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

By Toni Weeks

San Diego, Feb. 15 - FT 3438 has registered units of its High-Yield Closed-End and Short Treasury ETF Portfolio, Series 5, according to an S-6 filing with the Securities and Exchange Commission.

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

The trust will seek 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.

The units will have a public offering price of $10 and a net asset value of $9.576 each. 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, will apply. A sales charge discount is available for investments of at least $50,000, with the minimum sales charge set at 2.45% for investments of at least $1 million.

The initial date of deposit is planned for March. The trust will have a mandatory termination date of March 13, 2014.

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