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Corporate Tax Reform, 3  Ticker: FPVSTX
A unit investment trust that seeks to provide above average capital appreciation by investing in a portfolio of companies that could potentially benefit if the U.S. corporate tax rate is reduced.
Product Code: CTXR3
Portfolio Status: Secondary
Initial Offer Date: 08/18/2017
Secondary Date: 11/15/2017
Portfolio Ending Date: 08/19/2019
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
Initial Offer Price: $10.0000
NAV(*): $11.2570
POP(*): $11.5161
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 12/13/2017 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution * $0.1384
Subsequent Years * $0.1383
As of 12/11/2017
* The estimated net annual distribution for subsequent years is expected to be less than the amount for the first year because a portion of the securities included in the portfolio will be sold to pay for organization costs, the deferred sales charge and the creation and development fee.  The estimates are based on annualizing the most recent dividends declared by the issuers of the securities included in the portfolio. There is no guarantee that the issuers of the securities included in the portfolio will declare distributions in the future or that, if declared, they will either remain at current levels or increase over time.

 Holdings Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Consumer Discretionary  Consumer Discretionary 20.14%
Consumer Staples  Consumer Staples 2.58%
Energy  Energy 2.78%
Financials  Financials 17.46%
Health Care  Health Care 19.47%
Industrials  Industrials 21.59%
Information Technology  Information Technology 3.44%
Materials  Materials 3.41%
Real Estate  Real Estate 0.00%
Telecommunication Services  Telecommunication Services 3.16%
Utilities  Utilities 5.96%
Other  Other 0.01%
  Large Mid Small  
Growth  31.44% 23.94% 0.00%  
Value  31.68% 12.93% 0.00%  

 Style Weighting
Large-Cap Growth 31.44%
Large-Cap Value 31.68%
Mid-Cap Growth 23.94%
Mid-Cap Value 12.93%
Small-Cap Growth 0.00%
Small-Cap Value 0.00%
Undetermined 0.01%
U.S. Stocks 99.99%   Other 0.01%
Non-U.S. Stocks 0.00%      
The style and sector characteristics of the portfolio are determined as of 12/13/2017 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $51,366.42
Weighted Average Price/Earnings 21.99
Weighted Average Price/Book 3.42
As of 12/13/2017
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
 United Rentals, Inc. URI Industrials  Industrials Mid-Cap Growth 4.17%
 Ross Stores, Inc. ROST Consumer Discretionary  Consumer Discretionary Large-Cap Growth 4.15%
 Old Dominion Freight Line, Inc. ODFL Industrials  Industrials Mid-Cap Growth 3.89%
 PulteGroup, Inc. PHM Consumer Discretionary  Consumer Discretionary Mid-Cap Value 3.75%
 Cboe Global Markets Inc. CBOE Financials  Financials Mid-Cap Growth 3.74%
 The Charles Schwab Corporation SCHW Financials  Financials Large-Cap Growth 3.63%
 O'Reilly Automotive, Inc. ORLY Consumer Discretionary  Consumer Discretionary Large-Cap Growth 3.49%
 Synchrony Financial SYF Financials  Financials Large-Cap Value 3.49%
 The Home Depot, Inc. HD Consumer Discretionary  Consumer Discretionary Large-Cap Growth 3.47%
 Eaton Vance Corp. EV Financials  Financials Mid-Cap Growth 3.47%
 Centene Corporation CNC Health Care  Health Care Large-Cap Value 3.47%
 Norfolk Southern Corporation NSC Industrials  Industrials Large-Cap Value 3.44%
 Harris Corporation HRS Information Technology  Information Technology Large-Cap Growth 3.44%
 Anthem, Inc. ANTM Health Care  Health Care Large-Cap Value 3.43%
 Steel Dynamics, Inc. STLD Materials  Materials Mid-Cap Value 3.41%
 Southwest Airlines Co. LUV Industrials  Industrials Large-Cap Growth 3.40%
 CSX Corporation CSX Industrials  Industrials Large-Cap Growth 3.38%
 UnitedHealth Group Incorporated UNH Health Care  Health Care Large-Cap Growth 3.32%
 Cigna Corporation CI Health Care  Health Care Large-Cap Value 3.32%
 J.B. Hunt Transport Services, Inc. JBHT Industrials  Industrials Mid-Cap Growth 3.31%
 Aetna Inc. AET Health Care  Health Care Large-Cap Value 3.29%
 Verizon Communications Inc. VZ Telecommunication Services  Telecommunication Services Large-Cap Growth 3.16%
 Exelon Corporation EXC Utilities  Utilities Large-Cap Value 3.14%
 PacWest Bancorp PACW Financials  Financials Mid-Cap Value 3.13%
 CenterPoint Energy, Inc. CNP Utilities  Utilities Mid-Cap Growth 2.82%
 Kinder Morgan, Inc. KMI Energy  Energy Large-Cap Value 2.78%
 Comcast Corporation (Class A) CMCSA Consumer Discretionary  Consumer Discretionary Large-Cap Value 2.74%
 Quest Diagnostics Incorporated DGX Health Care  Health Care Mid-Cap Value 2.64%
 CVS Health Corporation CVS Consumer Staples  Consumer Staples Large-Cap Value 2.58%
 Ulta Beauty, Inc. ULTA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 2.54%
Total Number of Holdings:    30
Underlying Securities information represented above is as of 12/13/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 November 20, 2017
$0.07500 December 20, 2017
$0.07500 January 19, 2018

Risk Considerations

Equity Risk. An investment in a portfolio containing common stocks is subject to certain risks, such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities or the general condition of the stock market.

Buy & Hold Risk – Taxable Trusts. This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

Small-Cap and Mid-Cap Risk. An investment in a portfolio containing small-cap and mid-cap companies is subject to additional risks, as the share prices of small-cap companies and certain mid-cap companies are often more volatile than those of larger companies due to several factors, including limited trading volumes, products, financial resources, management inexperience and less publicly available information.

Volatility Risk. The value of the securities held by the trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers.

All data used for the sector and style classification comparisons is from Bloomberg Finance L.P, which we believe to be reliable, but do not take responsibility for its accuracy.

The style and capitalization characteristics used to describe the stocks are designed to help you understand how they fit into your overall investment plan. Due to changes in the value of the stocks the characteristics may vary over time. In general, growth stocks have high relative price-to-book ratios while value stocks have low relative price-to-book ratios. In determining market capitalization characteristics, we analyze the market capitalizations of the 3,000 largest stocks in the U.S. (excluding foreign securities, ADRs, limited partnerships and regulated investment companies) on a monthly basis. Companies with market capitalizations among the largest 10% are considered Large-Cap securities, the next 20% are considered Mid-Cap securities and the remaining securities are considered Small-Cap securities.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial advisor or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the trust. Read it carefully before you invest.

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.

Fund Cusip Information
30304N380 (Cash)
30304N398 (Reinvest)
30304N406 (Cash-Fee)
30304N414 (Reinvest-Fee)
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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