The First Trust 11602 Municipal Income ETF Portfolio Series 14 is a unit investment trust designed to provide investors with monthly income that is exempt from federal income taxes. The portfolio achieves this objective by investing in a diverse selection of exchange-traded funds (ETFs) that, in turn, hold a broad range of tax-exempt municipal bonds. These underlying ETFs include names such as VanEck Short High Yield Muni ETF, Franklin Dynamic Municipal Bond ETF, and Vanguard Tax-Exempt Bond ETF, among others, offering exposure to various segments of the municipal bond market, including high yield and intermediate-term bonds. The portfolio is structured as a regulated investment company, and units are typically offered at a set price per unit, with values fluctuating based on the market and underlying holdings. The trust is designed for a specified term, ending on a predetermined date, and provides investors with regular monthly distributions. Its primary role in the financial market is to offer access to diversified, tax-advantaged income streams through professional selection and management of municipal bond ETFs, appealing to those seeking potential tax efficiency and predictable cash flows.
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