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First Trust Exchange-Traded Fund VII - First Trust Alternative Absolute Return Strategy ETF is an exchange traded fund launched and managed by First Trust Advisors L.P. It invests in commodity and fixed income markets of the United States. For its fixed income portion, the fund invests in U.S. government and agency securities with maturities of two years or less, short-term repurchase agreements, money market instruments. For its commodity portion, it invests through derivatives such as futures contracts in commodities. It employs long/short strategy to create its portfolio. The fund invests through a Cayman Islands subsidiary in commodity futures contracts. The fund seeks to benchmark the performance of its portfolio against the Bloomberg Commodity Index, the 3 Month U.S. Treasury Bills + 3%, and the S&P 500 Index. First Trust Exchange-Traded Fund VII - First Trust Alternative Absolute Return Strategy ETF was formed on May 18, 2016 and is domiciled in the United States.