M&A - FIRST TRUST EXCHANGE-TRADED FUND VIII

Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Merger

Type: New

Accession Number: 000144554625002384

Filing Summary: The document outlines the Summary Prospectus for the First Trust Exchange-Traded Fund VIII, specifically the FT Energy Income Partners Enhanced Income ETF. The Fund's primary investment objective is to achieve a high level of total return with a focus on current distributions to shareholders. It provides detailed information about fees and expenses associated with the Fund, including shareholder fees and annual operating expenses, which total 1.11%. The document describes the Fund's portfolio strategy, indicating that it invests primarily in a mix of equity securities in the energy sector, specifically targeting companies involved in a range of energy-related activities. It also explains the impact of a series of mergers through which the Fund acquired assets from several closed-end management companies. Additionally, the document emphasizes potential risks associated with investing in the Fund, including market risks, risks from options trading, liquidity risks, and risks associated with the concentrated investment strategy focusing on the energy sector. The disclosure mentions that the Fund may employ strategies involving call options and discusses the implications of cash transactions compared to in-kind distribution strategies.

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Form Type: 497

Filing Date: 2025-02-19

Corporate Action: Merger

Type: New

Accession Number: 000144554625001315

Filing Summary: First Trust Specialty Finance and Financial Opportunities Fund is proposing a significant change at a special meeting on April 21, 2025. The Board of Trustees is recommending that shareholders vote in favor of converting the Target Fund from a closed-end management investment company to an open-end management investment company structured as an exchange-traded fund (ETF). This conversion involves a reorganization where the Target Fund will transfer all its assets to the newly established FT Confluence BDC & Specialty Finance Income ETF, organized under First Trust Exchange-Traded Fund VIII. Shareholders will receive shares of the Acquiring Fund equaling the net asset value of their holdings in the Target Fund, with cash provided for any fractional shares. The Target Fund's Board believes this change is in the shareholders' best interest, as it offers several benefits such as a reduction in fees, improved investment structure, and the elimination of the trading discount that often affects closed-end funds. The document highlights that this proposed reorganization aims to enhance shareholders' investment experience by transitioning to a more flexible ETF format, allowing easier access to their investments while maintaining similar investment strategies and objectives. If the reorganization is not approved, the Target Fund will continue its operations as is. This restructuring is projected to complete in the second quarter of 2025, pending shareholders' approval.

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Form Type: N-14/A

Filing Date: 2025-02-13

Corporate Action: Merger

Type: Update

Accession Number: 000144554625001268

Filing Summary: The document discusses a proposed reorganization involving First Trust Specialty Finance and Financial Opportunities Fund (the 'Target Fund') converting into an open-end management investment company structured as an exchange-traded fund (ETF), to be named FT Confluence BDC & Specialty Finance Income ETF (the 'Acquiring Fund'). A special meeting of shareholders is scheduled for April 21, 2025, where shareholders will vote on this reorganization. It has been recommended by the Board of Trustees of the Target Fund as a beneficial step due to factors such as the Target Fund’s trading at a discount and the overall interests of its shareholders. Benefits of the reorganization include improved liquidity, favorable tax attributes, enhanced transparency, reduced ongoing management fees, and the potential for a similar or slightly lower distribution yield. The document details the costs associated with the reorganization, the structure of the funds post-reorganization, and the voting procedures for shareholders. Furthermore, it highlights that the reorganization is expected to be tax-free for shareholders, and it would occur during the second quarter of 2025 if approved. The document also talks about the fund's asset transfer and the assumption of liabilities by the Acquiring Fund, along with the implications for shareholders of the Target Fund in terms of share distribution and potential fee reductions.

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Form Type: N-CSR

Filing Date: 2025-02-05

Corporate Action: Acquisition

Type: New

Accession Number: 000144554625000946

Filing Summary: On November 21, 2023, the First Trust Active Global Quality Income ETF (AGQI) acquired the assets and financial history of the First Trust Dynamic Europe Equity Income Fund (FDEU), marking a significant acquisition that integrates the fund's assets and performance into AGQI. This report covers the fund's performance for the period from December 1, 2023 to November 30, 2024, detailing how it generated an 11.96% return but underperformed against its benchmark, the MSCI ACWI High Dividend Yield Index, which saw a 16.87% return. The underperformance was attributed to an overweight in European equities and an underweight in the Financials sector during a period when these sectors outperformed. Additionally, performance contributions came from investments in industrials and technology, with notable successes in companies benefiting from investments in data centers and semiconductor facilities. However, weaknesses in certain technology holdings such as Samsung Electronics and TotalEnergies SE impacted overall returns.

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