Cboe Vest Large Cap Deep Buffered Portfolio, Series 15

Seeking a Balance of Upside Performance Potential With a Downside Buffer

Growth potential is a common goal for equity investors, but often, market drawdowns, that are difficult to predict, can have a significant impact on investment returns. Cboe Vest Large Cap Deep Buffered Portfolio is designed to provide a balance of performance, subject to a cap, with a downside buffer, using a disciplined option strategy. The portfolio invest in FLexible EXchange^® Options (“FLEX Options”) based on the price performance of shares of the SPDR^® S&P 500^® ETF Trust (“SPY” or “reference asset”), an exchange-traded fund (ETF) that is designed to track the returns of the S&P 500 Index. The portfolios seeks to meet the following goals:

Target Outcome UITs^® are unit investment trusts (UITs) which are pooled investment vehicles with static portfolios that are held for a predetermined amount of time. The ability of a portfolio to provide returns with a capped upside and defined buffer against losses is dependent on unit holders purchasing units on the initial date of deposit and holding them until the portfolio's termination date. The intended return for units purchased on a portfolio’s initial date of deposit and held for the life of the portfolio is based on the performance of the reference asset and the value of the FLEX Options on the FLEX Option expiration date. The intended return is subject to a capped amount per unit and may represent a return that is less than the performance of the reference asset. Even if there are significant increases in the value of the reference asset, the amount received is capped.

Minimize Potential Losses with A Buffer

Losses can have a greater impact on investments than gains because the money remaining after the loss must work harder to get back to its original level. The math of percentages shows that as losses get larger, the return necessary to recover to the break-even point increases at a much faster rate. A loss of 10% necessitates an 11% gain to recover. Increase that loss to 25%, and it takes a 33% gain to get back to break-even. A 50% loss requires a 100% gain to get back to where the investment value started. Cboe Vest Large Cap Deep Buffered Portfolio may encourage investors to stay invested by providing a defined buffer against potential losses.

Who Might Be Interested In Buffered UITs?

Investors Saving for Life’s Milestones

• Buffered UITs give investors the ability to prioritize a limited buffer against downside losses (if held for the full Target Outcome Period) ahead of potential upside returns.

Investors Reluctant to Fully Participate in Equity Markets

• Buffered UITs may be attractive to investors who are looking for the ability to be invested in the equity markets without assuming the full downside risk of investing in equities. The portfolios seek to limit the uncertainty of equity market exposure over the term of the trust by combining a downside buffer with upside growth potential, to the predetermined cap levels.

Investors With a Moderately Bullish View on Market Returns

• Buffered UITs may appeal to investors who anticipate moderate market returns and are willing to forgo some potential upside, while gaining a buffer on the downside.

Investors Looking for a Complement to Their Equity Holdings

• Buffered UITs are an agile tool for risk management while participating in the upside potential of the reference asset up to the capped amount.

Portfolio Fit

The Cboe Vest Large Cap Portfolio is designed to help equity investors maintain a limited buffer in down markets, while taking advantage of growth opportunities (to a cap) in up markets. This portfolio can potentially fit in two places in an investor’s portfolio:

• Low Risk/Hedged Equity: A common way to reduce downside risk is to reduce allocation to equities; however, this creates the risk of missing out on potential upside. The portfolio offers an alternative approach that seeks to deliver some benefits of upside from equities with reduced downside risk, allowing investors to stay invested.

• Alternatives: The portfolio's risk/return characteristics provide a limited downside buffer while capping some upside potential, similar to alternative investments such as hedge funds. As a result, the portfolio may be used as potentially cost-competitive replacements to hedge funds.**

**It is important to note that there are differences between the investment objectives, risks, liquidity and tax treatment of the FLEX Options in which the portfolio invests versus the securities that comprise hedge funds. UITs are unmanaged portfolios held for a specified period of time. Hedge funds are actively managed. Hedge funds pool money from investors and invest in securities or other types of investments. Hedge funds generally have more flexibility than UITs to pursue investments and strategies that may increase the risk of investment losses. Hedge funds are limited to wealthier investors who can afford the higher fees and risks of hedge fund investing and institutional investors.

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.

Risk Considerations

An investment in an unmanaged unit investment trust should be made with an understanding of the risks involved with owning FLEX Options based on an reference asset.

This portfolio has characteristics unlike many other traditional investment products and may not be appropriate for all investors.

FLEX Options are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. The FLEX Options held by a portfolio give the option holder the right to buy or sell the reference asset on the FLEX Option expiration date at the strike price. Prior to their expiration on the FLEX Option expiration date, the value of the FLEX Options is determined as discussed under “The Value of the Securities” section of the full prospectus. The value of the FLEX Options prior to their expiration on the FLEX Option expiration date may vary because of factors other than fluctuations in the value of the reference asset. The value of FLEX Options will be affected by changes in the value of the reference asset, the underlying index and its underlying securities, a change in interest rates, a change in the expected dividend rate of the reference asset, a change in the actual and perceived volatility of the stock market and the underlying index and the remaining time to expiration. Additionally, the value of the FLEX Options does not increase or decrease at the same rate as the reference asset, the underlying index or its underlying securities due to “tracking error” as described in more detail in the full prospectus (although they generally move in the same direction).

Options are subject to various risks including that their value may be adversely affected if the market for the option becomes less liquid or smaller. In addition, options will be affected by changes in the value and dividend rates of the stock subject to the option, a change in interest rates, a change in the actual and perceived volatility of the stock market and the common stock and the remaining time to expiration.

FLEX Options represent indirect positions in an reference asset and are subject to risks associated with changes in value as the price of the reference asset rises or falls. The investment in the FLEX Options includes the risk that their value may be affected by market risk related to the reference asset, the underlying index and the value of the securities in the underlying index held by the reference asset. Market risk is the risk that the value of the securities will fluctuate. Market value fluctuates in response to various factors. These can include changes in interest rates, inflation, the financial condition of a security’s issuer, perceptions of an issuer, ratings on a bond, or political or economic events affecting the issuer. While the FLEX Options are individually related to the reference asset, the return on the FLEX Options depends on the price of the reference asset at the close of the NYSE on the FLEX Option expiration date and will be substantially determined by market conditions and the reference asset and the value of the securities comprising the reference asset as of such time.

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 of the ETFs may employ the use of leverage, which increases the volatility of such funds.

ETFs that invest in common stocks are 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.

A portfolio may experience substantial downside from the FLEX Options and option contract positions may expire worthless. A portfolio does not provide principal and you may not receive a return of the capital you invest. You may experience significant losses on your investment up to an almost total loss on your investment if the value of the reference asset decreases by greater than a specified level from the initial reference asset level. A portfolio might not achieve its objective in certain circumstances. You may realize a return (including a loss) that is higher or lower than the intended returns as a result of redeeming units prior to the portfolio’s mandatory termination date and in various circumstances, including where FLEX Options are otherwise liquidated by the portfolio prior to their expiration or maturity, if the portfolio is unable to maintain the proportional relationship of the FLEX Options in the portfolio or increases in potential expenses of the portfolio above estimated levels. A portfolio’s investment strategy is designed to achieve its investment objective over the life of the portfolio. An increase in the value of the written FLEX Options reduces the value of your units. As the value of the written FLEX Options increases, the written FLEX Options have a more negative impact on the value of your units. You should note that even if the value of the reference asset does not change, if the value of a written FLEX Option increases (for example, based on increased volatility of the underlying index) your units will lose value. After the premium is received on the written FLEX options, the written FLEX Options will reduce the value of your units.

Credit risk is the risk that a security’s issuer, guarantor or counterparty of a security is unable or unwilling to make dividend, interest or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. The OCC is guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of a portfolio to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a security will fall if trading in the security is limited or absent. No one can guarantee that a liquid trading market will exist for the securities. The FLEX Options are listed on the CBOE; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. The FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your units and result in a portfolio being unable to achieve its investment objective.

As the use of Internet technology has become more prevalent in the course of business, these portfolios have 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 has caused and may continue to cause significant volatility and declines 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.

The value of the securities held by a trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers of the securities held by the reference asset.

Cboe^® is a registered trademark of Cboe Exchange, Inc., which has been licensed for use in the products. The products are not sponsored, endorsed, sold or marketed by Cboe Exchange, Inc. or any of its affiliates (“Cboe”) or their respective third-party providers, and Cboe and its third-party providers make no representation regarding the advisability of investing in the products and shall have no liability whatsoever in connection with the products.

The Cboe Vest Large Cap Buffered Portfolio is not sponsored, endorsed, sold or promoted by SPDR^® S&P 500^® ETF Trust, PDR, Standard & Poor’s^®, (together with their affiliates hereinafter referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the trust or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the trust or the FLEX Options or results to be obtained by the trust or the FLEX Options, shareholders or any other person or entity from use of the SPDR^® S&P 500^® ETF Trust. The Corporations have no liability in connection with the management, administration, marketing or trading of the trust or the FLEX Options.

The Sponsor may elect to postpone the trust if certain adverse market conditions occur that affect volatility and pricing of the FLEX Options.