FPEI First Trust Institutional Preferred Securities and Income ETF

The fund invests at least 80% of its net assets (including investment borrowings) in institutional preferred securities and income-producing debt securities (Income Securities).

Preferred securities are a type of equity security that have preference over common stock in the payment of distributions and the liquidation of a company's assets, but are generally junior to all forms of the company's debt, including both senior and subordinated debt.

The fund's investments in preferred securities will primarily be in institutional preferred securities.