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First Trust approves Enhanced Short Maturity ETF management fee waiver

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First Trust Advisors has approved an additional waiver of the First Trust Enhanced Short Maturity ETF’s management fees (0.10 per cent of the fund’s average daily net assets) for a period of one year from 29 October 2014.

First Trust serves as the investment advisor to the fund.
 
The board has also approved a one-for-two reverse share split for the fund.
 
With the additional fee waiver, the fund’s total annual fund operating expenses after fee waivers and offsets will be 0.25 per cent of the fund’s average daily net assets. The fund’s annual unitary management fee is 0.45 per cent of the fund’s average daily net assets. First Trust previously agreed to waive management fees in the amount of 0.10 per cent of the fund’s average daily net assets until 6 August 2015 and to reduce management fees by the proportional amount of the fund’s acquired fund fees and expenses for the fund’s investment in other investment companies managed by First Trust.
 
The reverse share split will result in every two outstanding shares being converted into one share, thereby reducing the number of shares outstanding. Once the reverse share split is complete, each shareholder’s account will reflect one-half fewer shares with a net asset value per share that reflects the combined shares. The fund’s shares will continue to trade under the same ticker symbol, FTSM, and the fund will be assigned a new CUSIP number, 33739Q408.
 
First Trust currently anticipates the reverse share split will be effective as of the opening of business on The NASDAQ Stock Market on or about 10 November 2014, subject to all regulatory requirements and other conditions being satisfied.

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