sales Charges: Initial: 0.00%
  Deferred: 2.25%
Creation & Development Fee:   0.50%
Maximum Sales Charge:   2.75%

The deferred sales charge will be deducted in three monthly installments commencing 12/20/19.

When the public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If the price exceeds $10.00 per unit, you will pay an initial sales charge.

Fee/Wrap Accounts
Maximum Sales Charge: 0.50%

The maximum sales charge for investors in fee accounts consists of the creation and development fee. Investors in fee accounts are not assessed any transactional sales charges. Standard accounts sales charges apply to units purchased as an ineligible asset.

The creation and development fee is a charge of $.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10.00 per unit, the creation and development fee will be less than 0.50%; if the price you pay is less than $10.00 per unit, the creation and development fee will exceed 0.50%.

In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

You should consider the portfolio's investment objective, risks, and charges and expenses carefully before investing. Contact your financial advisor or call First Trust Portfolios L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the portfolio. Read it carefully before you invest.

Risk Considerations

An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning ETFs and fixed-income securities.

ETFs are subject to various risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding ETFs or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund’s net asset value, ETFs frequently trade at a discount from their net asset value in the secondary market. Certain ETFs in which the portfolio invests may employ the use of leverage, which increases the volatility of such funds.

Certain of the ETFs invest in floating-rate securities. A floating-rate security is an instrument in which the interest rate payable on the obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the trust to experience a reduction in the income it receives from such securities. Certain of the floating-rate securities pay interest based on LIBOR. Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the fund invests cannot yet be determined.

Certain of the ETFs invest in high-yield securities or “junk” bonds. Investing in high-yield securities should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such securities. High-yield securities are subject to numerous risks, including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

All of the ETFs invest in investment grade securities. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade market or investors’ perception thereof, possible downgrades and defaults of interest and/or principal.

Certain of the ETFs invest in limited duration bonds. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall if interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration bonds, there can be no assurance that interest rates will not rise during the life of the trust.

Certain of the ETFs invest in senior loans. The yield on ETFs which invest in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generally below investment grade quality (“junk” bonds). An investment in senior loans involves the risk that the borrowers may default on their obligations to pay principal or interest when due.

Certain of the ETFs invest in covenant-lite loans which contain fewer or no maintenance covenants and may hinder the ETF’s ability to reprice credit risk and mitigate potential loss especially during a downturn in the credit cycle.

Certain of the ETFs invest in mortgage-backed securities. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are subject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline.

Certain of the ETFs invest in U.S. Treasury obligations which are subject to numerous risks including higher interest rates, economic recession and deterioration of the bond market or investors’ perceptions thereof.

Certain of the ETFs invest in securities issued by foreign issuers which are subject to certain risks including currency and interest rate fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers. Risks associated with investing in foreign securities may be more pronounced in emerging markets where the securities markets are substantially smaller, less liquid, less regulated and more volatile than the U.S. and developed foreign markets.

It is important to note that an investment can be made in the underlying funds directly rather than through the trust. These direct investments can be made without paying the trust’s sales charge, operating expenses and organizational costs.

The value of the securities held by the trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers.

As the use of Internet technology has become more prevalent in the course of business, the trust has become more susceptible to potential operational risks through breaches in cyber security.

This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

For a discussion of additional risks of investing in the trust see the “Risk Factors” section of the prospectus.

 
Fund Cusip Information
30311H186 (Cash)
30311H194 (Reinvest)
30311H202 (Cash-Fee)
30311H210 (Reinvest-Fee)
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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.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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