WCM International Buy-Write, Series 1

The WCM International Buy-Write Portfolio invests in a fixed portfolio of common stocks that are selected by WCM Investment Management, LLC (“WCM”). Simultaneously, the portfolio sells a Long-Term Equity AnticiPation Securities (LEAPS^®) call option against each position. The writing (selling) of a call option generates income in the form of a premium paid by the option buyer. The portfolio invests this income in U.S.Treasury notes and the interest received from the notes is paid to unit holders periodically.

You should be aware that a product which includes writing call options may not be suitable for all investors. It may not be appropriate for investors seeking above-average capital appreciation. Before investing, you should make sure you understand the risks of this type of product, and whether it suits your current financial objectives.

Illustrative Market Scenarios

Stock Prices Increase Above the LEAPS’ Exercise Price | The LEAPS are exercised and the underlying stock shares are sold at the strike price. Profits are limited to the premium income received from writing the LEAPS, dividends received from the common stocks before the date the option to purchase is exercised, interest received from the U.S. Treasury Obligations, plus the difference between each common stock’s initial price and their strike price. The trust will forgo any dividends paid on the common stocks after the date the option to purchase is exercised and any gain in the underlying stock price after the stock is sold. It is important to note that writing covered calls limits the appreciation potential of the underlying common stocks.

Stock Prices Remain Stable | The LEAPS expire worthless and the portfolio still owns the common stock shares. Profits are limited to the premium income received from writing the LEAPS, plus dividends from the common stocks, as well as interest received from the U.S. Treasury Obligations.

Stock Prices Decrease | The LEAPS expire worthless and the portfolio still owns the common stock shares. However, the premium income received from writing the LEAPS lowers the breakeven point on the common stocks by effectively reducing the common stocks’ original cost. Losses from the decrease in value of the common stocks are limited by the premium income received from the LEAPS, dividends received from the common stocks and interest received from the U.S. Treasury Obligations.

Portfolio Objectives

This unit investment trust seeks income, with limited capital appreciation as a secondary objective. There is, however, no assurance that the objectives will be achieved.

Who Is WCMs

Founded in 1976, WCM is an independent equity investment management firm which is majority owned by employees and manages approximately $92 billion on behalf of institutions and individuals around the world as of 12/31/2024. WCM is focused on equity investing with a specific expertise in international and emerging markets. They use a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue, earnings, and show a high probability for future growth. They focus on industry-leading, non- U.S. organizations led by strong management teams with sound business strategies. WCM believes these companies are industry leaders and that they have the potential to lead their industries well into the future.

You should consider the portfolio's investment objectives, 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 the understanding of the risks involved with common stocks, LEAPS, and U.S. Treasury notes.

Common stocks are subject to 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.

The value of U.S. Treasury notes will be adversely affected by decreases in bond prices and increases in interest rates.

The value of the LEAPS is deducted from the value of the portfolio assets when determining the value of a unit. As the value of the LEAPS increases, it has a more negative impact on the value of the units. The value of the LEAPS will also be affected by changes in the value and dividend rates of the underlying stocks, an increase in interest rates, a change in the actual and perceived volatility of the stock market and the stocks and the remaining time to expiration. Additionally, the value of the LEAPS does not increase or decrease at the same rate as the underlying stock. However, as the LEAPS approach their expiration date, their value increasingly moves with the price of the stock.

A significant percentage of the securities held by the trust are issued by companies headquartered or incorporated in Europe and therefore the portfolio may present more risks than a portfolio which is broadly diversified over several regions.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. Risks associated with investing in non-U.S. securities may be more pronounced in emerging markets where the securities markets are substantially smaller, less developed, less liquid, less regulated, and more volatile than the U.S. and developed non-U.S. markets.

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.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

A public health crisis, and the ensuing policies enacted by governments and central banks in response, could cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

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.

WCM is a registered trademark of WCM Investment Management, LLC and is licensed for use by First Trust Portfolios L.P. The trust is not sponsored, endorsed, sold or promoted by WCM. WCM makes no representation or warranty, express or implied, to the owners of the trust or any member of the public regarding the advisability of investing in securities generally or in the trust. WCM has no obligation to take the needs of First Trust Portfolios L.P. or the owners of the trust into consideration in selecting the securities for the trust. WCM is not responsible for and has not participated in the determination of the prices and amount of the trust or the timing of the issuance or sale of the trust or in the determination or calculation of the equation by which the trust is to be converted into cash. WCM has no obligation or liability in connection with the administration, marketing or trading of the trust.