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Target VIP, 3rd Qtr 2026  Ticker: FBMZEX
 
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: VP3Q26
Portfolio Status: Primary
Initial Offer Date: 07/10/2026
Portfolio Ending Date: 10/08/2027
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $9.6500
POP(*): $9.7810
Remaining Deferred Sales Charge: $0.1350
Remaining Fees & Expenses
C&D Fee:** $0.0500
Estimated Organization Costs:** $0.0420
* As of Trade Date: 07/20/2026 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any 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.
** The C&D fee is a charge of $0.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10.00 per unit, the C&D fee will be less than 0.50%; if the price you pay is less than $10.00 per unit, the C&D fee will exceed 0.50%.Estimated organization costs will be deducted from the assets of the trust at the earlier of six months after the initial date of deposit or the end of the initial offering period.Estimated organization costs are assessed on a fixed dollar amount per unit basis which, as a percentage of average net assets, will vary over time.Actual expenses may be more or less than the estimates.Please see "Fee Table" in the trust prospectus for additional information.
If units are redeemed prior to the time when these fees are collected, these fees will not be deducted from the redemption proceeds.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 7/20/2026) Per Unit (as of 7/20/2026)
1.00% $0.09800
^ 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 9.95%
Consumer Discretionary  Consumer Discretionary 8.79%
Consumer Staples  Consumer Staples 2.65%
Energy  Energy 3.94%
Financials  Financials 23.72%
Health Care  Health Care 7.21%
Industrials  Industrials 7.00%
Information Technology  Information Technology 34.48%
Materials  Materials 1.41%
Real Estate  Real Estate 0.00%
Utilities  Utilities 0.83%
Other  Other 0.02%
 
  Large Mid Small  
Growth  41.76% 3.17% 11.32%  
Value  36.71% 1.22% 5.80%  

 Style Weighting
Large-Cap Growth 41.76%
Large-Cap Value 36.71%
Mid-Cap Growth 3.17%
Mid-Cap Value 1.22%
Small-Cap Growth 11.32%
Small-Cap Value 5.80%
Undetermined 0.02%
 Composition
U.S. Stocks 78.50%   Other 0.02%
Non-U.S. Stocks 21.48%      
The style and sector characteristics of the portfolio are determined as of 07/20/2026 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $653,246
Price/Earnings 18.57
Price/Book 2.57
As of 7/20/2026
All market capitalization numbers are in USD$ Millions. All figures are subject to change.

 Holdings  Export Current Holdings  
NameSymbolSectorStyleWeighting
 Alphabet Inc. (Class A) GOOGL Communication Services  Communication Services Large-Cap Growth 5.90%
 Micron Technology, Inc. MU Information Technology  Information Technology Large-Cap Growth 5.82%
 Lam Research Corporation LRCX Information Technology  Information Technology Large-Cap Growth 5.44%
 The Travelers Companies, Inc. TRV Financials  Financials Large-Cap Value 4.64%
 Apple Inc. AAPL Information Technology  Information Technology Large-Cap Growth 4.37%
 ASML Holding N.V. (New York Registry Shares) ASML Information Technology  Information Technology Large-Cap Growth 3.62%
 American Express Company AXP Financials  Financials Large-Cap Growth 3.52%
 Salesforce, Inc. CRM Information Technology  Information Technology Large-Cap Value 3.51%
 The Goldman Sachs Group, Inc. GS Financials  Financials Large-Cap Value 3.45%
 The Walt Disney Company DIS Communication Services  Communication Services Large-Cap Value 3.36%
 Caterpillar Inc. CAT Industrials  Industrials Large-Cap Growth 2.68%
 Applied Materials, Inc. AMAT Information Technology  Information Technology Large-Cap Growth 2.25%
 Western Digital Corporation WDC Information Technology  Information Technology Large-Cap Growth 1.78%
 Fortinet, Inc. FTNT Information Technology  Information Technology Large-Cap Growth 1.48%
 KLA Corporation KLAC Information Technology  Information Technology Large-Cap Growth 1.47%
 Marvell Technology, Inc. MRVL Information Technology  Information Technology Large-Cap Growth 0.95%
 BP Plc BP/.LN Energy  Energy Large-Cap Value 0.90%
 BNP Paribas S.A. BNP.FP Financials  Financials Large-Cap Value 0.88%
 Intesa Sanpaolo SpA ISP.IM Financials  Financials Large-Cap Value 0.88%
 Credit Agricole S.A. ACA.FP Financials  Financials Large-Cap Value 0.88%
 British American Tobacco p.l.c. BATS.LN Consumer Staples  Consumer Staples Large-Cap Value 0.86%
 Eni SpA ENI.IM Energy  Energy Large-Cap Value 0.86%
 Natwest Group Plc NWG.LN Financials  Financials Large-Cap Value 0.86%
 TotalEnergies SE TTE.FP Energy  Energy Large-Cap Value 0.86%
 Mercedes-Benz Group AG MBG.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.86%
 Sanofi SAN.FP Health Care  Health Care Large-Cap Value 0.86%
 AXA S.A. CS.FP Financials  Financials Large-Cap Value 0.86%
 Swiss Re AG SREN.SW Financials  Financials Large-Cap Value 0.86%
 Nordea Bank Abp NDA.FH Financials  Financials Large-Cap Value 0.86%
 BASF SE BAS.GY Materials  Materials Large-Cap Value 0.85%
 Zurich Insurance Group AG ZURN.SW Financials  Financials Large-Cap Value 0.85%
 Volkswagen AG VOW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.85%
 Bayerische Motoren Werke (BMW) AG BMW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.84%
 Swedbank AB (Class A) SWEDA.SS Financials  Financials Large-Cap Value 0.84%
 DNB Bank ASA DNB.NO Financials  Financials Large-Cap Value 0.84%
 Enel SpA ENEL.IM Utilities  Utilities Large-Cap Value 0.83%
 Dell Technologies Inc. (Class C) DELL Information Technology  Information Technology Large-Cap Value 0.83%
 Williams-Sonoma, Inc. WSM Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.81%
 The Allstate Corporation ALL Financials  Financials Large-Cap Value 0.80%
 HCA Healthcare, Inc. HCA Health Care  Health Care Large-Cap Value 0.73%
 Stewart Information Services Corporation STC Financials  Financials Small-Cap Value 0.62%
 Regeneron Pharmaceuticals, Inc. REGN Health Care  Health Care Large-Cap Value 0.60%
 National Bank Holdings Corporation (Class A) NBHC Financials  Financials Small-Cap Value 0.60%
 Ziff Davis, Inc. ZD Communication Services  Communication Services Small-Cap Value 0.59%
 Addus HomeCare Corporation ADUS Health Care  Health Care Small-Cap Growth 0.58%
 UFP Technologies, Inc. UFPT Health Care  Health Care Small-Cap Growth 0.58%
 Five9, Inc. FIVN Information Technology  Information Technology Small-Cap Growth 0.58%
 MSCI Inc. MSCI Financials  Financials Large-Cap Value 0.56%
 Pathward Financial, Inc. CASH Financials  Financials Small-Cap Growth 0.55%
 NVR, Inc. NVR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.54%
 Century Communities, Inc. CCS Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.54%
 Revolve Group, Inc. RVLV Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.54%
 Healthcare Services Group, Inc. HCSG Industrials  Industrials Small-Cap Growth 0.50%
 Sarepta Therapeutics, Inc. SRPT Health Care  Health Care Small-Cap Value 0.50%
 Strategic Education, Inc. STRA Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.49%
 Altria Group, Inc. MO Consumer Staples  Consumer Staples Large-Cap Value 0.48%
 ANI Pharmaceuticals, Inc. ANIP Health Care  Health Care Small-Cap Growth 0.48%
 Enerpac Tool Group Corp. EPAC Industrials  Industrials Small-Cap Growth 0.47%
 National Vision Holdings, Inc. EYE Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.47%
 Shoals Technologies Group, Inc. (Class A) SHLS Industrials  Industrials Small-Cap Growth 0.47%
 FIGS, Inc. (Class A) FIGS Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.47%
 Innoviva, Inc. INVA Health Care  Health Care Small-Cap Value 0.45%
 Deckers Outdoor Corporation DECK Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.45%
 American Superconductor Corporation AMSC Industrials  Industrials Small-Cap Growth 0.44%
 Turning Point Brands, Inc. TPB Consumer Staples  Consumer Staples Small-Cap Growth 0.44%
 BJ's Restaurants, Inc. BJRI Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.42%
 Sandisk Corporation SNDK Information Technology  Information Technology Large-Cap Growth 0.42%
 Winmark Corporation WINA Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.41%
 Energizer Holdings, Inc. ENR Consumer Staples  Consumer Staples Small-Cap Growth 0.41%
 Helix Energy Solutions Group, Inc. HLX Energy  Energy Small-Cap Value 0.38%
 Ecovyst Inc. ECVT Materials  Materials Small-Cap Growth 0.38%
 LegalZoom.com, Inc. LZ Industrials  Industrials Small-Cap Growth 0.38%
 Artivion, Inc. AORT Health Care  Health Care Small-Cap Growth 0.37%
 Napco Security Technologies, Inc. NSSC Information Technology  Information Technology Small-Cap Growth 0.37%
 Monster Beverage Corporation MNST Consumer Staples  Consumer Staples Large-Cap Growth 0.37%
 QUALCOMM Incorporated QCOM Information Technology  Information Technology Large-Cap Growth 0.36%
 Ameresco, Inc. (Class A) AMRC Industrials  Industrials Small-Cap Value 0.34%
 Collegium Pharmaceutical, Inc. COLL Health Care  Health Care Small-Cap Growth 0.34%
 Seagate Technology Holdings Plc STX Information Technology  Information Technology Large-Cap Growth 0.34%
 U.S. Physical Therapy, Inc. USPH Health Care  Health Care Small-Cap Growth 0.33%
 Nutex Health Inc. NUTX Health Care  Health Care Small-Cap Growth 0.33%
 Willdan Group, Inc. WLDN Industrials  Industrials Small-Cap Growth 0.32%
 Arhaus, Inc. (Class A) ARHS Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.32%
 Valero Energy Corporation VLO Energy  Energy Large-Cap Value 0.31%
 Pacira BioSciences, Inc. PCRX Health Care  Health Care Small-Cap Value 0.29%
 Hovnanian Enterprises, Inc. (Class A) HOV Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.23%
 Daily Journal Corporation DJCO Information Technology  Information Technology Small-Cap Growth 0.23%
 Comfort Systems USA, Inc. FIX Industrials  Industrials Large-Cap Growth 0.22%
 Mettler-Toledo International Inc. MTD Health Care  Health Care Mid-Cap Value 0.22%
 Targa Resources Corp. TRGP Energy  Energy Large-Cap Growth 0.22%
 APA Corporation APA Energy  Energy Mid-Cap Value 0.21%
 Zevra Therapeutics, Inc. ZVRA Health Care  Health Care Small-Cap Growth 0.20%
 HF Sinclair Corp. DINO Energy  Energy Mid-Cap Value 0.20%
 Ross Stores, Inc. ROST Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.19%
 Old Dominion Freight Line, Inc. ODFL Industrials  Industrials Large-Cap Growth 0.19%
 Matson, Inc. MATX Industrials  Industrials Mid-Cap Value 0.19%
 Hingham Institution for Savings HIFS Financials  Financials Small-Cap Value 0.19%
 Murphy USA Inc. MUSA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.19%
 DaVita Inc. DVA Health Care  Health Care Mid-Cap Value 0.18%
 CF Industries Holdings, Inc. CF Materials  Materials Mid-Cap Growth 0.18%
 LendingTree, Inc. TREE Financials  Financials Small-Cap Growth 0.18%
 United Microelectronics Corporation (ADR) UMC Information Technology  Information Technology Large-Cap Value 0.17%
 Carpenter Technology Corporation CRS Industrials  Industrials Mid-Cap Growth 0.17%
 Teradyne, Inc. TER Information Technology  Information Technology Large-Cap Growth 0.17%
 Sterling Infrastructure, Inc. STRL Industrials  Industrials Mid-Cap Growth 0.17%
 MYR Group Inc. MYRG Industrials  Industrials Small-Cap Growth 0.17%
 Lantheus Holdings, Inc. LNTH Health Care  Health Care Mid-Cap Growth 0.17%
 Garrett Motion Inc. GTX Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.17%
 Amkor Technology, Inc. AMKR Information Technology  Information Technology Mid-Cap Value 0.16%
 EnerSys ENS Industrials  Industrials Mid-Cap Growth 0.16%
 TTM Technologies, Inc. TTMI Information Technology  Information Technology Mid-Cap Growth 0.16%
 Dollar Tree, Inc. DLTR Consumer Staples  Consumer Staples Mid-Cap Growth 0.09%
 T-Mobile US, Inc. TMUS Communication Services  Communication Services Large-Cap Value 0.09%
 Expeditors International of Washington, Inc. EXPD Industrials  Industrials Mid-Cap Growth 0.08%
 Masco Corporation MAS Industrials  Industrials Mid-Cap Value 0.05%
 Fox Corporation (Class A) FOXA Communication Services  Communication Services Mid-Cap Value 0.01%
 
Total Number of Holdings:    116
Underlying Securities information represented above is as of 07/20/2026 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.04%
  Deferred:  1.38%
C&D Fee:    0.51%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30345M466 Cash Semi-Annual
30345M474 Reinvest Semi-Annual
* Based on the offer price as of 07/20/2026 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.52%
Maximum Sales Charge:   0.52%
CUSIP Type Distribution
30345M482 Cash-Fee Semi-Annual
30345M490 Reinvest-Fee Semi-Annual
* Based on the NAV price as of 07/20/2026 4:00pm ET

 Estimated Fees & Expenses *
Estimated Organization Costs 0.420%
Estimated Annual Trust Operating Expenses 0.271%
As of Initial Offer Date
* The C&D fee is a charge of $0.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10.00 per unit, the C&D fee will be less than 0.50%; if the price you pay is less than $10.00 per unit, the C&D fee will exceed 0.50%.Estimated organization costs will be deducted from the assets of the trust at the earlier of six months after the initial date of deposit or the end of the initial offering period.Estimated organization costs and trust operating expenses are assessed on a fixed dollar amount per unit basis which, as a percentage of average net assets, will vary over time.Actual expenses may be more or less than the estimates.Please see "Fee Table" in the trust prospectus for additional information.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 October 20, 2026
$0.04500 November 20, 2026
$0.04500 December 18, 2026

Risk Considerations

Unit investment trusts are designed to be held until trust termination. If redeemed early, additional fees, such as remaining deferred sales charges, will be assessed.

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.

Sector Concentration Risk. A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

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.

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.

Industrials Risk. The companies engaged in the industrials sector are subject to certain risks, including a deterioration in the general state of the economy, intense competition, domestic and international politics, excess capacity and changing spending trends.

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

Market Risk. Market risk is the risk that a particular security, or units of a trust in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Units of a trust could decline in value or underperform other investments as a result. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters, or other events could have significant negative impact on a trust.

Mid-Cap Risk. An investment in a portfolio containing mid-cap companies is subject to additional risks, as the share prices of 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 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, ©2026 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Fund Cusip Information
30345M466 (Cash)
30345M474 (Reinvest)
30345M482 (Cash-Fee)
30345M490 (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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