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First Trust® ETF Allocation Portfolio, Series 23
Ticker Symbol: FEWKAX

Ticker Name Initial
Core (68.01%)
FEX First Trust Large Cap Core AlphaDEX® Fund 13.99% $61.07
FTC First Trust Large Cap Growth AlphaDEX® Fund 15.00% 64.38
FTA First Trust Large Cap Value AlphaDEX® Fund 15.00% 56.50
FNX First Trust Mid Cap Core AlphaDEX® Fund 12.00% 68.33
FYX First Trust Small Cap Core AlphaDEX® Fund 12.02% 63.30
Satellite (31.99%)
FXN First Trust Energy AlphaDEX® Fund 2.00% 16.35
FEP First Trust Europe AlphaDEX® Fund 12.01% 41.25
FXO First Trust Financials AlphaDEX® Fund 3.00% 32.18
QABA First Trust NASDAQ® ABA Community Bank Index Fund 3.99% 55.26
FBT First Trust NYSE Arca Biotechnology Index Fund 3.01% 132.41
FXL First Trust Technology AlphaDEX® Fund 7.98% 55.07

*As of the close of business on 1/12/18.
Market values are for reference only and are not indicative of your individual cost basis.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Portfolio Summary
Initial Date of Deposit 1/16/2018
Initial Public Offering Price $10.00 per Unit
Portfolio Ending Date 1/16/2020
Cash CUSIP 30306D349
Reinvestment CUSIP 30306D356
Fee Accounts Cash CUSIP 30306D364
Fee Accounts Reinvestment CUSIP 30306D372

Sales Charges (based on a $10 public offering price)
Standard Accounts
Transactional Sales Charges: Initial: 0.00%
  Deferred: 2.25%
Creation & Development Fee:   0.50%
Maximum Sales Charge:   2.75%

The deferred sales charge will be deducted in three monthly installments commencing 4/20/18.

When the public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If the price exceeds $10.00 per unit, you will pay an initial sales charge.

Fee/Wrap Accounts
Maximum Sales Charge: 0.50%

The maximum sales charge for investors in fee accounts consists of the creation and development fee. Investors in fee accounts are not assessed any transactional sales charges. Standard accounts sales charges apply to units purchased as an ineligible asset.

The creation and development fee is a charge of $.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10 per unit, the creation and development fee will be less than 0.50%; if the price you pay is less than $10 per unit, the creation and development fee will exceed 0.50%.

In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

You should consider the portfolio's investment objective, risks, and charges and expenses carefully before investing. Contact your financial advisor or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the portfolio. Read it carefully before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning ETFs which invest in common stocks.

Common stocks are subject to 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.

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.

Certain of the ETFs invest in securities issued by foreign issuers. Such securities are subject to certain risks, including currency and interest rate fluctuations, nationalization or other adverse political or economic developments, lack of liquidity of certain foreign markets, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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.

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

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.

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.

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.

Fund Cusip Information
30306D349 (Cash)
30306D356 (Reinvest)
30306D364 (Cash-Fee)
30306D372 (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 and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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