Holdings are subject to change. The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted.
Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares.
Returns do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as k plans or individual retirement accounts. Leveraged Loan Index - The Index is a market value-weighted index designed to measure the performance of the largest segment of the U.
You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L. The prospectus or summary prospectus should be read carefully before investing. Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value.
Shares may be sold throughout the day on the exchange through any brokerage account. The fund's shares will change in value and you could lose money by investing in the fund.
The fund is subject to management risk because it is an actively managed portfolio. In managing the fund's investment portfolio, the advisor will apply investment techniques and risk analyses that may not have the desired result. There can be no assurance that the fund's investment objectives will be achieved. The fund is subject to market risk. Market risk is the risk that a particular security owned by the fund or shares of the fund in general may fall in value.
Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative.
The market for high-yield securities is smaller and less liquid than that for investment grade securities. Senior Loan securities are subject to numerous risks, including credit risk, interest rate risk, income risk and prepayment risk.
Interest rate risk is the risk that if interest rates rise, the prices of the fixed-rate instruments held by the fund may fall. Income risk is the risk that if interest rates fall, the income from the fund's portfolio will decline as the fund intends to hold floating-rate debt that will adjust lower with falling interest rates. Loans are subject to pre-payment risk. The degree to which borrowers prepay loans may be affected by general business conditions, the financial condition of the borrower and competitive conditions among loan investors, among others.
The fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. The fund invests in securities of non-U. Because the fund's NAV is determined on the basis of U.
The fund currently intends to effect a significant portion of creations and redemptions for cash, rather than in-kind securities. As a result, the fund may be less tax-efficient. The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.
First Trust Advisors L. Unit Trusts Search Available Portfolios. Available Closed End Funds. The fund's primary investment objective is to provide high current income by investing primarily in a diversified portfolio of first lien senior floating-rate bank loans "Senior Loans".
The fund's secondary investment objective is the preservation of capital. There can be no assurance that the Fund's investment objectives will be achieved. Weighted Average Effective Duration 6 0. Weighted average maturity excludes defaulted assets.
Past performance is not indicative of future results. Asset Percent Loan Please note that percentage of 0. A credit rating is an assessment provided by a nationally recognized statistical rating organization NRSRO of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated.
Ratings are measured on a scale that generally ranges from AAA highest to D lowest. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. Leveraged Loan Index 3. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.
Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.
Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown.
Indexes are unmanaged and an investor cannot invest directly in an index. The expense ratio for this fund is 0. Subject to change in the future. There is no guarantee that the fund will declare dividends. Distribution rates may vary. Given that senior loans typically pay a floating rate of interest, they tend to have an effective duration of almost zero.
As such, we estimate the duration for senior loans to be approximately 0. The calculation does not include the effect of fund fees and expenses.
Risk Considerations The fund's shares will change in value and you could lose money by investing in the fund. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person.
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.
Request a k Proposal Managed Accounts. Weighted Average Effective Duration 6. Weighted Average Yield-To-Maturity 7. Since Fund Inception The NAV represents the fund's net assets assets less liabilities divided by the fund's outstanding shares.
Fund shares are purchased and sold on an exchange at their share price rather than net asset value NAV , which may cause the shares to trade at a price greater than NAV premium or less than NAV discount. Most recent distribution paid or declared to today's date. The day SEC yield is calculated by dividing the net investment income per share earned during the most recent day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.
A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. The annualized return that would be earned on a debt security if held to maturity, weighted by the value of each debt security in the fund's portfolio.
A short-term funding rate estimated by banks in London that they would be charged if borrowing from other banks assuming a three month maturity. First Trust Portfolios L.More...