FT 3438 offers High-Yield Closed-End and Short Treasury ETF units

By Tali David

Minneapolis, March 15 - FT 3438 is offering units of its High-Yield Closed-End and Short Treasury ETF Portfolio, Series 5, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

The trust seeks a high rate of current monthly income with capital appreciation as a secondary objective by investing in a diversified portfolio of common stocks of closed-end investment companies and common stock issued by a short treasury exchange-traded fund.

On March 15, the initial date of deposit, $175,884 of contracts to purchase securities comprised the trust. The 17,766 units have an initial offering price of $10 and a net asset value of $9.574 each.

The units will each carry a maximum sales charge of 3.95%, consisting of a 1% initial sales charge, a 2.45% deferred sales charge and a 0.5% creation and development fee. The sales charge may be reduced to to 2.45%, depending on the amount of the investment.

The trust has a mandatory termination date of March 13, 2014.

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