What are the Risks of Investing in the Fund?:

The Fund is not a mutual fund and its units are not deposits of the Trust or the Advisor, and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other agency. The units are securities which have not been registered under the 1933 Act and the Fund is exempted from investment company registration under the 1940 Act. Therefore, participating plans and their participants will not be entitled to the protections under these Acts. As defined in the Declaration of Trust establishing the Fund, the Fund is available for investment by eligible qualified retirement plans only. Management of the Trust, however, is generally subject to the fiduciary duty and prohibited transaction rules under ERISA.

The performance quoted does not guarantee future results. As market conditions fluctuate, the investment return and principal value of any investment will change. Diversification may not protect against market risk. As with any investment, you can lose money by investing in the Fund. Before investing you should consider carefully the following risks that you assume when you invest in the fund. For more information regarding the following risks, please consult the Fund's Information Statement.

Market Risk. A particular security owned by the Fund, units of the Fund or securities in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments. Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies.

Non-U.S. Securities Risk. The Fund invests in securities of non-U.S. issuers. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries.

NYSE^® is a registered service mark of, and NYSE International 100 Index is a service mark of, New York Stock Exchange, Inc. ("NYSE") and have been licensed for use for certain purposes by First Trust Advisors L.P.The First Trust Target VIQ Fund utilizes the NYSE^® International Target 25 Strategy, based on the NYSE International 100 Index^SM, and is not sponsored, endorsed, sold, or promoted by NYSE and NYSE makes no representation regarding the advisability of investing in products utilizing such Strategy. "Value Line," "The Value Line Investment Survey," and "Value Line Timeliness^TM Ranking System" are registered trademarks of Value Line Securities, Inc. or Value Line Publishing, Inc. that have been licensed to First Trust Advisors L.P. This product is not sponsored, recommended, sold or promoted by Value Line Publishing, Inc.,Value Line, Inc. or Value Line Securities, Inc. First Trust Advisors L.P. is not affiliated with any Value Line company. "S&P", "S&P MidCap 400", "S&P SmallCap 600", and "Standard & Poor's" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by First Trust Advisors L.P. The S&P Target SMid 60 Strategy is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in products utilizing such Strategy.