Home Logon FTA Investment Managers Blog Subscribe About Us Contact Us

Search by Ticker, Keyword or CUSIP       
 
 

Preferred Income, 119  Ticker: FQYOCX
 
Description
A unit investment trust that seeks a high rate of current income by investing in a diversified portfolio of preferred securities.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: PRIN119
Portfolio Status: Secondary
Initial Offer Date: 01/25/2024
Secondary Date: 03/22/2024
Portfolio Ending Date: 01/26/2026
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.1817
POP(*): $9.3931
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 04/15/2024 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 4/15/2024) Per Unit (as of 4/15/2024)
5.25% $0.49330
^ 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. PLEASE NOTE: The historical distribution rate is calculated using only the holdings that have 12 months of distribution history. As of 4/15/2024, there were 2 holdings without the required 12-month distribution history which were excluded from the calculation, representing 5.54% of the aggregate market value of the portfolio. 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 -16.20%
As of 4/15/2024
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
 F&G Annuities & Life, Inc., 7.95%, Due 12/15/2053 FGN 4.62%
 State Street Corporation, Series G, 5.350%, Variable Rate STT.G 4.61%
 RenaissanceRe Holdings Ltd., Series G, 4.200% RNR.G 4.55%
 Prudential Financial, Inc., 5.950%, Due 09/01/2062 PRH 4.54%
 The Charles Schwab Corporation, Series J, 4.450% SCHW.J 4.50%
 MetLife, Inc., Series F, 4.750% MET.F 4.38%
 Aegon Funding Company LLC, 5.100%, Due 12/15/2049 AEFC 3.90%
 Athene Holding Ltd., Series E, 7.750% Variable Rate ATH.E 3.54%
 U.S. Bancorp, Series M, 4.000% USB.R 3.46%
 PartnerRe Ltd, Series J, 4.875% PRE.J 3.20%
 Morgan Stanley, Series P, 6.500% MS.P 3.10%
 Bank of America Corporation, Series SS, 4.750% BAC.S 3.01%
 Axis Capital Holdings Limited, Series E, 5.500% AXS.E 2.94%
 Truist Financial Corporation, Series R, 4.750% TFC.R 2.92%
 The Southern Company, Series 2020, 4.950%, Due 01/30/2080 SOJD 2.90%
 Equitable Holdings, Inc., Series A, 5.250% EQH.A 2.52%
 JPMorgan Chase & Co., Series LL, 4.625% JPM.L 2.50%
 Entergy Arkansas, LLC, 4.875%, Due 09/01/2066 EAI 2.46%
 Public Storage, Series P, 4.000% PSA.P 2.42%
 Equitable Holdings, Inc., Series C, 4.300% EQH.C 2.16%
 JPMorgan Chase & Co., Series JJ, 4.550% JPM.K 1.99%
 Entergy Louisiana, LLC, 4.875%, Due 09/01/2066 ELC 1.97%
 Public Storage, Series R, 4.000% PSA.R 1.91%
 Brookfield Finance I (UK) Plc, 4.500% BNJ 1.77%
 BIP Bermuda Holdings I, 5.125% BIPI 1.77%
 Brookfield Finance Inc., Series 50, 4.625%, Due 10/16/2080 BNH 1.77%
 Brookfield BRP Holdings (Canada) Inc., 4.625% BEPH 1.75%
 Cullen/Frost Bankers Inc., Series B, 4.450% CFR.B 1.56%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 1.54%
 KKR Group Finance Co. IX LLC, 4.625%, Due 04/01/2061 KKRS 1.52%
 Bank of America Corporation, Series QQ, 4.250% BAC.Q 1.49%
 Truist Financial Corporation, Series O, 5.250% TFC.O 1.46%
 The Southern Company, Series C, 4.200%, Due 10/15/2060 SOJE 1.42%
 Kimco Realty Corporation, Series L, 5.125% KIM.L 1.41%
 Brookfield BRP Holdings (Canada) Inc., 4.875% BEPI 1.29%
 Stifel Financial Corp., 5.200%, Due 10/15/2047 SFB 1.15%
 Affiliated Managers Group, Inc., 4.200%, Due 09/30/2061 MGRD 1.04%
 Apollo Global Management, Inc., 7.625% Variable Rate, Due 09/15/2053 APOS 1.00%
 U.S. Bancorp, Series O, 4.500% USB.S 0.99%
 W.R. Berkley Corporation, 4.125%, Due 03/30/2061 WRB.H 0.93%
 Globe Life Inc., 4.250%, Due 06/15/2061 GL.D 0.74%
 American Financial Group, Inc., 4.50%, Due 09/15/2060 AFGE 0.73%
 W.R. Berkley Corporation, 4.250%, Due 09/30/2060 WRB.G 0.45%
 
Total Number of Holdings:    43
Underlying Securities information represented above is as of 04/15/2024 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 May 20, 2024
$0.07500 June 20, 2024
$0.07500 July 19, 2024

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.

Sector Concentration Risk. A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

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.

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.

Financials Risk. The companies engaged in the financials sector are subject to the adverse effects of volatile interest rates, economic recession, decreases in the availability of capital, increased competition from new entrants in the field, and potential increased regulation.

Foreign Securities Risk. Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

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.

Preferred Securities Risk. Preferred securities are equity securities of the issuing company which pay income in the form of dividends. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, and therefore will be subject to greater credit risk than those debt instruments.

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.

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.

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
30334P504 (Cash)
30334P512 (Reinvest)
30334P520 (Cash-Fee)
30334P538 (Reinvest-Fee)
Printer Friendly Page Printer Friendly Page

 
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.
Follow First Trust:  
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2024 All rights reserved.