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New Jersey & New York Municipal Income Select Closed-End, 7  Ticker: FKZLSX
 
Description
A unit investment trust that seeks monthly income that is exempt from federal, New Jersey state or New York state income taxes and/or local income taxes by investing in a pool of closed-end funds that invest in primarily in New Jersey and New York municipal bonds. A portion of the income may be subject to the alternative minimum tax.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: NJNY7
Portfolio Status: Secondary
Initial Offer Date: 10/18/2023
Secondary Date: 01/16/2024
Portfolio Ending Date: 10/20/2025
Tax Structure: Grantor
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $11.4206
POP(*): $11.6835
Remaining Deferred Sales Charge: $0.0750
* As of Trade Date: 02/23/2024 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 2/23/2024) Per Unit (as of 2/20/2024)
3.59% $0.41970
^ 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. 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.

 Premium/Discount of Securities Held in the Portfolio
Weighted Average Premium/Discount -11.12%
As of 2/23/2024
A premium occurs when an underlying security's market price is higher than its net asset value (or par value in the case of preferred securities), and a discount occurs when an underlying security's market price is lower than its net asset value (or par value in the case of preferred securities).

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 BlackRock MuniHoldings New Jersey Quality Fund, Inc. MUJ 14.67%
 Invesco Trust for Investment Grade New York Municipals VTN 11.24%
 BlackRock New York Municipal Income Trust BNY 10.13%
 Nuveen New York Quality Municipal Income Fund NAN 9.97%
 Nuveen New York AMT-Free Quality Municipal Income Fund NRK 9.86%
 BlackRock MuniYield New York Quality Fund, Inc. MYN 9.24%
 BlackRock MuniHoldings New York Quality Fund, Inc. MHN 9.15%
 Eaton Vance New York Municipal Bond Fund ENX 8.24%
 Nuveen New York Municipal Value Fund, Inc. NNY 7.19%
 PIMCO New York Municipal Income Fund II PNI 4.11%
 PIMCO New York Municipal Income Fund PNF 2.54%
 Nuveen New York Select Tax-Free Income Portfolio NXN 1.79%
 PIMCO New York Municipal Income Fund III PYN 1.48%
 
Total Number of Holdings:    13
Underlying Securities information represented above is as of 02/23/2024 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 January 19, 2024
$0.07500 February 20, 2024
$0.07500 March 20, 2024

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 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 ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

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.

Market Disruption Risk. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

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.

New Jersey Concentration Risk. The portfolio is also subject to additional risks as a result of its concentration in bonds issued by New Jersey municipalities, including a deterioration of the economic factors affecting the state.

New York Concentration Risk. Because most of the securities in the portfolio are issued by municipalities in New York, the portfolio may present more risks than a portfolio which is broadly diversified over several regions.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Fund Cusip Information
30332V487 (Cash)
30332V495 (Reinvest)
30332V503 (Cash-Fee)
30332V511 (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.
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