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Municipal Advantage Closed-End and ETF Portfolio, Series 67

Americans deal with a number of different taxes in their everyday lives, perhaps none more noticeable than individual income taxes. In fact, individual income taxes comprise the largest component of Americans’ tax bill. By investing in federal tax-exempt municipal bonds, investors have the potential for significant tax savings. For investors in higher tax brackets, municipals can offer greater after-tax yields than taxable debt securities of similar maturities and credit quality, including Treasuries and corporate bonds.



Portfolio Advantage

Diversification
Investing in both closed-end funds and exchange-traded funds provides an efficient way to achieve diversification across municipal bonds. The broad range of closed-end funds and exchange-traded funds in which the portfolio invests are further diversified across hundreds of individual issues. It is important to note that diversification does not guarantee a profit or protect against loss.

Portfolio Objective

The trust seeks monthly income that is exempt from federal income taxes by investing in a diversified pool of closed-end funds and exchange-traded funds that invest in tax-exempt municipal bonds.

It is important to note that certain distributions paid by certain funds may be subject to federal income taxes and may be subject to the alternative minimum tax.


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.

Risk Considerations
An investment in this unmanaged unit investment trust should be made with an understanding of the risks associated with an investment in a portfolio of closed-end funds and exchange-traded funds (ETFs).

Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal.

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 the funds or their underlying investments change. Shares of closed-end funds and ETFs frequently trade at a discount to their net asset value in the secondary market and the net asset value may decrease. Based on current publicly available information, none of the funds selected for the portfolio are reporting the use of structural leverage. However, certain or all of these funds may have utilized structural leverage in the past and may elect to utilize structural leverage in the future. Structural leverage creates a systematic level of additional investment exposure through a fund’s issuance of preferred shares or debt securities, or through borrowing money. Funds which employ structural leverage are more volatile than those that do not.

All of the funds invest in investment grade securities. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade bond market or investors’ perception thereof, possible downgrades and defaults of interest and/or principal.

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 resulted in major disruptions to economies and markets around the world. Financial markets have experienced extreme volatility and severe losses, negatively impacting global economic growth prospects. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty and may exacerbate other political, social and economic risks.

This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity.

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. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

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

 
The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
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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, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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