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Alternative Income, 37  Ticker: FEDFFX
A unit investment trust that seeks to provide current monthly income, with capital appreciation as a secondary objective. The trust offers a disciplined and transparent solution for income investors by providing exposure to a diversified mix of asset classes in a single investment portfolio.
Please note that there is no assurance the objective will be met.
Product Code: ALIN37
Portfolio Status: Primary
Initial Offer Date: 06/03/2020
Portfolio Ending Date: 06/03/2022
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.4443
POP(*): $9.6599
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 08/03/2020 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.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 8/3/2020) Per Unit (as of 8/3/2020)
10.08% $0.97380
^ 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. Due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain issuers of the securities included in the trust may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "Historical 12-Month Distribution Rate of Trust Holdings," which is based on the trailing twelve-month distributions paid by the securities included in a trust, will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. 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. 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. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution rate is calculated using only the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation.

 Holdings  Export Current Holdings | View Initial Holdings  
 Gladstone Capital Corporation GLAD 2.62%
 Hercules Capital, Inc. HTGC 2.59%
 PennantPark Floating Rate Capital Ltd. PFLT 2.52%
 Solar Senior Capital Ltd. SUNS 2.51%
 STAG Industrial, Inc. STAG 2.42%
 Liberty All-Star Growth Fund, Inc. ASG 2.41%
 Main Street Capital Corporation MAIN 2.38%
 Ares Capital Corporation ARCC 2.37%
 Sixth Street Specialty Lending TSLX 2.34%
 STORE Capital Corporation STOR 2.29%
 Salient Midstream & MLP Fund SMM 2.26%
 Prologis, Inc. PLD 2.25%
 Equinix, Inc. EQIX 2.19%
 Neuberger Berman MLP & Energy Income Fund Inc. NML 2.18%
 John Hancock Income Securities Trust JHS 2.17%
 Medical Properties Trust, Inc. MPW 2.17%
 GAMCO Global Gold Natural Resources & Income Trust GGN 2.16%
 ClearBridge MLP & Midstream Total Return Fund Inc. CTR 2.14%
 Aberdeen Total Dynamic Dividend Fund AOD 2.12%
 Tortoise Pipeline & Energy Fund, Inc. TTP 2.10%
 Eaton Vance Tax-Managed Diversified Equity Income Fund ETY 2.09%
 PGIM Global High Yield Fund Inc. GHY 2.09%
 Goldman Sachs MLP Income Opportunities Fund GMZ 2.09%
 Tekla Healthcare Investors HQH 2.08%
 Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. MIE 2.08%
 Gladstone Investment Corporation GAIN 2.07%
 Gaming and Leisure Properties, Inc. GLPI 2.06%
 MFS Intermediate Income Trust MIN 2.04%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 2.04%
 ClearBridge MLP & Midstream Fund Inc. CEM 2.04%
 Templeton Global Income Fund GIM 2.03%
 Omega Healthcare Investors, Inc. OHI 2.01%
 Fiduciary/Claymore Energy Infrastructure Fund FMO 2.01%
 Mid-America Apartment Communities, Inc. MAA 1.97%
 Camden Property Trust CPT 1.96%
 Highwoods Properties, Inc. HIW 1.94%
 Best Buy Co., Inc. BBY 1.25%
 KLA Corporation KLAC 1.17%
 T. Rowe Price Group, Inc. TROW 1.16%
 Amgen Inc. AMGN 1.11%
 Cummins Inc. CMI 1.10%
 Hubbell Incorporated HUBB 1.08%
 Oracle Corporation ORCL 1.07%
 FMC Corporation FMC 1.07%
 Union Pacific Corporation UNP 1.06%
 Lockheed Martin Corporation LMT 1.06%
 AmerisourceBergen Corporation ABC 1.06%
 Ameriprise Financial, Inc. AMP 1.05%
 Eli Lilly and Company LLY 1.03%
 Gentex Corporation GNTX 1.02%
 Honeywell International Inc. HON 1.00%
 General Dynamics Corporation GD 1.00%
 The Allstate Corporation ALL 0.98%
 Packaging Corporation of America PKG 0.92%
 CSG Systems International, Inc. CSGS 0.89%
 Intel Corporation INTC 0.79%
Total Number of Holdings:    56
Underlying Securities information represented above is as of 08/03/2020 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.10%
  Deferred:  2.33%
C&D Fee:    0.52%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30313X668 Cash Monthly
30313X676 Reinvest Monthly
* Based on the offer price as of 08/03/2020 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.53%
Maximum Sales Charge:   0.53%
CUSIP Type Distribution
30313X684 Cash-Fee Monthly
30313X692 Reinvest-Fee Monthly
* Based on the NAV price as of 08/03/2020 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 September 18, 2020
$0.07500 October 20, 2020
$0.07500 November 20, 2020

Risk Considerations

Equity Risk. An investment in a portfolio containing common stocks is subject to certain risks, such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities or the general condition of the stock market.

Business Development Company Risk. Certain of the securities in the portfolio are issued by closed-end investment companies which have been elected to be treated as Business Development Companies (BDC). An investment in BDCs is subject to various risks, including management's ability to meet the BDC's investment objective, and to manage the BDC's portfolio during periods of market turmoil. BDCs may trade in the market at a discount to their net asset value. BDCs may employ the use of leverage which subjects the BDC to increased risks.

Buy & Hold Risk – Taxable Trusts. 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.

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

COVID-19 Economic Impact Risk. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

Floating Rate Risk. Certain of the funds 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.

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.

Limited Duration Bonds Risk. 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 rise during the life of the trust.

MLP Risk. Investments in Master Limited Partnerships (MLPs) are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. There are certain tax risks associated with MLPs, including the risk that U.S. taxing authorities could challenge the trust's treatment of the MLPs for federal income tax purposes. These tax risks could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the trust's investments.

REITs Risk. An investment in a portfolio containing REIT securities is subject to additional risks including limited diversification. Companies involved in the real estate industry are subject to changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession.

Senior Loans Risk. The yield on 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.

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.

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 cybersecurity.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial professional 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
30313X668 (Cash)
30313X676 (Reinvest)
30313X684 (Cash-Fee)
30313X692 (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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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