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Upcoming Target Outcome Unit Investment Trusts

Target Outcome Unit Investment Trusts - Historical Cap Ranges

Trust Name	Approx. Buffer Level (% of NAV)	Reference Asset	Approx. Term	Pre-Ticketing Deadline	Pricing Date
Vest Large Cap Buffered 10, 80	10%	SPY	15-Month	6/2/2025	6/3/2025
Vest Small Cap Buffered 20, 11	20%	IWM	15-Month	6/4/2025	6/5/2025
Vest Large Cap Deep Buffered 20, 83	20%	SPY	15-Month	6/6/2025	6/9/2025
Vest Large Cap Deep Buffered 30, 40	30%	SPY	15-Month	6/10/2025	6/11/2025
Vest 2-Year Large Cap Buffered 20, 23	20%	SPY	2-Year	6/12/2025	6/13/2025
Vest Nasdaq 100 Buffered 20, 23	20%	QQQ	15-Month	6/16/2025	6/17/2025
Vest Enhanced Large Cap Buffered 15, 28	15%	SPY	15-Month	6/25/2025	6/26/2025
Vest Nasdaq 100 Buffered 10, 19	10%	QQQ	15-Month	7/1/2025	7/2/2025

Historical Cap Ranges (as of 5/30/2025)
Account Type	Low	High	CUSIP	Terms
Gross	18.30%	21.20%	----
Standard	15.68%	18.52%	30341G505
Fee	17.27%	20.14%	30341G513
Gross	17.10%	19.24%	----
Standard	14.51%	16.60%	30341G687
Fee	16.08%	18.20%	30341G695
Gross	12.93%	14.83%	----
Standard	10.43%	12.29%	30341K167
Fee	11.94%	13.83%	30341K175
Gross	10.91%	11.99%	----
Standard	8.45%	9.51%	30341K548
Fee	9.94%	11.01%	30341K555
Gross	21.41%	23.99%	----
Standard	17.64%	20.14%	30341K688
Fee	20.35%	22.91%	30341K696
Gross	16.02%	17.36%	----
Standard	13.45%	14.76%	30341L223
Fee	15.01%	16.34%	30341L231
Gross	12.80%	14.51%	----
Standard	10.30%	11.97%	30341N104
Fee	11.82%	13.51%	30341N112
Gross	22.83%	25.44%	----
Standard	20.11%	22.66%	30341N583
Fee	21.76%	24.35%	30341N591

The historical cap ranges shown are from 4/28/2025 - 5/30/2025 and estimated current caps, if shown, are as of 5/30/2025. These caps are not are not intended to be predictive. These represent the highest, lowest and current estimated caps available using the portfolio strategy of purchasing and writing put and call options on the underlying ETF during market conditions from the referenced dates. The actual cap for each portfolio will be established on the initial date of deposit and is dependent upon current market conditions at that time.

Caps shown are net of any sales charges or organization costs.

Buffer level does not account for sales charges, organization costs, or any additional fees and expenses that may be incurred.

Volatility and other market conditions may cause the cap set by the strategy to be higher or lower than the cap stated. Both the cap and buffer are fixed levels that are calculated in relation to the price of the underlying ETF as of the time the FLEX Options are executed on the trust’s initial date of deposit. Any change in the market value of the trust’s assets between the time the FLEX Options are executed and the evaluation time on the initial date of deposit will result in unitholders experiencing a cap or a buffer different from what is described herein.

Definitions

SPY - SPDR® S&P 500® ETF Trust is an exchange-traded fund based on the S&P 500 Index, which is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

QQQ - Invesco QQQ Trust^SM, Series 1 is an exchange-traded fund based on the Nasdaq-100 Index®, which is an unmanaged index that includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.

IWM - iShares Russell 2000 ETF is an exchange-traded fund based on the Russell 2000 Index which is composed of small-capitalization U.S. equities.

A trust's ability to provide returns with a capped upside and defined downside protection is dependent on unit holders purchasing units at a price equal to the initial net asset value and holding them until the trust's termination date.

The Sponsor may elect to postpone a trust if certain adverse market conditions occur that affect volatility and pricing of the FLEX Options.

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.

The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.

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