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Target VIP, 4th Qtr 2023  Ticker: FWMSDX
 
Description
A unit investment trust that seeks above-average total return; however, there is no assurance the objective will be met. The portfolio provides you with the convenience of owning six distinct strategies in one investment. It invests in a fixed portfolio of stocks which are selected by applying pre-determined screens and factors.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: VP4Q23
Portfolio Status: Secondary
Initial Offer Date: 10/09/2023
Secondary Date: 01/10/2024
Portfolio Ending Date: 01/09/2025
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $13.5409
POP(*): $13.7262
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 07/22/2024 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 (as of 7/22/2024) Per Unit (as of 7/22/2024)
1.42% $0.19460
^ 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 and historical 12-month distribution rate 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 distribution rate is calculated by dividing the historical 12-month distributions by the trust's offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rate 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. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

 Holdings Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Communication Services  Communication Services 13.26%
Consumer Discretionary  Consumer Discretionary 11.30%
Consumer Staples  Consumer Staples 2.06%
Energy  Energy 8.24%
Financials  Financials 15.14%
Health Care  Health Care 2.90%
Industrials  Industrials 11.66%
Information Technology  Information Technology 32.06%
Materials  Materials 1.53%
Real Estate  Real Estate 0.00%
Utilities  Utilities 1.64%
Other  Other 0.21%
 
  Large Mid Small  
Growth  50.71% 2.11% 10.12%  
Value  29.14% 2.52% 5.19%  

 Style Weighting
Large-Cap Growth 50.71%
Large-Cap Value 29.14%
Mid-Cap Growth 2.11%
Mid-Cap Value 2.52%
Small-Cap Growth 10.12%
Small-Cap Value 5.19%
Undetermined 0.21%
 Composition
U.S. Stocks 85.93%   Other 0.21%
Non-U.S. Stocks 13.86%      
The style and sector characteristics of the portfolio are determined as of 07/22/2024 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $740,786
Price/Earnings 17.51
Price/Book 2.68
As of 7/22/2024
All market capitalization numbers are in USD$ Millions. All figures are subject to change.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolSectorStyleWeighting
 NVIDIA Corporation NVDA Information Technology  Information Technology Large-Cap Growth 16.37%
 Meta Platforms Inc. (Class A) META Communication Services  Communication Services Large-Cap Growth 5.09%
 Caterpillar Inc. CAT Industrials  Industrials Large-Cap Growth 4.07%
 Alphabet Inc. (Class A) GOOGL Communication Services  Communication Services Large-Cap Growth 3.98%
 Adobe Incorporated ADBE Information Technology  Information Technology Large-Cap Growth 3.90%
 The Goldman Sachs Group, Inc. GS Financials  Financials Large-Cap Value 3.73%
 Applied Materials, Inc. AMAT Information Technology  Information Technology Large-Cap Growth 2.98%
 The Travelers Companies, Inc. TRV Financials  Financials Large-Cap Value 2.97%
 Verizon Communications Inc. VZ Communication Services  Communication Services Large-Cap Value 2.92%
 Chevron Corporation CVX Energy  Energy Large-Cap Value 2.27%
 Marathon Petroleum Corporation MPC Energy  Energy Large-Cap Value 2.16%
 Lam Research Corporation LRCX Information Technology  Information Technology Large-Cap Growth 2.05%
 Phillips 66 PSX Energy  Energy Large-Cap Value 2.05%
 Broadcom Inc. AVGO Information Technology  Information Technology Large-Cap Growth 1.90%
 KLA Corporation KLAC Information Technology  Information Technology Large-Cap Growth 1.76%
 Booking Holdings Inc. BKNG Consumer Discretionary  Consumer Discretionary Large-Cap Growth 1.58%
 HCA Healthcare, Inc. HCA Health Care  Health Care Large-Cap Growth 1.29%
 Visa Inc. (Class A) V Financials  Financials Large-Cap Growth 1.04%
 Intesa Sanpaolo SpA ISP.IM Financials  Financials Large-Cap Value 0.97%
 Mastercard Incorporated MA Financials  Financials Large-Cap Growth 0.83%
 The Procter & Gamble Company PG Consumer Staples  Consumer Staples Large-Cap Growth 0.77%
 Credit Agricole S.A. ACA.FP Financials  Financials Large-Cap Value 0.75%
 Enel SpA ENEL.IM Utilities  Utilities Large-Cap Value 0.73%
 Swiss Re AG SREN.SW Financials  Financials Large-Cap Value 0.70%
 BASF SE BAS.GY Materials  Materials Large-Cap Value 0.67%
 BNP Paribas S.A. BNP.FP Financials  Financials Large-Cap Value 0.67%
 Green Brick Partners, Inc. GRBK Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.67%
 British American Tobacco Plc BATS.LN Consumer Staples  Consumer Staples Large-Cap Value 0.65%
 HSBC Holdings Plc HSBA.LN Financials  Financials Large-Cap Value 0.65%
 Adtalem Global Education Inc. ATGE Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.65%
 Stellantis N.V. STLAM.IM Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.65%
 Nordea Bank Abp NDA.FH Financials  Financials Large-Cap Value 0.65%
 Rio Tinto Plc RIO.LN Materials  Materials Large-Cap Value 0.63%
 Brinker International, Inc. EAT Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.61%
 Mercedes-Benz Group AG MBG.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.61%
 Engie S.A. ENGI.FP Utilities  Utilities Large-Cap Value 0.61%
 Primoris Services Corporation PRIM Industrials  Industrials Small-Cap Growth 0.61%
 Eni SpA ENI.IM Energy  Energy Large-Cap Value 0.60%
 IDEXX Laboratories, Inc. IDXX Health Care  Health Care Large-Cap Growth 0.60%
 Bayerische Motoren Werke (BMW) AG BMW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.59%
 Volkswagen AG VOW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.58%
 Strategic Education, Inc. STRA Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.57%
 Agilysys, Inc. AGYS Information Technology  Information Technology Small-Cap Growth 0.57%
 Patrick Industries, Inc. PATK Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.57%
 Orange ORA.FP Communication Services  Communication Services Large-Cap Value 0.56%
 Hapag-Lloyd AG HLAG.GY Industrials  Industrials Large-Cap Value 0.55%
 The Bancorp, Inc. TBBK Financials  Financials Small-Cap Growth 0.54%
 A.P. Moeller - Maersk A/S (Class B) MAERSKB.DC Industrials  Industrials Mid-Cap Value 0.52%
 Six Flags Entertainment Corporation FUN Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.52%
 Equinor ASA EQNR.NO Energy  Energy Large-Cap Value 0.51%
 PDD Holdings Inc. (ADR) PDD Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.51%
 Veeco Instruments Inc. VECO Information Technology  Information Technology Small-Cap Growth 0.49%
 HNI Corporation HNI Industrials  Industrials Small-Cap Growth 0.47%
 Enerpac Tool Group Corp. EPAC Industrials  Industrials Small-Cap Growth 0.47%
 Federal Agricultural Mortgage Corporation (Class C) AGM Financials  Financials Small-Cap Growth 0.46%
 Standex International Corporation SXI Industrials  Industrials Small-Cap Growth 0.45%
 Enova International, Inc. ENVA Financials  Financials Small-Cap Value 0.45%
 AutoZone, Inc. AZO Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.44%
 MillerKnoll Inc. MLKN Industrials  Industrials Small-Cap Value 0.44%
 PulteGroup, Inc. PHM Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.44%
 Jabil Inc. JBL Information Technology  Information Technology Mid-Cap Growth 0.43%
 Huron Consulting Group Inc. HURN Industrials  Industrials Small-Cap Growth 0.40%
 H&E Equipment Services, Inc. HEES Industrials  Industrials Small-Cap Growth 0.39%
 La-Z-Boy Incorporated LZB Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.38%
 The Andersons, Inc. ANDE Consumer Staples  Consumer Staples Small-Cap Value 0.36%
 Virtus Investment Partners, Inc. VRTS Financials  Financials Small-Cap Growth 0.36%
 Photronics, Inc. PLAB Information Technology  Information Technology Small-Cap Value 0.35%
 Abercrombie & Fitch Co. (Class A) ANF Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.35%
 Super Micro Computer, Inc. SMCI Information Technology  Information Technology Large-Cap Growth 0.35%
 Pathward Financial Inc. CASH Financials  Financials Small-Cap Growth 0.34%
 Dave & Buster's Entertainment, Inc. PLAY Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.34%
 Cohu, Inc. COHU Information Technology  Information Technology Small-Cap Value 0.32%
 The Greenbrier Companies, Inc. GBX Industrials  Industrials Small-Cap Value 0.31%
 Vistra Corp. VST Utilities  Utilities Mid-Cap Growth 0.30%
 U.S. Physical Therapy, Inc. USPH Health Care  Health Care Small-Cap Growth 0.29%
 Dynavax Technologies Corporation DVAX Health Care  Health Care Small-Cap Growth 0.29%
 JELD-WEN Holding, Inc. JELD Industrials  Industrials Small-Cap Value 0.28%
 ACM Research, Inc. (Class A) ACMR Information Technology  Information Technology Small-Cap Value 0.27%
 GUESS?, Inc. GES Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.26%
 Cars.com Inc. CARS Communication Services  Communication Services Small-Cap Growth 0.26%
 RPC, Inc. RES Energy  Energy Small-Cap Value 0.25%
 W.W. Grainger, Inc. GWW Industrials  Industrials Large-Cap Growth 0.24%
 Toll Brothers, Inc. TOL Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.23%
 Ecovyst Inc. ECVT Materials  Materials Small-Cap Value 0.23%
 Wabash National Corporation WNC Industrials  Industrials Small-Cap Value 0.22%
 KB Home KBH Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.22%
 Verisk Analytics, Inc. (Class A) VRSK Industrials  Industrials Large-Cap Growth 0.21%
 NXP Semiconductors N.V. NXPI Information Technology  Information Technology Large-Cap Growth 0.21%
 Comcast Corporation (Class A) CMCSA Communication Services  Communication Services Large-Cap Value 0.20%
 Sterling Infrastructure Inc. STRL Industrials  Industrials Small-Cap Growth 0.20%
 Universal Health Services, Inc. (Class B) UHS Health Care  Health Care Mid-Cap Value 0.19%
 Scholastic Corporation SCHL Communication Services  Communication Services Small-Cap Value 0.19%
 Valero Energy Corporation VLO Energy  Energy Large-Cap Value 0.19%
 Taylor Morrison Home Corporation TMHC Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.19%
 Target Hospitality Corp. TH Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.19%
 Advanced Drainage Systems, Inc. WMS Industrials  Industrials Mid-Cap Growth 0.18%
 Altria Group, Inc. MO Consumer Staples  Consumer Staples Large-Cap Growth 0.17%
 Matson, Inc. MATX Industrials  Industrials Small-Cap Value 0.17%
 Allison Transmission Holdings, Inc. ALSN Industrials  Industrials Mid-Cap Growth 0.17%
 Beacon Roofing Supply, Inc. BECN Industrials  Industrials Mid-Cap Value 0.16%
 Owens Corning OC Industrials  Industrials Mid-Cap Value 0.16%
 Builders FirstSource, Inc. BLDR Industrials  Industrials Mid-Cap Growth 0.16%
 PACCAR Inc PCAR Industrials  Industrials Large-Cap Value 0.15%
 AutoNation, Inc. AN Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.15%
 Copart, Inc. CPRT Industrials  Industrials Large-Cap Growth 0.14%
 American Woodmark Corporation AMWD Industrials  Industrials Small-Cap Value 0.14%
 Quanex Building Products Corporation NX Industrials  Industrials Small-Cap Value 0.13%
 Arcturus Therapeutics Holdings Inc. ARCT Health Care  Health Care Small-Cap Growth 0.13%
 Old Dominion Freight Line, Inc. ODFL Industrials  Industrials Large-Cap Growth 0.12%
 Atkore Inc. ATKR Industrials  Industrials Mid-Cap Value 0.12%
 ON Semiconductor Corporation ON Information Technology  Information Technology Large-Cap Value 0.11%
 Community Health Systems, Inc. CYH Health Care  Health Care Small-Cap Growth 0.11%
 Monster Beverage Corporation MNST Consumer Staples  Consumer Staples Large-Cap Growth 0.11%
 HF Sinclair Corp. DINO Energy  Energy Mid-Cap Value 0.11%
 PBF Energy Inc. PBF Energy  Energy Small-Cap Value 0.10%
 Charter Communications, Inc. (Class A) CHTR Communication Services  Communication Services Large-Cap Value 0.06%
 Loews Corporation L Financials  Financials Mid-Cap Value 0.03%
 Svitzer A/S SVITZR.DC Industrials  Industrials Small-Cap Value 0.03%
 
Total Number of Holdings:    118
Underlying Securities information represented above is as of 07/22/2024 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.

Buy & Hold Risk – Taxable Trusts. 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.

COVID-19 Economic Impact Risk. 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.

Foreign Securities Risk. 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.

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

Market Disruption Risk. 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.

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.

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.

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.

The style and capitalization characteristics used to describe the stocks are designed to help you understand how they fit into your overall investment plan. Due to changes in the value of the stocks the characteristics may vary over time. In general, growth stocks have high relative price-to-book ratios while value stocks have low relative price-to-book ratios. In determining market capitalization characteristics, we analyze the market capitalizations of the 3,000 largest stocks in the U.S. (excluding foreign securities, ADRs, limited partnerships and regulated investment companies) on a monthly basis. Companies with market capitalizations among the largest 10% are considered Large-Cap securities, the next 20% are considered Mid-Cap securities and the remaining securities are considered Small-Cap securities.

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.

The Dow Jones Industrial Average is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Portfolios L.P. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average.

The Nasdaq 100®, Nasdaq 100 Index®, and Nasdaq® are trade or service marks of Nasdaq, Inc. (which with its affiliates are the Corporations) and are licensed for use by First Trust Portfolios L.P. The portfolio has not been passed on by the Corporations as to its legality or suitability. The portfolio is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PORTFOLIO.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Portfolios L.P. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

"Value Line", "The Value Line Investment Survey", and "Timeliness" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") and have been licensed for use for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Portfolios L.P. is not affiliated with any Value Line company.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Fund Cusip Information
30332L547 (Cash)
30332L554 (Reinvest)
30332L562 (Cash-Fee)
30332L570 (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.
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