First Trust Advisors L.P. (FCAL issuer) aims to meet its investment objectives primarily through investing in municipal debt securities exempt from federal and California income taxes, constituting at least 80% of its net assets. These securities are issued by or on behalf of California, its territories, or possessions, with a focus on those issued by the State of California. The fund typically invests in various types of municipal securities, including general obligation bonds, revenue bonds, and private activity bonds. While prioritizing investment-grade securities, FCAL issuer may also allocate a portion of its assets to high-yield or distressed municipal securities, though such investments are capped to ensure prudent risk management. Additionally, the fund may utilize derivatives instruments such as futures contracts in its investment strategy.
FCAL Dividend, managed by First Trust Advisors L.P., pursues its investment objectives by primarily investing in municipal debt securities that offer income exempt from federal and California income taxes, with at least 80% of its net assets dedicated to such securities. The fund predominantly targets municipal securities issued by or on behalf of the State of California, ensuring potential tax benefits for investors. FCAL Dividend's portfolio includes various types of municipal securities, such as general obligation bonds, revenue bonds, and private activity bonds, with a focus on maintaining investment-grade quality. While prioritizing investment-grade securities, the fund may also allocate a portion of its assets to high-yield or distressed municipal securities, albeit subject to specified limits to mitigate risk. Additionally, FCAL Dividend may utilize derivatives instruments like futures contracts to enhance its investment strategy.
FCAL Tracking, under the management of First Trust Advisors L.P., seeks to achieve its investment objectives by primarily investing in municipal debt securities that offer income exempt from both federal and California income taxes. With a commitment to maintaining tax-efficient investment strategies, at least 80% of its net assets are allocated to such securities, predominantly focusing on those issued by or on behalf of the State of California. The fund's portfolio comprises various municipal securities, including general obligation bonds, revenue bonds, and private activity bonds, with a preference for investment-grade quality. While prioritizing investment-grade securities, FCAL Tracking may also diversify its holdings by including high-yield or distressed municipal securities, although subject to specified limits to manage risk effectively. Moreover, the fund may utilize derivatives instruments, such as futures contracts, to enhance its tracking strategies and optimize returns for investors.
FCAL Correlation, managed by First Trust Advisors L.P., endeavors to achieve its investment objectives by predominantly investing in municipal debt securities offering income exempt from federal and California income taxes. The fund maintains a strategic focus on tax-efficient investment strategies, allocating at least 80% of its net assets to such securities, particularly those issued by or on behalf of the State of California. FCAL Correlation's portfolio encompasses a diverse range of municipal securities, including general obligation bonds, revenue bonds, and private activity bonds, with an emphasis on maintaining investment-grade quality. While prioritizing investment-grade securities, the fund may also include high-yield or distressed municipal securities within its holdings, though within prescribed limits to manage correlations effectively. Additionally, FCAL Correlation may employ derivatives instruments such as futures contracts to further refine its correlation strategies and optimize returns for investors.
FCAL Sector, managed by First Trust Advisors L.P., focuses on achieving its investment objectives through primarily investing in municipal debt securities that offer income exempt from both federal and California income taxes. The fund's investment strategy emphasizes tax-efficient approaches, with at least 80% of its net assets allocated to municipal securities, particularly those issued by or on behalf of the State of California. FCAL Sector's portfolio comprises a diverse array of municipal securities, including general obligation bonds, revenue bonds, and private activity bonds, with a strong emphasis on maintaining investment-grade quality. While prioritizing investment-grade securities, the fund may also include high-yield or distressed municipal securities within its holdings, subject to specified limits to manage sector risk effectively. Additionally, FCAL Sector may utilize derivatives instruments such as futures contracts to enhance its sector-specific strategies and optimize returns for investors.
FCAL Exposure, under the management of First Trust Advisors L.P., aims to realize its investment objectives by primarily focusing on municipal debt securities that offer income exempt from both federal and California income taxes. With a strategic emphasis on tax-efficient investment approaches, the fund allocates at least 80% of its net assets to municipal securities, predominantly those issued by or on behalf of the State of California. FCAL Exposure's portfolio encompasses a diverse range of municipal securities, including general obligation bonds, revenue bonds, and private activity bonds, with a primary focus on maintaining investment-grade quality. While giving priority to investment-grade securities, the fund may also include high-yield or distressed municipal securities in its holdings, albeit within specified limits to manage exposure effectively. Furthermore, FCAL Exposure may employ derivatives instruments like futures contracts to further refine its exposure strategies and potentially enhance returns for investors.
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