Latest news with #FTA
Indian Express
8 hours ago
- Business
- Indian Express
India gets breather ahead of trade talks with US; Pakistan's shift to crypto raises concerns; foreign students in US under duress
US court rulings on Trump's tariffs give India some breathing space; Pak's pivot to crypto raises concerns over possible misuse of the digital currency to fund terror; foreign students face uncertainty amid crackdowns on US varsities; Gaza's entire population faces catastrophic hunger as Hamas reviews US proposal for a 60-day ceasefire; Trump says he told Israel to hold off on any strike against Iran, and Russia, Ukraine to hold second direct peace talks – here is weekly roundup of global news. As India braces to finalise a trade agreement with the US trade negotiators scheduled to arrive here for talks on June 5 and 6, two court rulings this week against Donald Trump's sweeping 'Liberation Day' tariffs added a twist to the bilateral trade negotiations. On Wednesday, the US Court of International Trade deemed Trump's sweeping tariffs illegal, determining that he overstepped his authority by invoking the 1977 International Emergency Economic Powers Act (IEEPA) to impose these tariffs on goods imported into America from almost every nation. A day later, an appeals court – the Federal Circuit Court in Washington, DC that has jurisdiction over the trade court – temporarily halted the decision, which means the levies are back for now and the case will probably end up in the Supreme Court. However, the Trump administration has also slapped other sector-specific tariffs such as on steel, aluminium, cars and car parts under a different statute known as Section 232. There are chances that provisions such as Section 232 would now be used to impose such sector-specific tariffs on countries, especially if the Federal Circuit Court were to also rule against the IEEPA levies. But until the final word on the matter, India has some breathing room in its ongoing trade talks, particularly with the US's demand seeking access to several sectors that traditionally enjoy high protection, such as agriculture, automobiles, and alcoholic beverages. Amid concerns over the impact of trade deals with foreign countries on India's agricultural export, import and the surplus, especially with the US and EU seeking greater market access for their agricultural products, data highlights significant trends. India's agriculture exports increased from $43.3 billion in 2013-14 to $51.9 billion in 2024-25. Meanwhile, imports have shown steadier expansion from $15.5 billion in 2013-14 to an all-time high of $38.5 billion in 2024-25, working out to 148%. In the meantime, India's goods exports worth at least $775 million to the UK continue to face the risk of higher duties under its Carbon Border Adjustment Mechanism (CBAM), despite the conclusion of a Free Trade Agreement (FTA) earlier this month. UK's CBAM was not part of the FTA, but it will initially target carbon-intensive products such as iron, steel, aluminium, fertilisers, hydrogen, ceramics, glass and cement, with scope to expand the list in future. That apart, a dramatic element in the unfolding tariff saga was the claim by the Trump administration that the President averted a full-scale war and brokered a ceasefire between India and Pakistan by offering both nations trading access with the US – a claim categorically denied by India. The simultaneous revelation of an agreement that Pakistan inked with World Liberty Financial Inc (WLFI), a crypto firm majority-owned by Trump and his family, prompted experts like C Raja Mohan to ask India to reflect on its crypto strategy. The shady deal has raised concerns on various fronts, such as: — As of May 6, when India launched Operation Sindoor in response to the April 22 Pahalgam terror attack, the WLFI was sitting on a Senate panel's request, seeking details of its dealings with Pakistan Prime Minister Shehbaz Sharif. — Trump's dual role, as WLFI promoter and the self-proclaimed political broker (in the recent India-Pakistan military conflict), has raised concerns over conflict of interest. — Although the details of the agreement are yet to emerge, it includes grand plans to use blockchain technology to boost financial inclusion and facilitate remittances for cash-strapped Pakistan, with Bilal bin Saqib, the head of the Pakistan Crypto Council, calling his country and Bitcoin as 'victims of bad PR'. — As Pakistan turns to cryptocurrency to solve its economic challenges, India is advised to pay close attention amid concerns over the 'possible misuse of these digital currencies not controlled by any central bank to fund terror and launder money across borders'. All the while, India's multiple delegations are fanning out to carry its anti-terror message worldwide. On Sunday, a team led by senior Congress leader Shashi Tharoor reached the US, where he underlined the need for a 'new normal' in the face of the Pahalgam terror attack. Another team, led by BJP MP Baijayant Panda, arrived in Kuwait, while the delegation led by Sanjay Jha engaged with the Indian diaspora in South Korea. However, as the Indian delegation landed in the US, concerns were growing over the Trump administration's hardline immigration stance. Over 3,31,000 Indian students studying in the US are caught in the crosshairs as the Trump administration targeted universities. This week, it directed federal agencies to terminate an estimated $100 million worth of remaining contracts with Harvard by June 6, as part of its broader efforts to reform institutions like Harvard and Columbia. Foreign students, including Indians, enrolled at Harvard are under duress amid the unfolding crisis as the federal Joint Task Force to Combat Antisemitism warned that if Harvard wishes to continue receiving federal support, it must 'commit to meaningful change'. The university has filed a lawsuit challenging the funding freeze and a related move to revoke its ability to enrol foreign students. A diplomatic cable issued on Tuesday added to the pressure in which the State Department asked its embassies and consular sections to halt new interviews, which began earlier this month, as it weighs requiring all students to undergo social media vetting as part of their application process. This move comes despite the visa application (DS-160) already requiring applicants to disclose their social media platform and identifiers. The US Embassy in India also issued a warning to Indian students studying in the US: 'If you drop out, skip classes, or leave your program of study without informing your school, your student visa may be revoked, and you may lose eligibility for future US visas.' The situation has unsettled international students, who contribute nearly $43.8 billion annually to the US economy, according to NAFSA. These students are often top performers in science, technology, engineering, and mathematics (STEM) fields. Hence, the pause, if implemented, will be a significant blow to US universities, whose annual international student intake hovers around the 1 million mark (1.12 million in the 2023-24 academic year). The ongoing crackdown has begun as a campaign pitch to 'reform' elite universities, including Harvard and Columbia, and has now expanded its scope. The US administration is planning to cancel all remaining contracts with Harvard University, worth about $100 million, while finding 'alternative vendors' for future services. Contracts with around nine federal agencies would be affected, which would also affect researchers at some of India's leading medical colleges and scientific institutions. In April, the federal government froze more than $2 billion in grants and contracts with Harvard, citing non-compliance with requests to modify hiring and admissions policies, dismantle diversity-equity-inclusion (DEI) programmes, and conduct ideological vetting of international students. Harvard has filed a lawsuit challenging both the funding freeze and the move to revoke its ability to enrol foreign students. These developments in the US come amid growing global instability, including in Gaza, which the UN has described as the 'hungriest place on Earth'. The war-riven enclave's 2.3 million people are facing 'catastrophic hunger', as Hamas is reviewing a new ceasefire proposal. As the UN and European countries mounted pressure on Israel to end the war and its 11-week-long blockade on Gaza, a limited amount of aid began entering the besieged enclave under the control of a new NGO backed by Israel and the US – the Gaza Humanitarian Foundation (GHF). However, 20 people were shot by Israeli troops at a GHF aid distribution point on Friday as they desperately tried to get food, Al Jazeera reported, citing sources at Gaza hospitals. While Arab states rejected the new aid system as illegal, the UN and international aid groups also refused to work with the GHF, saying, according to Reuters, it is not neutral and has a distribution model that forces the displacement of Palestinians. Meanwhile, Hamas is reviewing a US proposal for a 60-day ceasefire that has reportedly been accepted by Israel. According to Reuters, the ceasefire would see humanitarian aid delivered by the UN, the Red Crescent and other agreed channels; and the release of 28 Israeli hostages – alive and dead – in exchange for the release of 1,236 Palestinian prisoners and the remains of 180 dead Palestinians. Despite these efforts, hope for peace for the Palestinians remains elusive as Israel blocked a planned meeting of Arab ministers in the Palestinian administrative capital of Ramallah in the occupied West Bank. Reuters cited an Israeli official as saying that the 'provocative meeting' intended to discuss the establishment of a Palestinian state and that 'such a state would undoubtedly become a terrorist state in the heart of the land of Israel'. The move comes ahead of an international conference, co-chaired by France and Saudi Arabia, due to be held in New York on June 17-20 to discuss the issue of Palestinian statehood. French President Emmanuel Macron said on Friday that recognising a Palestinian state was not only a 'moral duty but a political necessity'. After several rounds of Iran nuclear talks, US President Trump this week said that he told Israel to hold off on any strike against Tehran as it 'would be inappropriate to do right now because we're very close to a solution'. 'I want it (nuclear agreement) very strong where we can go in with inspectors, we can take whatever we want, we can blow up whatever we want, but nobody getting killed. We can blow up a lab, but nobody is gonna be in a lab, as opposed to everybody being in the lab and blowing it up,' Trump told reporters on Wednesday at the White House. However, Iran retaliated in equal measure, warning that Trump's threat to destroy its nuclear facilities is a clear red line and will have severe consequences, the semi-official Fars News Agency reported on Friday. The Islamic Republic said that 'if the US seeks a diplomatic solution, it must abandon the language of threats and sanctions', adding that such threats 'are open hostility against Iran's national interests', Reuters reported, citing an unnamed Iranian official. Israel has been threatening a bombardment of Iranian nuclear facilities. According to a Reuters report, which cited Gulf sources, Saudi Arabia's defence minister, Prince Khalid bin Salman, visited Tehran in April and delivered a blunt message to Iranian officials: take Trump's offer to negotiate a nuclear agreement seriously because it presents a way to avoid the risk of war with Israel. Iran and the US have held five rounds of nuclear talks in Oman and Italy, with the last round being described by Iran's Foreign Minister Abbas Araghchi as 'one of the most professional rounds of negotiations' yet. Days after the first direct talks between Russia and Ukraine failed to yield a ceasefire, the two sides will resume direct peace talks in Istanbul on Monday, but Kyiv insisted that Moscow provide a promised memorandum on ending the more than three-year war before they sit down to negotiate. Questioning Russia's commitment to peace, Ukrainian President Volodymyr Zelenskyy said, 'For a meeting to be meaningful, its agenda must be clear, and the negotiations must be properly prepared.' 'Unfortunately, Russia is doing everything it can to ensure that the next potential meeting brings no results,' he wrote on X on Friday after hosting Turkey's foreign minister for talks in Kyiv. Russia's Foreign Minister Sergei Lavrov on Wednesday publicly invited Ukraine to hold direct negotiations with Moscow. In a video statement, Lavrov said Russia would use Monday's meeting to deliver an outline of Moscow's position on 'reliably overcoming' what it calls the root causes of the war, The Associated Press reported. Russia and Ukraine held their first direct peace talks in three years in Istanbul on May 16, which resulted in no significant breakthrough except an agreement on the largest prisoner exchange of the war. It was carried out last weekend and freed 1,000 captives on each side. Why has a crypto agreement between Pakistan and World Liberty Financial Inc (WLFI), a firm majority-owned by Donald Trump and his family, has alarmed India? Evaluate. Comment on India's diplomatic push post-Pahalgam attack, with delegations spanning different countries world over to shape narratives on terrorism. How could the ongoing US crackdown on universities and student visas affect its global standing as a destination for higher education? In what ways might India need to recalibrate its student and research diplomacy with the US in light of these emerging restrictions? Why did the UN and other international aid groups refuse to cooperate with the Gaza Humanitarian Foundation (GHF) backed by the US and Israel? Does the GHF's distribution model conflict with international humanitarian principles? Send your feedback and ideas to
Agriland
12 hours ago
- Health
- Agriland
Specialists call on farmers to monitor for blight in Ireland
Potato growers attending a recent Teagasc farm walk in Co. Meath were told that monitoring for blight in Ireland must become a priority. Recent years have seen multiple mutations taking hold within Europe's blight populations, resulting in the development of resistance to numerous blight fungicide chemistries. Currently, the levels of blight population testing in Ireland is low relative to that taking place in the UK and across mainland Europe. Teagasc plant disease specialist, Dr. Steven Kildea, commented: 'We need real time information on how blight populations are changing in Ireland. And the input of growers is critically important in making this happen.' Monitoring for blight on-farm Potato farmers can make suspected blight samples available to the agriculture and food development authority in one of two ways. One is to physically put impacted leaves into an air-tight plastic bag and send them to Teagasc's Oak Park Crops Research Centre in Co. Carlow. The other option is the use of Fast Technology for Analysis (FTA) cards. These have been given out to growers by Teagasc staff at recent potato events. They allow growers to leave a sample of the blight-causing organism on the card. The cards are then submitted to Oak Park for analysis. According to Dr. Kildea, real-time monitoring of blight populations is the only way that Irish potato growers can hope to keep on top of a disease that still has the potential to create havoc within Ireland's potato sector. Fungicide availability is one issue when it comes to controlling blight. Using the chemicals effectively is the other challenge confronting growers. So, ensuring that sprayers are fit for for purpose when used to apply blight fungicides is critically important. The core objective is to ensure that crops are fully treated every time the sprayer goes into a field of potatoes. Spraying potato crops requires total attention to detail This means ensuring that all of the crops are sprayed with the correct rate of fungicide. Growers should avoid misses, overlaps, double applications, and low application rates. Put another way, growers should only sow what they can spray effectively. Global positioning satellite (GPS) systems can be used to deliver accurate boom overlaps. Where headlands are concerned, accurate sprayer on-offs are vital. In addition, GPS switching needs to be set up correctly. Distance from the boom, solenoid switching speed, and tractor forward speed all impact on this. Corners should be reversed into, and curves in fields can also impact on application rates, especially with wider booms.
Fibre2Fashion
17 hours ago
- Business
- Fibre2Fashion
Textiles face complex origin verification, FTA compliance: ePost
Amid heightened scrutiny of the US de minimis rule, escalating tariff tensions, and stricter customs enforcement in key global markets, a new analysis from ePost Global highlights a troubling trend: the most valuable product categories are also the most exposed to regulatory complexity. Leading the list is apparel and textiles, which account for 39.2 per cent of shipment value and are subject to intricate origin verification processes and stringent Free Trade Agreement (FTA) compliance requirements. Cross-border e-commerce has hit a regulatory wall that's driving up costs and catching retailers unprepared. The study of 15.6 million international shipments worth $421 million has revealed that nearly three-quarters (73 per cent) of product categories now fall into tariff-sensitive classifications, with customs authorities around the world significantly ramping up enforcement. A new ePost Global report warns that cross-border e-commerce is facing rising regulatory challenges, with apparel and textiles (39.2 per cent of shipment value) hit hardest by complex origin checks and Free Trade Agreement (FTA) compliance requirements. Of 15.6 million shipments analyzed, 73 per cent fall under tariff-sensitive categories. Findings from ePost's 2025 Shipping Optimisation Analysis Report expose a hidden crisis brewing in global retail supply chains, with 42 per cent of shipment value now tied to high-complexity customs categories that face intense scrutiny—such as electronics, luxury goods, and food items. "Retailers are sailing into a perfect storm of regulatory changes," said Kelly Martinez, founder and co-president of ePost Global . "The cross-border boom that fuelled e-commerce growth is now confronting a wall of protectionist policies, with customs authorities converting what used to be routine shipments into complex compliance challenges." "The rules of global commerce are being rewritten in real time," said Martinez. "Brands that thrived in the era of simplified cross-border shipping now find themselves facing a maze of regulatory hurdles that can demolish profit margins overnight if they're unprepared." The data reveals key strategic advantages for retailers who adapt to the evolving regulatory landscape. Notably, 97 per cent of all shipments still qualify under the EU's €150 (~$170.31) de minimis threshold, presenting a significant opportunity for cost-effective cross-border sales. Additionally, with over 52 per cent of product categories averaging under $20 in value, there is untapped potential for consolidation strategies. By adopting value-based shipping models, retailers can better navigate tariff challenges—an increasingly important tactic as recent policy shifts close loopholes that once allowed low-value packages to enter duty-free. ePost's analysis further shows that retailers who systematically address four critical documentation elements—product descriptions, HS codes, declared values, and country of origin—can gain significant advantages in speed-to-customer and cost efficiency. "What used to be back-office paperwork decisions have become make-or-break factors for international retail strategy," Martinez warned. "A single misclassified shipment or incomplete customs form can trigger cascading delays, fines, and customer disappointment that damages brand reputation." Furthermore, Alison Layfield, director of product development at ePost Global , cautions that "defaulting on HS codes is no longer safe – your product could end up with a 25 per cent tariff. Customs is now requiring accurate classifications, which equates to clear descriptions, correct HS codes, declared value and actual country of origin based on the manufacturer." Fibre2Fashion News Desk (RR)
Time of India
21 hours ago
- Business
- Time of India
Pursuing FTA with India with real intent: New Zealand foreign minister
File photo: New Zealand deputy PM and foreign minister Winston Peters NEW DELHI: New Zealand is pursuing a free trade agreement (FTA) purposefully with India for which negotiations were launched earlier this year, visiting Deputy PM and foreign minister Winston Peters said Friday. Peters discussed with his counterpart S Jaishankar issues related to trade, economy, defence and security in a bilateral meeting, while unequivocally condemning the Pahalgam terrorist attack and expressing solidarity with the people of India. They also affirmed their shared commitment to a free, open, secure, and prosperous Indo-Pacific. Speaking at the Ananta Centre later, Peters said that FTA talks were continuing with a real meaning now and described it as a breakthrough in economic ties with India. Differences remain over tariffs on dairy products though and the minister said he was aware of the concerns of the dairy industry in India. "Despite India's economic scale, it remains our 12th largest partner in trade, accounting for just 1.5% of our exports. We are determined that we're going to work to change that. Our strengths, from food and beverage products to agriculture, forestry, horticulture, education and tourism, are world-class. And our innovation in areas like outer space and renewable energy will find a welcome partner in India," said Peters, describing India as an emerging geopolitical giant. Peters added, "we are not in it to enrich ourselves, we are in it to enrich both peoples". Peters said that enhancing defence security with India remained a top priority in the Indo-Pacific.
Yahoo
a day ago
- Business
- Yahoo
First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds
WHEATON, Ill., May 30, 2025--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: June 2, 2025 Record Date: June 2, 2025 Payable Date: June 3, 2025 Ticker Exchange Fund Name Frequency OrdinaryIncomePer ShareAmount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS First Trust Exchange-Traded Fund DFII NYSE Arca FT Vest Bitcoin Strategy & Target Income ETF Monthly $0.3662 IGLD Cboe BZX FT Vest Gold Strategy Target Income ETF® Monthly $0.1320 First Trust Exchange-Traded Fund IV HYTI NYSE Arca FT Vest High Yield & Target Income ETF Monthly $0.1687 LQTI NYSE Arca FT Vest Investment Grade & Target Income ETF Monthly $0.1476 LTTI NYSE Arca FT Vest 20+ Year Treasury & Target Income ETF Monthly $0.1414 First Trust Exchange-Traded Fund VIII XIDE Cboe BZX FT Vest U.S. Equity Buffer & Premium Income ETF - December Monthly $0.1637 XIJN Cboe BZX FT Vest U.S. Equity Buffer & Premium Income ETF - June Monthly $0.1656 XIMR Cboe BZX FT Vest U.S. Equity Buffer & Premium Income ETF - March Monthly $0.1636 XISE Cboe BZX FT Vest U.S. Equity Buffer & Premium Income ETF - September Monthly $0.1463 FTA is a federally registered investment advisor and serves as the Fund's investment advisor. 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 $255 billion as of April 30, 2025 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. You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting A prospectus should be read carefully before investing. Principal Risk Factors: You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor. Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. A Fund's shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund's investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings. ETF shares may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. ETF shares may trade at a discount to net asset value and possibly face delisting. Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies whereas large capitalization companies may grow at a slower rate than the overall market. A fund that effects all or a portion of its creations and redemptions for cash rather than in-kind may be less tax efficient. Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments. A fund normally distributes income it earns, so a fund may be required to reduce its distributions if it has insufficient income. Distributions in excess of a Fund's current and accumulated earnings and profits will be treated as a return of capital. There may be other circumstances when all or a portion of a Fund's distribution is treated as a return of capital, for example, there are times when Fund securities are sold to cover a derivative position that generated all or a portion of the distribution that could lead to a return of capital. A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Trading FLEX Options involves risks different than, and possibly greater than, investing directly in securities. A Target Outcome fund may experience substantial downside for FLEX Option positions and certain FLEX Option positions may expire worthless. There can be no guarantee that a liquid secondary market will exist for the FLEX Options and the FLEX Options may be less liquid than exchange-traded options. In managing a fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not have the desired result. Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund. A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers. A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. A fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect a fund's ability to achieve its objectives. Certain funds have characteristics unlike many other traditional investment products and may not be appropriate for all investors. The investment strategy is designed to deliver returns that match, or for the X series are approximately twice those of, the reference asset if a fund's shares are bought on the day on which a fund enters into the Flexible Exchange Options® ("FLEX Options") (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to a pre-determined upside cap, while limiting downside losses. If the Underlying ETF experiences gains during a Target Outcome Period, a fund will not participate in those gains on a one-to-one basis or beyond the cap. If an investor does not hold its fund shares for an entire Target Outcome Period, the returns realized by that investor may not match those a fund seeks to achieve. In the event an investor purchases fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor's investment in fund shares may not be buffered against a decline in the value of the reference asset and may not participate in a gain in the value of the reference asset up to the cap for the investor's investment period. A shareholder may lose their entire investment. Commodity prices can have a significant volatility and exposure to commodities can cause the value of a fund's shares to decline or fluctuate in a rapid and unpredictable manner. Certain securities are subject to call, credit, extension, income, inflation, interest rate, prepayment and zero coupon risks. These risks could result in a decline in a security's value and/or income, increased volatility as interest rates rise or fall and have an adverse impact on a fund's performance. The use of listed and OTC derivatives, including futures, options, swap agreements and forward contracts, can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. Subsidiary investment risk applies to a fund that invests in certain securities through a wholly-owned subsidiary of the fund that is organized under the laws of the Cayman Islands ("Subsidiary"). Changes in the laws of the U.S. and/or Cayman Islands could result in the inability of a fund to operate as intended. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, a fund that is as an investor in the Subsidiary will not have all the protections offered to investors in registered investment companies. The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC. The funds are not sponsored, endorsed, sold or promoted by SPDR® S&P 500® ETF Trust, PDR, or Standard & Poor's® (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the funds or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the funds or the FLEX Options or results to be obtained by the funds or the FLEX Options, shareholders or any other person or entity from use of the SPDR® S&P 500® ETF Trust. The Corporations have no liability in connection with the management, administration, marketing or trading of the funds or the FLEX Options. The funds are not sponsored, endorsed, sold or promoted by SPDR® Gold Trust and WGTS (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the funds or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the funds or the FLEX Options or results to be obtained by the funds or the FLEX Options, shareholders or any other person or entity from use of the SPDR® Gold Trust. The Corporations have no liability in connection with the management, administration, marketing or trading of the funds or the FLEX Options. First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s). First Trust Advisors L.P. is registered as a commodity pool operator and commodity trading advisor and is also a member of the National Futures Association. The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients. View source version on Contacts Press Inquiries: Ryan Issakainen, 630-765-8689Broker Inquiries: Sales Team, 866-848-9727Analyst Inquiries: Stan Ueland, 630-517-7633 Sign in to access your portfolio
