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Municipal Advantage Closed-End and ETF, 46  Ticker: FIHCDX
A unit investment trust which seeks federally tax-exempt income by investing in a diversified pool of closed-end funds and exchange-traded funds that invest in municipal bonds. In addition, as of the initial date of deposit none of the funds selected for the portfolio were reporting the use of leverage. However, certain of the funds may elect to use leverage in the future.
Product Code: MAPS46
Portfolio Status: Secondary
Initial Offer Date: 01/25/2018
Secondary Date: 03/13/2018
Portfolio Ending Date: 01/24/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
Historical 12-Month Distribution Rate of Trust Holdings:^ 3.11%
Initial Offer Price: $10.0000
NAV(*): $9.3127
POP(*): $9.5271
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 12/14/2018 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.
^There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical distribution rate of the securities included in the trust is for illustrative purposes only and is not indicative of the trust's distribution rate. The historical distribution rate is the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio and is reduced to account for the effects of fees and expenses which will be incurred when investing in a trust. The distribution 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 SPDR Nuveen S&P High Yield Municipal Bond ETF HYMB 5.47%
 Nuveen New York Municipal Value Fund, Inc. NNY 5.41%
 Nuveen Select Tax-Free Income Portfolio NXP 5.33%
 VanEck Vectors High Yield Municipal Index ETF HYD 5.32%
 Western Asset Municipal High Income Fund Inc. MHF 5.24%
 Nuveen Municipal Value Fund, Inc. NUV 5.15%
 Western Asset Municipal Defined Opportunity Trust Inc. MTT 5.10%
 Nuveen AMT-Free Municipal Value Fund NUW 4.80%
 Nuveen Select Tax-Free Income Portfolio 2 NXQ 4.50%
 VanEck Vectors AMT-Free Intermediate Municipal Index ETF ITM 4.37%
 iShares National Muni Bond ETF MUB 4.36%
 PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund MUNI 4.36%
 Nuveen Select Maturities Municipal Fund NIM 4.35%
 Invesco California AMT-Free Municipal Bond ETF PWZ 4.35%
 SPDR Nuveen Bloomberg Barclays Municipal Bond ETF TFI 4.34%
 Nuveen Select Tax-Free Income Portfolio 3 NXR 4.32%
 Invesco New York AMT-Free Municipal Bond ETF PZT 4.32%
 Invesco National AMT-Free Municipal Bond ETF PZA 4.31%
 VanEck Vectors AMT-Free Long Municipal Index ETF MLN 4.27%
 Nuveen California Select Tax-Free Income Portfolio NXC 4.18%
 Nuveen California Municipal Value Fund, Inc. NCA 3.98%
 Nuveen Municipal Income Fund, Inc. NMI 2.10%
Total Number of Holdings:    22
Underlying Securities information represented above is as of 12/14/2018 but will vary with future fluctuations in the market.

Risk Considerations

Buy & Hold Risk – Tax-Free Trusts. This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity.

Closed-End Fund and ETF Risk. Closed-end funds and 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, closed-end funds 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 and closed-end funds frequently trade at a discount from their net asset value in the secondary market. Certain closed-end funds in which the portfolio invests may employ the use of leverage, which increases the volatility of such funds.

High-Yield or Junk Bonds Risk. Investing in high-yield securities or "junk" bonds 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.

Investment Grade Bonds Risk. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade security market or investors' perception thereof, possible downgrades and defaults of interest and/or principal.

Municipal Bonds Risk. Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal.

Municipal Securities Volatility Risk. 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. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

Structural Leverage Risk. Structural leverage creates a systematic level of additional investment exposure through a fund's issuance of preferred shares or debt securities, or through borrowing money. Funds which employ structural leverage are more volatile than those that do not. Certain of the funds may report effective leverage, which results from a fund's investment in derivative instruments that are inherently leveraged.

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

Important Note. 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.

Operational Risk. 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.

You should carefully consider the trust's investment objectives, risks, and charges and expenses 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 trust. Read it carefully before you invest.

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.

Fund Cusip Information
30306G581 (Cash)
30306G599 (Reinvest)
30306G607 (Cash-Fee)
30306G615 (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 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.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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