Content Leaders Portfolio, Series 22
The Content Leaders Portfolio is a unit investment trust that invests in U.S. traded common stocks of
companies that Pence Capital Management, LLC believes are dominant in the creation and delivery of media
content including television producers, filmmakers, content libraries, broadcast channels, and delivery
platforms. The portfolio includes U.S. and foreign companies with small-, mid- or large-capitalizations.
Increasing Access - Widespread access to high-speed digital networks have revolutionized the
consumption of content, making it available anytime and almost anywhere.
Rising Demand - Wider access and advancing technology have changed human behavior. Untethered
from traditional sources, consumers spend significantly more time demanding and viewing content.
Dominant Content Producers - Only a small number of producers provide and control a
significant portion of the market. High barriers to entry help maintain their dominance.
Dominant Delivery Systems - An even smaller number of eco-systems control the delivery of
content to the consumer.
About Pence Capital Management, LLC
Pence Capital Management, LLC is a registered investment advisory firm based in Newport Beach,
California. The firm uses its proprietary research to identify and deliver actionable investment insights.
The firm is led by Colonel (ret) E. Dryden Pence III, a Harvard-educated economist with thirty years of
experience in the financial industry. His formal training and knowledge in economics combined with his
career of more than twenty-two years in Army Intelligence, Special Operations and Psychological Warfare,
gives the firm a unique understanding of human behavior and its effects on the economy and the markets.
The Content Leaders Portfolio is based on the firm's expertise in portfolio construction.
This unit investment trust seeks above-average capital appreciation; however, there is
no assurance the objective will be met.
| Not FDIC Insured Not Bank Guaranteed May Lose Value
You should consider the portfolio's investment objectives, risks, and charges and expenses carefully 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 portfolio. Read it carefully before you invest.
An investment in this unmanaged unit investment trust should be made
with an understanding of the risks involved with owning common stocks, 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.
You should be aware that an investment that is concentrated in stocks in the communication
services sector involves additional risks, including limited diversification. The companies engaged in
the communication services sector are subject to rapidly changing technology, rapid product
obsolescence, loss of patent protection, cyclical market patterns, governmental regulation, evolving
industry standards and frequent new product introductions. Certain companies may be particularly
susceptible to cybersecurity threats, which could have an adverse effect on their business.
Certain of the securities held by the trust are issued by foreign entities. An investment in a portfolio containing equity securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks,
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
Large capitalization companies may grow at a slower rate than the overall market.
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 COVID-19 global pandemic has caused significant volatility and declines in global financial markets,
causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed
for the resumption of “reasonably” normal business activity in the United States, although many countries
continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective
against emerging variants of the disease.
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.
Although this portfolio 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.