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75/25 Strategic Allocation, 3rd Qtr 2020  Ticker: FRWSQX
A unit investment trust which seeks the potential for above-average total return by investing approximately 75% of its assets in common stocks which are selected by applying a disciplined investment strategy and 25% of its assets in exchange-traded funds which invest in fixed-income securities.
Please note that there is no assurance the objective will be met.
Product Code: 7S3Q20
Portfolio Status: Secondary
Initial Offer Date: 07/14/2020
Secondary Date: 10/13/2020
Portfolio Ending Date: 10/18/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $12.1733
POP(*): Not Avail
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 07/23/2021 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.

 Historical 12-Month Distribution of Trust Holdings:^
Rate  Per Unit (as of 7/23/2021)
----- $0.16890
^ There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distributions are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio.

 Holdings  Export Current Holdings | View Initial Holdings  
 Twitter, Inc. TWTR 1.01%
 SPDR Bloomberg Barclays Short Term High Yield Bond ETF SJNK 0.97%
 iShares Broad USD High Yield Corporate Bond ETF USHY 0.97%
 SPDR Blackstone Senior Loan ETF SRLN 0.95%
 iShares Trust iShares 5-10 Year Investment Grade Corporate Bond ETF IGIB 0.90%
 Vanguard Long-Term Corporate Bond ETF VCLT 0.90%
 SPDR Portfolio Long Term Corporate Bond ETF SPLB 0.90%
 iShares MBS ETF MBB 0.88%
 SPDR Portfolio Mortgage Backed Bond ETF SPMB 0.87%
 Alphabet Inc. (Class A) GOOGL 0.87%
 Intuitive Surgical, Inc. ISRG 0.85%
 SPDR Bloomberg Barclays High Yield Bond ETF JNK 0.85%
 First Trust Senior Loan Fund FTSL 0.84%
 Invesco Senior Loan ETF BKLN 0.82%
 Edwards Lifesciences Corporation EW 0.80%
 iShares Broad USD Investment Grade Corporate Bond ETF USIG 0.80%
 PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund CORP 0.80%
 Volkswagen AG (ADR) VWAGY 0.80%
 EOG Resources, Inc. EOG 0.79%
 T. Rowe Price Group, Inc. TROW 0.79%
 D.R. Horton, Inc. DHI 0.79%
 Lennar Corporation LEN 0.79%
 Vanguard Mortgage-Backed Securities ETF VMBS 0.79%
 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF EBND 0.79%
 Janus Henderson Mortgage-Backed Securities ETF JMBS 0.79%
 iShares Core 10+ Year USD Bond ETF ILTB 0.77%
 Cintas Corporation CTAS 0.74%
 ASML Holding N.V. (New York Registry Shares) ASML 0.74%
 Old Dominion Freight Line, Inc. ODFL 0.74%
 Anthem, Inc. ANTM 0.73%
 Archer-Daniels-Midland Company ADM 0.72%
 The Allstate Corporation ALL 0.72%
 Cadence Design Systems, Inc. CDNS 0.72%
 AutoZone, Inc. AZO 0.71%
 The Hershey Company HSY 0.70%
 Vanguard Intermediate-Term Corporate Bond ETF VCIT 0.70%
 Vanguard Short-Term Corporate Bond ETF VCSH 0.70%
 Vanguard Total International Bond ETF BNDX 0.70%
 iShares International Aggregate Bond ETF IAGG 0.70%
 iShares 0-5 Year Investment Grade Corporate Bond ETF SLQD 0.70%
 Automatic Data Processing, Inc. ADP 0.69%
 Adobe Incorporated ADBE 0.69%
 LVMH Moet Hennessy Louis Vuitton SE (ADR) LVMUY 0.69%
 Generac Holdings Inc. GNRC 0.69%
 First Trust Low Duration Opportunities ETF LMBS 0.69%
 Franklin Liberty Short Duration U.S. Government ETF FTSD 0.69%
 Schwab Intermediate-Term U.S. Treasury ETF SCHR 0.69%
 Microsoft Corporation MSFT 0.68%
 ConocoPhillips COP 0.68%
 Cummins Inc. CMI 0.68%
 Monster Beverage Corporation MNST 0.68%
 Exxon Mobil Corporation XOM 0.66%
 Veeva Systems Inc. (Class A) VEEV 0.66%
 Costco Wholesale Corporation COST 0.65%
 Best Buy Co., Inc. BBY 0.65%
 Cigna Corporation CI 0.65%
 Duke Energy Corporation DUK 0.64%
 The Bank of New York Mellon Corporation BK 0.64%
 CoStar Group, Inc. CSGP 0.64%
 Enphase Energy, Inc. ENPH 0.64%
 Humana Inc. HUM 0.62%
 Fastenal Company FAST 0.62%
 AmerisourceBergen Corporation ABC 0.61%
 Cognizant Technology Solutions Corporation CTSH 0.60%
 Atlas Copco AB (ADR) ATLKY 0.60%
 Dollar General Corporation DG 0.60%
 Tokyo Electron Limited (ADR) TOELY 0.60%
 BHP Group Ltd (ADR) BHP 0.59%
 Equinix, Inc. EQIX 0.59%
 Dassault Systemes S.E. (ADR) DASTY 0.59%
 Schneider Electric SE (ADR) SBGSY 0.59%
 Johnson & Johnson JNJ 0.58%
 The Progressive Corporation PGR 0.58%
 Accenture Plc ACN 0.58%
 Walgreens Boots Alliance, Inc. WBA 0.58%
 PACCAR Inc PCAR 0.57%
 Toyota Motor Corporation (ADR) TM 0.57%
 Biogen Inc. BIIB 0.57%
 Activision Blizzard, Inc. ATVI 0.57%
 Chevron Corporation CVX 0.57%
 AstraZeneca Plc (ADR) AZN 0.56%
 VMware, Inc. VMW 0.56%
 L'Oreal S.A. (ADR) LRLCY 0.56%
 Ball Corporation BLL 0.55%
 Novo Nordisk A/S (ADR) NVO 0.55%
 American Tower Corporation AMT 0.55%
 Rio Tinto Plc (ADR) RIO 0.55%
 Darling Ingredients Inc. DAR 0.55%
 Lockheed Martin Corporation LMT 0.54%
 Ecolab Inc. ECL 0.54%
 Shin-Etsu Chemical Co., Ltd. (ADR) SHECY 0.54%
 Sony Group Corp. (ADR) SONY 0.53%
 Lonza Group AG (ADR) LZAGY 0.53%
 Electronic Arts Inc. EA 0.52%
 Church & Dwight Co., Inc. CHD 0.52%
 Air Products and Chemicals, Inc. APD 0.52%
 Industria de Diseno Textil, S.A. (ADR) IDEXY 0.51%
 Merck & Co., Inc. MRK 0.50%
 Mohawk Industries, Inc. MHK 0.50%
 Hormel Foods Corporation HRL 0.49%
 Newmont Corporation NEM 0.49%
 Kimberly-Clark Corporation KMB 0.48%
 Nintendo Co., Ltd. (ADR) NTDOY 0.48%
 Quanta Services, Inc. PWR 0.47%
 Daikin Industries, Ltd. (ADR) DKILY 0.47%
 Steel Dynamics, Inc. STLD 0.46%
 Royal Dutch Shell Plc (ADR) RDS/A 0.46%
 Vinci S.A. (ADR) VCISY 0.46%
 Regeneron Pharmaceuticals, Inc. REGN 0.45%
 Intel Corporation INTC 0.44%
 Marathon Oil Corporation MRO 0.44%
 Zurich Insurance Group AG (ADR) ZURVY 0.44%
 Nippon Telegraph and Telephone Corporation (ADR) NTTYY 0.44%
 MarketAxess Holdings Inc. MKTX 0.44%
 Roche Holding AG (ADR) RHHBY 0.42%
 East West Bancorp, Inc. EWBC 0.42%
 KDDI Corporation (ADR) KDDIY 0.41%
 The Clorox Company CLX 0.40%
 Iberdrola S.A. (ADR) IBDRY 0.40%
 Koninklijke Philips N.V. (New York Registry Shares) PHG 0.39%
 First Citizens BancShares, Inc. (Class A) FCNCA 0.38%
 Arista Networks, Inc. ANET 0.35%
 Expeditors International of Washington, Inc. EXPD 0.34%
 Universal Health Services, Inc. (Class B) UHS 0.33%
 Snap-on Incorporated SNA 0.33%
 Oshkosh Corporation OSK 0.32%
 Reliance Steel & Aluminum Co. RS 0.32%
 Barrick Gold Corporation GOLD 0.31%
 PulteGroup, Inc. PHM 0.31%
 Watsco, Inc. WSO 0.31%
 Hyatt Hotels Corporation (Class A) H 0.31%
 Houlihan Lokey, Inc. HLI 0.31%
 Bio-Rad Laboratories, Inc. (Class A) BIO 0.30%
 Pioneer Natural Resources Company PXD 0.30%
 Daiichi Sankyo Company, Limited (ADR) DSNKY 0.30%
 Molina Healthcare, Inc. MOH 0.29%
 Fidelity National Financial, Inc. FNF 0.29%
 NVR, Inc. NVR 0.28%
 Power Integrations, Inc. POWI 0.28%
 Penumbra, Inc. PEN 0.28%
 Ovintiv Inc. OVV 0.28%
 Tractor Supply Company TSCO 0.27%
 Landstar System, Inc. LSTR 0.27%
 MSC Industrial Direct Co., Inc. (Class A) MSM 0.27%
 First American Financial Corporation FAF 0.27%
 Concentrix Corp. CNXC 0.27%
 Encompass Health Corporation EHC 0.26%
 MasTec, Inc. MTZ 0.26%
 BorgWarner Inc. BWA 0.26%
 Henry Schein, Inc. HSIC 0.26%
 Lancaster Colony Corporation LANC 0.25%
 Gentex Corporation GNTX 0.25%
 FTI Consulting, Inc. FCN 0.25%
 AptarGroup, Inc. ATR 0.24%
 NRG Energy, Inc. NRG 0.24%
 Exponent, Inc. EXPO 0.24%
 Builders FirstSource, Inc. BLDR 0.24%
 TriNet Group, Inc. TNET 0.24%
 Take-Two Interactive Software, Inc. TTWO 0.23%
 Korn Ferry KFY 0.23%
 National Instruments Corporation NATI 0.23%
 LHC Group, Inc. LHCG 0.23%
 Omnicell, Inc. OMCL 0.23%
 PS Business Parks, Inc. PSB 0.23%
 Knight-Swift Transportation Holdings Inc. KNX 0.23%
 Avangrid, Inc. AGR 0.23%
 SEI Investments Company SEIC 0.22%
 STAAR Surgical Company STAA 0.22%
 Pinnacle West Capital Corporation PNW 0.21%
 Ciena Corporation CIEN 0.21%
 Grand Canyon Education, Inc. LOPE 0.21%
 Tandem Diabetes Care, Inc. TNDM 0.21%
 The New York Times Company (Class A) NYT 0.20%
 Allegheny Technologies Incorporated ATI 0.19%
 Amkor Technology, Inc. AMKR 0.19%
 EMCOR Group, Inc. EME 0.19%
 Erie Indemnity Company ERIE 0.19%
 SYNNEX Corporation SNX 0.19%
 Medifast, Inc. MED 0.19%
 Ollie's Bargain Outlet Holdings, Inc. OLLI 0.19%
 Graham Holdings Company GHC 0.18%
 Kemper Corporation KMPR 0.18%
 Cabot Oil & Gas Corporation COG 0.18%
 Hilltop Holdings Inc. HTH 0.18%
 Qualys, Inc. QLYS 0.18%
 Medpace Holdings, Inc. MEDP 0.18%
 Equity Commonwealth EQC 0.17%
 First Financial Bancorp. FFBC 0.17%
 Rush Enterprises, Inc. (Class A) RUSHA 0.17%
 Simmons First National Corporation SFNC 0.16%
 Radian Group Inc. RDN 0.16%
 Murphy Oil Corporation MUR 0.16%
 Big Lots, Inc. BIG 0.16%
 Commercial Metals Company CMC 0.16%
 Saia, Inc. SAIA 0.16%
 Badger Meter, Inc. BMI 0.16%
 LGI Homes, Inc. LGIH 0.16%
 UFP Industries Inc. UFPI 0.15%
 M.D.C. Holdings, Inc. MDC 0.15%
 CNX Resources Corporation CNX 0.15%
 Diodes Incorporated DIOD 0.15%
 Tri Pointe Homes, Inc. TPH 0.15%
 Laureate Education, Inc. (Class A) LAUR 0.15%
 PennyMac Financial Services, Inc. PFSI 0.15%
 SPS Commerce, Inc. SPSC 0.14%
 Federal Signal Corporation FSS 0.13%
 Hub Group, Inc. HUBG 0.13%
 American Equity Investment Life Holding Company AEL 0.13%
 National Beverage Corp. FIZZ 0.13%
 Central Garden & Pet Company (Class A) CENTA 0.13%
 Super Micro Computer, Inc. SMCI 0.13%
 Murphy USA Inc. MUSA 0.13%
 Knowles Corporation KN 0.13%
 Cloudera, Inc. CLDR 0.13%
 UniFirst Corporation UNF 0.12%
 United States Cellular Corporation USM 0.12%
 Nu Skin Enterprises, Inc. (Class A) NUS 0.12%
 USANA Health Sciences, Inc. USNA 0.12%
 ALLETE, Inc. ALE 0.12%
 FirstCash, Inc. FCFS 0.12%
 Quidel Corporation QDEL 0.12%
 Stepan Company SCL 0.12%
 Corcept Therapeutics Incorporated CORT 0.12%
 Alarm.com Holdings, Inc. ALRM 0.12%
 Telephone and Data Systems, Inc. TDS 0.11%
 Weis Markets, Inc. WMK 0.11%
 Adtalem Global Education Inc. ATGE 0.11%
 Premier, Inc. (Class A) PINC 0.11%
 Werner Enterprises, Inc. WERN 0.10%
 Sprouts Farmers Market, Inc. SFM 0.10%
 Virtu Financial, Inc. (Class A) VIRT 0.10%
 Heartland Express, Inc. HTLD 0.08%
 Strategic Education, Inc. STRA 0.05%
 eHealth, Inc. EHTH 0.05%
 Organon & Co. OGN 0.02%
Total Number of Holdings:    235
Underlying Securities information represented above is as of 07/23/2021 but will vary with future fluctuations in the market.

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.

Brexit Risk. About one year after the United Kingdom officially departed the European Union (commonly referred to as "Brexit"), the United Kingdom and the European Union reached a trade agreement that became effective on December 31, 2020. It is not currently possible to determine the extent of the impact the Brexit trade agreement may have on the portfolio's investments and this uncertainty could negatively impact current and future economic conditions in the United Kingdom and other countries, which could negatively impact the value of the portfolio's investments.

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has caused significant volatility and declines in global financial markets, causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, although many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

ETF Risk. ETFs are subject to various risks, including management's ability to meet the fund's investment objective, and to manage the fund's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding ETFs or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund's net asset value, ETFs frequently trade at a discount from their net asset value in the secondary market. Certain ETFs may employ the use of leverage, which increases the volatility of such funds.

Foreign Securities Risk. An investment in securities of foreign issuers should be made with an understanding of the additional risks involved, such as currency fluctuations, political risk, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

Investment Grade Bonds Risk. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade security market or investors' perception thereof, possible downgrades and defaults of interest and/or principal.

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

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.

Term Risk - 15 months. Although this unit investment trust terminates in approximately 15 months, the strategy is long-term. Investors should consider their ability to pursue investing in successive portfolios, if available. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

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.

Additional Risk. For a discussion of additional risks of investing in the trust see the "Risk Factors" section of the prospectus.

Important Note. It is important to note that an investment can be made in the underlying funds directly rather than through the trust. These direct investments can be made without paying the trust's sales charge, operating expenses and organizational costs.

Operational Risk. 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.

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.

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
30314T344 (Cash)
30314T351 (Reinvest)
30314T369 (Cash-Fee)
30314T377 (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, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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