FT 3428 registers Municipal Advantage Closed-End and ETF units

By Tali David

Minneapolis, Feb. 6 - FT 3428 has registered units of its Municipal Advantage Closed-End and ETF Portfolio, Series 11, according to an S-6 filing with the Securities and Exchange Commission.

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

The trust seeks monthly income that is exempt from federal income taxes by investing in a well-diversified pool of closed-end funds and exchange-traded funds that invest in tax-exempt municipal bonds.

The units will have an initial offering price of $10 and a net asset value of $9.576 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 fee may be reduced on a sliding scale to 2.45% depending on the amount of investment.

The trust will have an initial date of deposit in March and a mandatory termination date of March 6, 2014.

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