FT 3177's Marcellus Shale Portfolio units focus on energy companies

By Toni Weeks

San Diego, Oct. 19 - FT 3177 has registered units of its Series 3 Marcellus Shale Portfolio, according to a form S-6 amendment filed with the Securities and Exchange Commission.

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

The trust invests in a diversified portfolio of common stocks issued by energy companies that are involved in the production of natural gas from the Marcellus Shale formation, which is found beneath 60% of Pennsylvania's total land mass and in other states such as Ohio, West Virginia and New York.

The public offering price of the initial 16,926 units is $10 apiece. Each unit has an initial sales charge of $0.1, a deferred sales charge of $0.245, a creation and development fee of $0.05 and an organization fee of $0.029, for a total net asset value of $9.576 per unit. The estimated net annual distribution per unit for the first year is $0.099 per unit.

The inception date of the units is Oct. 24. The trust has a mandatory termination date of Oct. 21, 2013.

The maximum fee for unit purchases of $50,000 or more is 3.7% for investments of $50,000 to less than $100,000 and decreases on a sliding scale to 2.45% for investments of $1 million of more.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.