First Trust Alternative Opportunities Fund: insider trades · United States · SEC (Form 4)

About First Trust Alternative Opportunities Fund

FIRST TRUST ALTERNATIVE OPPORTUNITIES FUND is a US-domiciled alternative investment vehicle structured as a non-diversified closed-end interval fund registered with the SEC. For international investors, it should not be viewed as a conventional operating company, but rather as an actively managed fund designed to pursue return streams that are less dependent on traditional equity and bond indices. The fund is sold in the United States through Class A (VFLAX) and Class I (VFLEX) shares. It is not an exchange-listed common stock on NYSE or NASDAQ; instead, it sits within the US alternative-fund ecosystem, where disclosure, periodic reporting, and limited repurchase mechanics are central features. First Trust Capital Management L.P., based in Chicago, Illinois, serves as the investment manager, while UMB Fund Services in Milwaukee, Wisconsin handles administration. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681717/000110465925071287/tm2521387d1_486bpos.htm)) The fund began operations on June 12, 2017 for Class I shares and on August 2, 2021 for Class A shares, giving it a relatively modest track record versus long-established US multi-strategy fund platforms. Its stated objective is to seek long-term capital appreciation by pursuing positive absolute returns across market cycles, with low sensitivity to traditional equity and fixed-income benchmarks. The strategy is built around a multi-manager framework: First Trust Capital Management allocates capital among itself and one or more sub-advisers, including RiverNorth Capital Management and Palmer Square Capital Management, each contributing specialist expertise. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681717/000110465925071287/tm2521387d1_486bpos.htm)) From a business-and-product perspective, the fund’s mandate spans alternative strategies such as merger arbitrage, special situations, distressed securities, and other non-traditional credit-oriented exposures. That positioning makes it more of a portfolio-diversification tool than a plain-vanilla fixed-income product. Its competitive appeal lies in access to niche return drivers, diversified manager selection, and exposure to areas that are often difficult for retail investors to replicate on their own. At the same time, the risk profile is meaningfully elevated: the prospectus highlights illiquidity, limited repurchase opportunities, valuation uncertainty, leverage and derivative risk, and the possibility of significant losses. The fund explicitly states that shares are illiquid and that investors should not expect a secondary market to develop. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681717/000110465925071287/tm2521387d1_486bpos.htm)) Recent developments point to a continuously active reporting and product-maintenance cycle in 2025 and 2026, including updated portfolio documentation as of June 30, 2025 and monthly Rule 19a-1 notices through April 2026. The fund also appears within a broader First Trust alternatives platform that includes private credit, hedged strategies, real assets, and other multi-strategy vehicles. For French-speaking investors evaluating US alternative funds, the key takeaway is that FIRST TRUST ALTERNATIVE OPPORTUNITIES FUND is a professionally managed United States alternative vehicle anchored by an established Chicago-based manager, with a diversified yet complex strategy set and a risk/return profile that is intentionally non-traditional. ([firsttrustcapital.com](https://www.firsttrustcapital.com/first-trust-alternative-opportunities-fund-rule-19a-1-notices/))