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Technology Dividend, Series 21

Historically, technology companies were recognized for their growth potential and paid little in dividends. During the internet build-out phase of the 1990s, many companies in the sector were new businesses, committing capital to research and development and merger and acquisition efforts. Since then, technology has evolved to become an indispensable part of our lives. Internet usage continues to grow at a rapid pace. Demand is rising for products such as mobile phones, wireless connectivity, computer devices, semiconductors and cloud computing.

Today, many technology companies have matured into companies with strong balance sheets and financial flexibility and are paying dividends, while continuing to reinvest in their businesses. The estimated price-to-earnings ratios (P/E) for the S&P 500 Information Technology Index for 2017 and 2018 were 18.12 and 16.19, respectively, as of 4/12/17, according to Bloomberg. The 10-year average P/E was 18.05. We believe future growth potential combined with dividend payouts make technology an attractive sector.

Portfolio Objective

This unit investment trust seeks above-average total return by investing in dividend-paying companies in the technology sector; however, there is no assurance the objective will be met.

Dividend Contribution by Sector

Information technology companies in the S&P 500 Index are now the largest contributor of dividends from the index. Technology companies account for 15.58% of S&P 500 companies' projected dividends in the next 12 months, having grown significantly from contributing only 5.14% in 2004.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

You should consider the portfolio's investment objectives, risks, and charges and expenses carefully 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 portfolio. Read it carefully before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning common stocks, 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.

You should be aware that the portfolio is concentrated in stocks in the information technology sector which involves additional risks, including limited diversification. The companies engaged in the information technology sector are subject to fierce competition, high research and development costs, and their products and services may be subject to rapid obsolescence. Technology company stocks, especially those which are Internet-related, may experience extreme price and volume fluctuations that are often unrelated to their operating performance.

An investment in a portfolio containing equity securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers. Risks associated with investing in foreign securities may be more pronounced in emerging markets where the securities markets are substantially smaller, less liquid, less regulated and more volatile than the U.S. and developed foreign markets.

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.

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.

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.

The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted
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