First Trust Files S-6 for New Unit Investment Trust FT 12928

TL;DR

**First Trust just registered a new investment trust, FT 12928, opening up a new product for investors.**

AI Summary

First Trust Portfolios L.P. filed an S-6 registration statement on March 24, 2026, for FT 12928, a unit investment trust. This filing, with SEC Accession No. 0001445546-26-002318, indicates the creation of a new investment vehicle. For investors considering or holding First Trust products, this means a new structured product is being made available, potentially diversifying their investment options or offering exposure to a specific strategy, which could impact their portfolio's overall risk and return profile.

Why It Matters

This filing signals the launch of a new investment product by First Trust, offering investors another option to consider for their portfolios.

Risk Assessment

Risk Level: medium — The risk level is medium because unit investment trusts can have varying underlying assets and structures, making their specific risk profile dependent on the trust's composition, which is not detailed in this summary.

Analyst Insight

A smart investor would research the specific details of FT 12928 once the full prospectus is available to understand its investment objectives, fees, and underlying assets before considering an investment.

Key Numbers

• 0001445546-26-002318 — SEC Accession No. (unique identifier for this specific S-6 filing)
• 232434 — Size of S-6 document (indicates the length of the initial registration statement in bytes)

Key Players & Entities

• First Trust Portfolios L.P. (company) — the filer and sponsor of the unit investment trust
• FT 12928 (company) — the specific unit investment trust being registered
• 0002110559 (person) — CIK of the Filer, FT 12928
• March 24, 2026 (dollar_amount) — the filing and acceptance date of the S-6

FAQ

Key Financial Figures

• $10.00 — Price per Unit will equal approximately $10.00. If we make such an adjustment, the fra
• $1.00 — ibution from an account equals at least $1.00 per 100 Units. See "Income and Capital
• $10,000 — ts. The example assumes that you invest $10,000 in the Trust and the principal amount a
• $10 — e Public Offering Price per Unit equals $10, there is no initial sales charge. If t
• $300,000 — New York Mellon, of which approximately $300,000 has been allocated to the Trust, has be
• $50,000,000 — ring a minimum market capitalization of $50,000,000), the current dividend yield of the ETF

Filing Documents

• s-6.htm (S-6) — 227KB
• cac.jpg (GRAPHIC) — 27KB
• 0001445546-26-002318.txt ( ) — 265KB

financial statements in accordance with accounting principles generally

financial statements in accordance with accounting principles generally accepted in the United States which require the Sponsor to make estimates and assumptions that affect amounts reported herein. Actual results could differ from those estimates. The Trust intends to comply in its initial fiscal year and thereafter with provisions of the Internal Revenue Code applicable to regulated investment companies and as such, will not be subject to federal income taxes on otherwise taxable income (including net realized capital gains) distributed to Unit holders. (1) The Trust invests in a diversified portfolio of ETFs. Aggregate cost of the Securities listed under "Schedule of Investments" for the Trust is based on their aggregate underlying value. The Trust has a Mandatory Termination Date of August 5, 2027. (2) An irrevocable letter of credit issued by The Bank of New York Mellon, of which approximately $300,000 has been allocated to the Trust, has been deposited with the Trustee as collateral, covering the monies necessary for the purchase of the Securities according to their purchase contracts. (3) A portion of the Public Offering Price consists of an amount sufficient to reimburse the Sponsor for all or a portion of the costs of establishing the Trust. These costs have been estimated at $ per Unit. A payment will be made at the end of the initial offering period to an account maintained by the Trustee from which the obligation of the investors to the Sponsor will be satisfied. To the extent that actual organization costs of the Trust are greater than the estimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor and deducted from the assets of the Trust. (4) Represents the amount of mandatory deferred sales charge distributions of $.150 per Unit, payable to the Sponsor in three equal monthly installments beginning on August 20, 2026 and on the twentieth day of each month thereafter (or if such date

Risk Factors

Risk Factors Principal Risks. The following is a discussion of the principal risks of investing in the Trust. Price Volatility. The Trust invests in ETFs. The value of the Trust's Units will fluctuate with changes in the value of these Securities. The value of a security fluctuates for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. Because the Trust is not managed, the Trustee will not sell Securities in response to or in anticipation of market fluctuations, as is common in managed investments. As with any investment, we cannot guarantee that the performance of the Trust will be positive over any period of time, especially the relatively short 15-month life of the Trust, or that you won't lose money. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Market Risk. Market risk is the risk that a particular security, or Units of the Trust in general, may fall in value or underperform other investments. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. The Federal Reserve has begun to lower interest rates and may continue to do so in the future. Potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including declining valuations and elevated vacancies, could have a broader Page 9 impact on financial markets. In addition, local, regional or global events such as wa

View Full Filing

View this S-6 filing on SEC EDGAR