Convertible & Income Select Closed-End and ETF Portfolio, Series 11
To meet long-term investment objectives, many investors seek both current income and capital appreciation, but do not want to sacrifice one for the other. Investing in convertible securities may offer
investors an option to pursue both objectives. The Convertible & Income Select Closed-End and ETF Portfolio is a unit investment trust which invests in both closed-end funds and exchange-traded funds
(ETFs) which invest primarily in convertible securities.
What Are Convertible Securities
Convertible securities are an investment solution for investors seeking income and risk-managed
capital appreciation potential. A convertible security is a debt instrument issued by corporations,
yet has an embedded conversion option that generally enables the security to be exchanged or
converted into a predetermined number of shares of common stock.
Convertible securities are considered hybrid securities because they combine the investment
attributes of bonds and common stocks. They offer upside potential through participation
in equity returns, while providing a degree of downside protection through their bond-like
attributes. Historically, these securities have delivered similar returns to equities, while generally
maintaining lower volatility and lower downside capture.
Due to the hybrid nature of convertible securities, they tend to be less sensitive to interest rate
changes than bonds of comparable quality and maturity, and less sensitive to stock market
changes than common stocks. Convertible securities typically have income or dividend yields that
are higher than the dividend yield on an issuer’s common stock, but lower than the yields on an
issuer’s non-convertible debt or preferred stocks.
The Pursuit Of Risk/Reward
High levels of total return are often realized through capital appreciation from equity market
participation, rather than income generation alone. Convertible securities, by offering equity
participation while providing a measure of downside protection through their bond-like
attributes, have historically had a favorable risk/reward profile relative to equities and bonds.

Portfolio Objectives
This unit investment trust seeks current monthly income and capital appreciation; however, there
is no assurance the objectives will be met.
Not FDIC Insured Not Bank Guaranteed May Lose Value |
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. 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 closed-end funds and exchange-traded funds that invest in convertible securities.
Closed-end funds and 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, closed-end funds 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 and closed-end funds frequently trade at a discount from their net asset value in the secondary market. Certain of the funds employ the use of leverage which increases the volatility of such funds.
All of the funds invest in convertible securities. Convertible securities are bonds, preferred stocks and other securities that pay a fixed rate of interest (or dividends) and will repay principal at a fixed date
in the future. However, these securities may be converted into a specific number of common stocks at a specified time. As such, an investment in convertible securities entails some of the risks associated with both common
stocks and bonds.
Certain of the funds invest in high-yield securities or “junk” bonds. Investing in high-yield securities 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.
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.
In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.
The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have
caused and may continue to cause significant volatility and uncertainty in global financial markets. While
the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown
measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of
the disease.
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.
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.
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.
For a discussion of additional risks of investing in the trust see the “Risk Factors” section of the prospectus.