In connection with the change to the Fund’s name, the Fund will adopt a non-fundamental investment policy whereby it invests at least 80% of its net assets (including investment borrowings) in financial derivative instruments (exchange-traded or over-the-counter) that provide exposure to U.S exchange-listed equity securities, U.S. exchange-traded funds (“ETFs”) that provide exposure to U.S. exchange-listed equity securities and/or U.S. exchange-listed equity securities.

In connection with the changes described above, the Fund’s principal investment strategies will be revised such that the Fund will no longer pursue its current merger arbitrage strategy, and it will instead seek an equity market neutral approach where the overall performance of the Fund is driven primarily by the net performance of long and short positions, independent of directional movements in the market. The Fund will pursue its investment objective by establishing long and short positions in U.S. exchange-listed equity securities, including exposure obtained through ETFs and financial derivative instruments such as futures or total return swaps. The Fund will generally seek to have exposure ranging from approximately 150%-250% to long positions and approximately 150%-250% to short positions. Additionally, the Fund’s annual unitary management fee will be reduced to 0.95% of the Fund’s average daily net assets. The Fund’s portfolio management team will change to members of the First Trust Alternatives Investment Team, and the Fund will no longer have a sub-advisor.