First Trust Wants Easier Swaps and Fees for Investor Convenience
Published Date: 3/19/2026
Notice
Summary
First Trust Portfolios L.P. and FTP Series want permission to change how they charge fees, let investors swap or roll over their investments more easily, and handle capital gains faster. These changes could make investing smoother and more flexible for people who own their unit investment trusts. If no one asks for a hearing by April 10, 2026, the SEC will likely approve these updates soon.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Allow Deferred Sales Charges
First Trust asked the SEC for permission to charge sales fees for unit investment trusts on a deferred basis and to waive those deferred sales charges in certain cases. This change was requested in an application filed February 6, 2026, and could be approved if no hearing is requested by April 10, 2026.
Permit Exchanges and Rollovers
The applicants asked the SEC for approval to offer unitholders certain exchange and rollover options so investors can swap or roll over their unit investment trust holdings more easily. The application was filed February 6, 2026, with a hearing request deadline of April 10, 2026.
Faster Capital Gains Distributions
The applicants requested authority to distribute capital gains from the sale of portfolio securities within a reasonable time after receipt so unitholders receive gains more quickly. The application date is February 6, 2026; hearing requests are due April 10, 2026.
Lower Depositor Purchase Requirement
Applicants asked the SEC for permission to publicly offer units of certain UITs without requiring the Depositor to take $100,000 worth of units for its own account. The application was filed February 6, 2026, and may be approved unless a hearing is requested by April 10, 2026.
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