MASTERING STRUCTURED NOTES
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1 MASTERING STRUCTURED NOTES First Trust Portfolios L.P.
2 First Trust Advisors L.P./First Trust Portfolios L.P. Established in 1991; privately owned Over 700 employees Offices in Wheaton, IL and Austin, TX Assets Under Management/Supervision* $ Billion (as of 1/29/16) VAs $295 Million Broad Distribution Capabilities Over 250 First Trust wholesalers Institutional exposure through affiliated companies Experienced senior sales and national account managers and staff Innovative Financial Solutions Unit investment trusts (UITs) Variable annuities (VAs) Exchange-traded funds (ETFs) Closed-end funds (CEFs) Mutual funds Separately managed accounts (SMAs) Collective investment funds for 401(k) accounts UITs $ Billion Other $439 Million CEFs $6.820 Billion SMAs $655 Million ETFs $ Billion * Includes $ billion for which First Trust Advisors L.P. serves as supervisor for unit investment trusts sponsored by First Trust Portfolios L.P. ETF figure includes Domestic, European and Canadian ETFs. Includes U.S. Mutual Funds, Canadian Funds, Collective Trust Funds and UCITS Open-Ended Funds.
3 Exposure to commonly used indices Income or growth potential Many structured notes have a degree of built in principal protection depending on the terms of the issue Can be used as a hedge for a variety of existing positions depending on the terms of the issue Typically shorter maturities than MLCDs May reduce total portfolio downside risk depending on the terms of the issue
4 Desire for downside protection while providing upside potential Post Great Recession Recent Volatility 6 Year Bull Market Evolution of ETFs
5 Investors with a time horizon which matches the maturity of the structured note Risk-Averse Clients who desire market exposure and possible reduced downside risk Retirees who desire growth or income potential and will not need access to their funds prior to the structured note maturity Investors who desire exposure to Current ETF Models The addition of structured notes which utilize an ETF model as its underlying reference asset may be able to reduce the overall downside risk of an existing portfolio Structured notes are complex products and may not be suitable for all investors. The components of any structured note can vary depending on the terms of the structured note. Investors must have a time horizon and investment objective that is consistent with the structured note. This information can be found on the various fact sheets and term sheets, which should always be reviewed prior to purchase.
6 Liquidity Most structured note issuers maintain a secondary market, although there is no guarantee that a secondary market will be available. A structured note redeemed prior to maturity may result in a loss. The indices and reference assets are too difficult to understand Some structured notes which First Trust distributes use broad based ETFs as reference assets. The offering materials for any structured note should always be carefully reviewed before purchase. Structured Notes = Reverse Convertibles Structured notes look very different today than they did 10 years ago. They are more efficient, transparent and flexible than ever before. Currently, First Trust does not distribute any reverse convertible structured notes. Structured Notes do not pay current income Depending on the terms, a structured note may offer growth OR current income potential.
7 Growth-Oriented Notes Generally taxed as capital gains Income-Oriented Notes Generally taxed as interest income The tax treatment of any structured note will be described in the offering documents for the note and should be reviewed carefully prior to investment. This information does not constitute tax advice. The IRS and Treasury Department are currently considering changes with regard to the tax treatment of structured notes. The U.S. federal income tax treatment of structured notes is uncertain and structured notes could be taxed in a manner that is different than described above, possibly with retroactive effect. Please consult a tax advisor for information about your situation.
8 Note Terms Index : /S&P 500 Duration: 2 Year Maturity Participation Rate: 200% Buffer: 10% Performance Cap: 22%
9 Scenario 1 22% 200% Participation 2 YR -10% -12% -2%
10 Scenario 2 22% 200% Participation 2 YR -10% -8% Return of Principal
11 Scenario 3 22% 200% Participation +10% +20% 2 YR -10%
12 Scenario 4 +26% +22% Cap 22% 200% Participation 2 YR -10%
13 Note Terms Index : /S&P 500 Duration: 4 Year Maturity Participation Rate: 100% Buffer: 15% Uncapped Upside Potential
14 Scenario 1 4 YR -15% -13% Return of Principal
15 Scenario 2 4 YR -15% -18% -3%
16 Scenario 3 +22% +22% 1:1 4 YR -15%
17 Note Terms Index : Lesser Performing of: /S&P 500 RTY/Russell 2000 Duration: 4 Year Maturity Participation Rate: 100% Absolute Return Barrier: 30% Uncapped Upside Potential
18 Scenario 1 RTY 4 YR -30% -32% -32% 1:1 Loss
19 Scenario 2 +20% RTY 4 YR -20% +20% -30%
20 Scenario 3 +32% +32% 1:1 RTY 4 YR -30%
21 Note Terms Index : Lesser Performing of: /S&P 500 RTY/Russell 2000 Duration: 15 Month Quarterly Contingent Coupon: 2% Principal/Coupon Barrier: 30%
22 Scenario 1 Not Called 2% 2% 2% 2% 2% 10% 100% Principal Return RTY 15 Months -30% Principal/ Coupon Q1 Q2 Q3 Q4 Q5
23 Scenario 2 Called 2% 2% 2% 2% 2% 6% Auto Call 100% Principal Return RTY 15 Months -30% Principal/ Coupon Q1 Q2 Q3 Q4 Q5
24 Scenario 3 Not Called 2% 2% 2% 2% 2% 8% RTY 15 Months -30% Principal/ Coupon 1:1 Principal Loss Due To Barrier Breach Q1 Q2 Q3 Q4 Q5
25 Possibility of Loss Upon Maturity: The terms of certain structured notes are such that an investor may incur a loss of principal, even if the notes are held to maturity. Tax Treatment: The tax treatment of structured notes may be uncertain. You should discuss the tax treatment of an investment in structured notes with your tax advisor. Liquidity Risk: Liquidity risk will exist if the issuer chooses not to maintain a secondary market. Available liquidity may vary by issuer. Some issuers may maintain daily liquidity while others may be more limited. Early withdrawal is generally not permitted. Secondary Market Risk: Investors who sell notes prior to maturity are subject to secondary market risk, including the risk of loss, as the market price may be less than the initial principal. Factors that determine secondary market pricing may include, but are not limited to, supply and demand, general market conditions, then-current interest rates, the level, liquidity and volatility of any relevant index and time remaining until maturity. These factors differ from the parameters used to calculate the note s final return at maturity. Therefore, secondary market pricing may not be equivalent to a return determined by the calculation method used at maturity. Credit Risk: Investors are dependent on the note issuer s ability to pay all amounts due on the notes. Any actual or potential change in the issuer s creditworthiness or credit spreads is likely to adversely affect the value of the notes. If the issuer defaults on its payment obligations, investors may not receive any amounts owed under the notes and could lose their entire investment. Call Risk: Certain notes may be callable at the option of the issuer. If the issuer exercises that option, the investor will only receive the applicable call price and will not receive any interest payments that would have been payable for the remainder of the term of the note. Opportunity Costs: The opportunity cost of investing in notes can be defined as the forgone risk-free rate of return that would be received if the principal was invested in other fixed-income investments. No Early Redemption: Notes should be purchased with the intention of holding them until maturity. Some notes may offer an early redemption opportunity, allowing holders the option to redeem prior to maturity. Generally notes held to maturity are entitled to full return of the principal amount invested. A secondary market for the notes may develop, although there is no guarantee that any person will maintain a secondary market. The value of the notes sold prior to maturity in the secondary market will be subject to then prevailing market conditions and may include a transaction charge. The sale proceeds may be less or more than the original purchase amount paid. FDIC Insurance: Structured notes are not FDIC insured. The risks described above are not all-encompassing. There are a wide variety of notes available, with attributes which affect their risks and potential rewards. Before making any investment decision, you should obtain advice from your financial, legal and tax advisers for information about and analysis of the investment, its risks and its suitability in your particular circumstances. Structured notes are complex products and may not be suitable for all investors.
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