High Dividend Equity Allocation Portfolio, Series 50

Investing in dividend-paying stocks is a time-tested strategy for investors seeking income. Dividends have traditionally been one of the few constants in the world of investing, helping to buffer volatility in both good and bad markets and history has shown that, over the long-term, dividends provide a key component of total return. The High Dividend Equity Allocation Portfolio provides a convenient way to invest in a broad range of companies that we believe have shown a solid history of distributing dividends to shareholders.

Portfolio Selection Process

The trust invests in a diversified portfolio of dividend-paying common stocks of companies from four distinct portfolio strategies which are weighted based on the below allocation.

Through our selection process we seek to find the companies that we believe have the best prospects for above-average total return.

Identify the Universe
The first step in our selection process is to identify each universe from which we will select the stocks for the four strategies. Each universe contains stocks selected specifically for each component of the allocation. It should be noted that emerging markets stocks are included in the universe of stocks from which the International High Dividend stocks are selected and, if selected, would result in the portfolio having an exposure to emerging markets stocks in excess of 10% of the portfolio. In addition, emerging markets companies are those which are incorporated, headquartered or have a significant presence in an emerging market country.

Screen for Dividend Strength
We then evaluate companies based on multiple factors and eliminate those companies that do not meet our investment criteria. These criteria are designed to identify well-capitalized companies with above-average dividend yields and the ability to sustain current dividend levels.

Examine Historical Financial Results
The next step in our process is to look for those companies that have earned a net cash flow return on investment that is above the average of their peers. Historically, companies that have increased their cash flows at a higher rate have rewarded shareholders with superior total returns.

Select Companies with Attractive Valuations
The final step in our process is to select companies based on the fundamental analysis of our team of research analysts. The stocks selected for the portfolio are those that meet our investment objective, trade at attractive valuations and, in our opinion, are likely to exceed market expectations of future cash flows.

Portfolio Objective

This unit investment trust seeks above-average total return through a combination of capital appreciation and dividend income; however, there is no assurance the objective will be met.

You should consider the portfolio's investment objectives, risks, and charges and expenses carefully before investing. Contact your financial professional 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.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. Risks associated with investing in non-U.S. securities may be more pronounced in emerging and developing markets where the securities markets are substantially smaller, less developed, less liquid, less regulated, and more volatile than the U.S. and developed non-U.S. 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.

Large capitalization companies may grow at a slower rate than the overall market.

As the use of Internet technology has become more prevalent in the course of business, the trust has become more susceptible to potential operational risks through breaches in cybersecurity.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

The ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

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.

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.