Description

First Trust Senior Loan ETF (CAD-Hedged) (the "First Trust ETF") seeks to provide unitholders with a high level of current income by investing primarily in a diversified portfolio of senior floating rate loans and debt securities, with capital appreciation as a secondary objective. The First Trust ETF will obtain exposure to a portfolio of senior floating rate loans which are generally rated at or below BB+ by Standard & Poor's, or Ba1 or less by Moody's Investor Services, Inc., or a similar rating by a designated rating organization (as defined in National Instrument 81-102 - Investment Funds) and debt securities by holding securities of First Trust Senior Loan Fund, a U.S. listed exchange-traded fund. The ETF will generally seek to hedge substantially all of its U.S. dollar currency exposure back to the Canadian dollar.