Unit investment trusts are designed to be held until trust termination. If redeemed early, additional fees, such as remaining deferred sales charges, will be assessed.

Equity Risk. An investment in a portfolio containing common stocks is 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.

FLEX Options Risk. An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning FLEX options based on the underlying ETF. The portfolio has characteristics unlike many other traditional investment products and may not be appropriate for all investors.
The portfolio holds purchased and written FLEX options. The 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 the portfolio give the option holder the right to buy the underlying ETF 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 underlying ETF. The value of FLEX options will be affected by changes in the value of the Underlying ETF, the underlying index and its underlying securities, an increase in interest rates, 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 underlying ETF, 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).

Buy & Hold Risk – Taxable Trusts. 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.

Derivatives Risk. Funds held by the trust may invest in derivatives such as swap agreements to gain inverse exposure to its target index. As such, the funds will be subject to credit risk with respect to the amount it expects to receive from counterparties to derivatives and repurchase agreements entered into by the funds. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of the trust's investment in the funds may decline.

ETF Risk. 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.

High-Yield or Junk Bonds Risk. 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.

Investment Grade Bonds Risk. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade market or investors' perception thereof, possible downgrades and defaults of interest and/or principal.

Market Risk. Market risk is the risk that a particular security, or units of a trust in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Units of a trust could decline in value or underperform other investments as a result. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters, or other events could have significant negative impact on a trust.

Options Risk. 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, an increase 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.

Volatility Risk. 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.

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

Important Note. 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 organization costs.

Operational Risk. 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.

Past Performance is no indication of future results. An investment in equity investments should be made with the understanding of the risks associated 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 carefully consider the trust's investment objectives, risks, and charges and expenses 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 trust. Read it carefully before you invest.

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.