U.S. Markets open in 47 mins

First Trust Heitman Global Prime Real Estate ETF Declares Final Distribution

WHEATON, Ill.--(BUSINESS WIRE)--

First Trust Heitman Global Prime Real Estate ETF (NYSE Arca: PRME), an actively managed exchange-traded fund (“ETF”), managed by First Trust Advisors L.P. (“FTA”), today declared the dates for its final distribution, which will be payable September 12, 2019, to shareholders of record as of September 11, 2019. The ex-dividend date is expected to be September 10, 2019. The final distribution amount will be $0.80 per share.

As previously announced, the shareholders of PRME approved the fund’s reorganization into First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund (NYSE Arca: FFR), an index based ETF managed by FTA, at a Special Meeting of Shareholders on August 22, 2019. As previously announced, the reorganization was approved by the Board of Trustees of each of PRME and FFR on March 11, 2019.

Upon completion of the reorganization, which is expected to be tax-free, the assets of PRME will transferred to, and the liabilities of PRME were assumed by, FFR. The shareholders of PRME will receive shares of FFR with a value equal to the aggregate net asset value of the PRME shares held by them immediately prior to the reorganization. The reorganization is expected to become effective immediately before the opening of the NYSE Arca on September 16, 2019.

PRME is an actively managed ETF that seeks to provide a long-term total return. PRME seeks to achieve its investment objectives by investing at least 80% of its net assets in U.S. and non-U.S. exchange-traded real estate securities, which includes real estate investment trusts, real estate operating companies and common stocks or depositary receipts of companies primarily engaged in the real estate industry.

FTA is a federally registered investment advisor and serves as the investment advisor of PRME and FFR. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $134 billion as of August 31, 2019 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of PRME. An investor should carefully consider the investment objectives, risks, charges and expenses of PRME before investing. The prospectus for PRME contains this and other important information and is available free of charge by calling First Trust Portfolios L.P. at 1-800-621-1675 or visiting www.ftportfolios.com. The prospectus should be read carefully before investing.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190909005913/en/