75/25 Strategic Allocation, 1st Qtr 2020  Ticker: FPZWNX
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: 7S1Q20
Portfolio Status: Secondary
Initial Offer Date: 01/14/2020
Secondary Date: 04/14/2020
Portfolio Ending Date: 04/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.4772
POP(*): $9.6069
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 08/12/2020 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 8/12/2020) Per Unit (as of 8/10/2020)
1.85% $0.17790
^ 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. Due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain issuers of the securities included in the trust may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "Historical 12-Month Distribution Rate of Trust Holdings," which is based on the trailing twelve-month distributions paid by the securities included in a trust, will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. 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. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution rate is calculated using only the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation.

 Holdings  Export Current Holdings | View Initial Holdings  
 SPDR Portfolio Long Term Corporate Bond ETF SPLB 1.27%
 SPDR Wells Fargo Preferred Stock ETF PSK 1.14%
 iShares Long-Term Corporate Bond ETF IGLB 1.13%
 First Trust Senior Loan Fund FTSL 1.12%
 SPDR Bloomberg Barclays High Yield Bond ETF JNK 1.11%
 Invesco Senior Loan ETF BKLN 1.11%
 SPDR Bloomberg Barclays Short Term High Yield Bond ETF SJNK 1.11%
 SPDR Blackstone/GSO Senior Loan ETF SRLN 1.11%
 Vanguard Intermediate-Term Corporate Bond ETF VCIT 1.10%
 iShares Intermediate-Term Corporate Bond ETF IGIB 1.09%
 VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.07%
 iShares MBS ETF MBB 1.06%
 Vanguard Mortgage-Backed Securities ETF VMBS 1.06%
 SPDR Portfolio Mortgage Backed Bond ETF SPMB 1.06%
 Regeneron Pharmaceuticals, Inc. REGN 1.04%
 First Trust Low Duration Opportunities ETF LMBS 1.03%
 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF EBND 0.99%
 iShares 0-5 Year High Yield Corporate Bond ETF SHYG 0.98%
 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 0.97%
 SPDR Portfolio TIPS ETF SPIP 0.97%
 Newmont Corporation NEM 0.96%
 iShares Broad USD Investment Grade Corporate Bond ETF USIG 0.96%
 Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP 0.94%
 Vanguard Total International Bond ETF BNDX 0.93%
 T-Mobile US, Inc. TMUS 0.92%
 iShares Short Treasury Bond ETF SHV 0.91%
 First Trust Tactical High Yield ETF HYLS 0.88%
 First Trust Preferred Securities and Income ETF FPE 0.86%
 Equinix, Inc. EQIX 0.83%
 Electronic Arts Inc. EA 0.80%
 Cummins Inc. CMI 0.80%
 Monster Beverage Corporation MNST 0.80%
 Dollar General Corporation DG 0.79%
 Air Products and Chemicals, Inc. APD 0.78%
 PACCAR Inc PCAR 0.75%
 Vertex Pharmaceuticals Incorporated VRTX 0.75%
 Best Buy Co., Inc. BBY 0.74%
 Twitter, Inc. TWTR 0.74%
 Cintas Corporation CTAS 0.73%
 Hormel Foods Corporation HRL 0.73%
 Costco Wholesale Corporation COST 0.72%
 Deere & Company DE 0.72%
 UnitedHealth Group Incorporated UNH 0.71%
 Eli Lilly and Company LLY 0.70%
 Target Corporation TGT 0.69%
 T. Rowe Price Group, Inc. TROW 0.69%
 Copart, Inc. CPRT 0.68%
 NIKE, Inc. (Class B) NKE 0.67%
 Iberdrola S.A. (ADR) IBDRY 0.66%
 Alphabet Inc. (Class A) GOOGL 0.66%
 Biogen Inc. BIIB 0.65%
 PepsiCo, Inc. PEP 0.64%
 The Estee Lauder Companies Inc. EL 0.64%
 Centene Corporation CNC 0.64%
 Edwards Lifesciences Corporation EW 0.63%
 The Hershey Company HSY 0.62%
 Schneider Electric SE (ADR) SBGSY 0.62%
 Anthem, Inc. ANTM 0.61%
 Nintendo Co., Ltd. (ADR) NTDOY 0.61%
 The TJX Companies, Inc. TJX 0.60%
 Lockheed Martin Corporation LMT 0.60%
 Public Storage PSA 0.60%
 VMware, Inc. VMW 0.60%
 Linde Plc LIN 0.60%
 Duke Energy Corporation DUK 0.59%
 Stryker Corporation SYK 0.59%
 Northrop Grumman Corporation NOC 0.59%
 Alexion Pharmaceuticals, Inc. ALXN 0.58%
 L'Oreal S.A. (ADR) LRLCY 0.58%
 HCA Healthcare, Inc. HCA 0.58%
 Cigna Corporation CI 0.58%
 Sony Corporation (ADR) SNE 0.57%
 Novo Nordisk A/S (ADR) NVO 0.57%
 Shin-Etsu Chemical Co., Ltd. (ADR) SHECY 0.56%
 L3Harris Technologies Inc. LHX 0.55%
 Micron Technology, Inc. MU 0.54%
 Rio Tinto Plc (ADR) RIO 0.54%
 Roche Holding AG (ADR) RHHBY 0.53%
 Dassault Systemes S.E. (ADR) DASTY 0.53%
 KDDI Corporation (ADR) KDDIY 0.53%
 Automatic Data Processing, Inc. ADP 0.52%
 Intel Corporation INTC 0.52%
 AT&T Inc. T 0.51%
 Ross Stores, Inc. ROST 0.50%
 Chevron Corporation CVX 0.50%
 Walgreens Boots Alliance, Inc. WBA 0.50%
 Nippon Telegraph and Telephone Corporation (ADR) NTTYY 0.49%
 Henkel AG & Co. KGaA (ADR) HENKY 0.48%
 Sysco Corporation SYY 0.47%
 Fifth Third Bancorp FITB 0.47%
 Honda Motor Co., Ltd. (ADR) HMC 0.47%
 Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) MURGY 0.47%
 adidas AG (ADR) ADDYY 0.46%
 Tyson Foods, Inc. (Class A) TSN 0.45%
 Vinci S.A. (ADR) VCISY 0.45%
 Volkswagen AG (ADR) VWAGY 0.45%
 M&T Bank Corporation MTB 0.43%
 Enbridge Inc. ENB 0.43%
 EssilorLuxottica S.A. (ADR) ESLOY 0.43%
 Exxon Mobil Corporation XOM 0.42%
 Southwest Airlines Co. LUV 0.42%
 ViacomCBS Inc. VIAC 0.42%
 Equinor ASA EQNR 0.41%
 The Bank of Nova Scotia BNS 0.41%
 Industria de Diseno Textil, S.A. (ADR) IDEXY 0.41%
 ConocoPhillips COP 0.40%
 British American Tobacco Plc (ADR) BTI 0.39%
 BNP Paribas S.A. (ADR) BNPQY 0.39%
 EOG Resources, Inc. EOG 0.38%
 Total SE (ADR) TOT 0.37%
 Quidel Corporation QDEL 0.37%
 RH RH 0.37%
 LHC Group, Inc. LHCG 0.36%
 Watsco, Inc. WSO 0.35%
 Erie Indemnity Company ERIE 0.35%
 D.R. Horton, Inc. DHI 0.34%
 Take-Two Interactive Software, Inc. TTWO 0.34%
 Entegris, Inc. ENTG 0.34%
 Molina Healthcare, Inc. MOH 0.34%
 Teradyne, Inc. TER 0.33%
 Amedisys, Inc. AMED 0.33%
 Eni SpA (ADR) E 0.32%
 Delta Air Lines, Inc. DAL 0.32%
 Knight-Swift Transportation Holdings Inc. KNX 0.31%
 E*TRADE Financial Corporation ETFC 0.30%
 Exelixis, Inc. EXEL 0.30%
 Expeditors International of Washington, Inc. EXPD 0.29%
 PulteGroup, Inc. PHM 0.29%
 Arthur J. Gallagher & Co. AJG 0.29%
 Landstar System, Inc. LSTR 0.29%
 Royal Dutch Shell Plc (ADR) RDS/A 0.28%
 Fortinet, Inc. FTNT 0.28%
 Lancaster Colony Corporation LANC 0.27%
 W.W. Grainger, Inc. GWW 0.27%
 Henry Schein, Inc. HSIC 0.27%
 Casey's General Stores, Inc. CASY 0.26%
 ONEOK, Inc. OKE 0.26%
 MAXIMUS, Inc. MMS 0.26%
 Suncor Energy Inc. SU 0.26%
 Lincoln Electric Holdings, Inc. LECO 0.26%
 NVR, Inc. NVR 0.25%
 EQT Corporation EQT 0.25%
 Dick's Sporting Goods, Inc. DKS 0.25%
 Avangrid, Inc. AGR 0.25%
 Snap-on Incorporated SNA 0.24%
 Gentex Corporation GNTX 0.24%
 Steel Dynamics, Inc. STLD 0.24%
 Oshkosh Corporation OSK 0.24%
 MSC Industrial Direct Co., Inc. (Class A) MSM 0.24%
 Acuity Brands, Inc. AYI 0.24%
 First American Financial Corporation FAF 0.24%
 Encompass Health Corporation EHC 0.23%
 Reliance Steel & Aluminum Co. RS 0.23%
 Nucor Corporation NUE 0.22%
 Lithia Motors, Inc. LAD 0.22%
 First Citizens BancShares, Inc. (Class A) FCNCA 0.22%
 MDU Resources Group, Inc. MDU 0.21%
 Columbia Sportswear Company COLM 0.21%
 East West Bancorp, Inc. EWBC 0.21%
 NewMarket Corporation NEU 0.21%
 Ulta Beauty, Inc. ULTA 0.21%
 Old Republic International Corporation ORI 0.20%
 Foot Locker, Inc. FL 0.20%
 Meritage Homes Corporation MTH 0.20%
 Carter's, Inc. CRI 0.20%
 Curtiss-Wright Corporation CW 0.19%
 Omnicom Group Inc. OMC 0.18%
 Zions Bancorporation ZION 0.18%
 Mohawk Industries, Inc. MHK 0.18%
 CNX Resources Corporation CNX 0.18%
 Saia, Inc. SAIA 0.18%
 Arena Pharmaceuticals, Inc. ARNA 0.18%
 Arrowhead Pharmaceuticals, Inc. ARWR 0.18%
 TopBuild Corp. BLD 0.18%
 Performance Food Group Company PFGC 0.18%
 Lattice Semiconductor Corporation LSCC 0.17%
 National Beverage Corp. FIZZ 0.17%
 Central Garden & Pet Company (Class A) CENTA 0.17%
 Parsley Energy, Inc. (Class A) PE 0.17%
 UFP Industries Inc. UFPI 0.16%
 Simpson Manufacturing Co., Inc. SSD 0.16%
 JetBlue Airways Corporation JBLU 0.16%
 Concho Resources Inc. CXO 0.16%
 Werner Enterprises, Inc. WERN 0.15%
 Regal Beloit Corporation RBC 0.15%
 LCI Industries LCII 0.15%
 Exponent, Inc. EXPO 0.15%
 Houlihan Lokey, Inc. HLI 0.15%
 Murphy Oil Corporation MUR 0.14%
 M.D.C. Holdings, Inc. MDC 0.14%
 PVH Corp. PVH 0.14%
 Cimarex Energy Co. XEC 0.14%
 Rush Enterprises, Inc. (Class A) RUSHA 0.14%
 Texas Roadhouse, Inc. TXRH 0.14%
 Stepan Company SCL 0.14%
 TRI Pointe Group, Inc. TPH 0.14%
 BMC Stock Holdings, Inc. BMCH 0.14%
 HMS Holdings Corp. HMSY 0.13%
 Plexus Corp. PLXS 0.13%
 United States Cellular Corporation USM 0.13%
 PriceSmart, Inc. PSMT 0.13%
 National Fuel Gas Company NFG 0.13%
 ABM Industries Incorporated ABM 0.13%
 Hub Group, Inc. HUBG 0.13%
 Interactive Brokers Group, Inc. (Class A) IBKR 0.13%
 Diamondback Energy, Inc. FANG 0.13%
 Telephone and Data Systems, Inc. TDS 0.12%
 Marathon Oil Corporation MRO 0.12%
 Equity Commonwealth EQC 0.12%
 Cohen & Steers, Inc. CNS 0.12%
 Walker & Dunlop, Inc. WD 0.12%
 Brady Corporation BRC 0.11%
 Diodes Incorporated DIOD 0.11%
 Evercore Inc. EVR 0.11%
 Bank OZK OZK 0.11%
 Otter Tail Corporation OTTR 0.10%
 Vishay Intertechnology, Inc. VSH 0.10%
 Urban Outfitters, Inc. URBN 0.10%
 Insight Enterprises, Inc. NSIT 0.10%
 American Eagle Outfitters, Inc. AEO 0.10%
 Wolverine World Wide, Inc. WWW 0.10%
 Renasant Corporation RNST 0.10%
 United States Steel Corporation X 0.09%
 J & J Snack Foods Corp. JJSF 0.09%
 Sanderson Farms, Inc. SAFM 0.09%
 Umpqua Holdings Corporation UMPQ 0.09%
 Seacoast Banking Corporation of Florida SBCF 0.09%
 Graham Holdings Company GHC 0.08%
 PDC Energy, Inc. PDCE 0.08%
 Inter Parfums, Inc. IPAR 0.08%
 Steven Madden, Ltd. SHOO 0.07%
 Matador Resources Company MTDR 0.07%
 NMI Holdings, Inc. (Class A) NMIH 0.07%
 Spirit Airlines, Inc. SAVE 0.06%
Total Number of Holdings:    234
Underlying Securities information represented above is as of 08/11/2020 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.

COVID-19 Economic Impact Risk. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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.

High-Yield or Junk Bonds Risk. Investing in high-yield securities or "junk" bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such securities. High-yield securities are subject to numerous risks, including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

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.