Sabrient Defensive Equity, 17  Ticker: FRLAEX
A unit investment trust that seeks above-average capital appreciation. The portfolio seeks to find companies that Sabrient believes are positioned to perform well in environments of falling stock prices but also those companies that have the potential to provide solid performance in rising markets. The stocks are selected for the trust by Sabrient Systems, LLC by applying a seven-step investment strategy process.
Please note that there is no assurance the objective will be met.
Product Code: SBDF17
Portfolio Status: Secondary
Initial Offer Date: 08/31/2018
Secondary Date: 11/29/2018
Portfolio Ending Date: 12/02/2019
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
Initial Offer Price: $10.0000
NAV(*): $9.5333
POP(*): Not Avail
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 09/20/2019 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.

 Historical 12-Month Distribution of Trust Holdings:^
Rate  Per Unit (as of 9/20/2019)
----- $0.16600
^There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distributions are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution is calculated only using the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio.

 Holdings Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Communication Services  Communication Services 2.55%
Consumer Discretionary  Consumer Discretionary 16.39%
Consumer Staples  Consumer Staples 7.23%
Energy  Energy 17.90%
Financials  Financials 26.33%
Health Care  Health Care 8.39%
Industrials  Industrials 10.72%
Information Technology  Information Technology 1.94%
Materials  Materials 3.53%
Real Estate  Real Estate 1.97%
Utilities  Utilities 2.35%
Other  Other 0.70%
  Large Mid Small  
Growth  7.26% 17.64% 16.07%  
Value  19.46% 20.59% 18.28%  

 Style Weighting
Large-Cap Growth 7.26%
Large-Cap Value 19.46%
Mid-Cap Growth 17.64%
Mid-Cap Value 20.59%
Small-Cap Growth 16.07%
Small-Cap Value 18.28%
Undetermined 0.70%
U.S. Stocks 78.84%   Other 0.70%
Non-U.S. Stocks 20.46%      
The style and sector characteristics of the portfolio are determined as of 09/20/2019 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $21,392.85
Weighted Average Price/Earnings 15.48
Weighted Average Price/Book 1.95
As of 9/20/2019
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
 TransDigm Group Incorporated TDG Industrials  Industrials Large-Cap Growth 3.15%
 Performance Food Group Company PFGC Consumer Staples  Consumer Staples Mid-Cap Growth 2.86%
 Armstrong World Industries, Inc. AWI Industrials  Industrials Mid-Cap Growth 2.84%
 Woodward, Inc. WWD Industrials  Industrials Mid-Cap Growth 2.74%
 Arch Capital Group Ltd. ACGL Financials  Financials Mid-Cap Value 2.73%
 NVR, Inc. NVR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 2.68%
 NMI Holdings, Inc. (Class A) NMIH Financials  Financials Small-Cap Growth 2.66%
 PulteGroup, Inc. PHM Consumer Discretionary  Consumer Discretionary Mid-Cap Value 2.59%
 Nexstar Media Group, Inc. NXST Communication Services  Communication Services Mid-Cap Value 2.55%
 Addus HomeCare Corporation ADUS Health Care  Health Care Small-Cap Growth 2.55%
 The Hartford Financial Services Group, Inc. HIG Financials  Financials Large-Cap Value 2.44%
 Gildan Activewear Inc. GIL Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 2.41%
 Radian Group Inc. RDN Financials  Financials Mid-Cap Value 2.40%
 Everest Re Group, Ltd. RE Financials  Financials Mid-Cap Value 2.37%
 Vistra Energy Corp. VST Utilities  Utilities Mid-Cap Value 2.35%
 America's Car-Mart, Inc. CRMT Consumer Discretionary  Consumer Discretionary Small-Cap Growth 2.29%
 The Progressive Corporation PGR Financials  Financials Large-Cap Value 2.27%
 Amedisys, Inc. AMED Health Care  Health Care Mid-Cap Growth 2.23%
 Post Holdings, Inc. POST Consumer Staples  Consumer Staples Mid-Cap Value 2.21%
 Pan American Silver Corp. PAAS Materials  Materials Small-Cap Value 2.17%
 Sysco Corporation SYY Consumer Staples  Consumer Staples Large-Cap Growth 2.16%
 Walker & Dunlop, Inc. WD Financials  Financials Small-Cap Value 2.11%
 Atlantic Capital Bancshares, Inc. ACBI Financials  Financials Small-Cap Value 2.02%
 Ship Finance International Limited SFL Energy  Energy Small-Cap Value 2.01%
 ICF International, Inc. ICFI Industrials  Industrials Small-Cap Growth 1.99%
 Granite Point Mortgage Trust Inc. GPMT Financials  Financials Small-Cap Value 1.99%
 Sabra Health Care REIT, Inc. SBRA Real Estate  Real Estate Mid-Cap Value 1.97%
 HCA Healthcare, Inc. HCA Health Care  Health Care Large-Cap Growth 1.95%
 Ulta Beauty, Inc. ULTA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.88%
 BP Plc (ADR) BP Energy  Energy Large-Cap Value 1.81%
 Independent Bank Corporation IBCP Financials  Financials Small-Cap Value 1.80%
 Core-Mark Holding Company, Inc. CORE Consumer Discretionary  Consumer Discretionary Small-Cap Growth 1.79%
 National General Holdings Corp. NGHC Financials  Financials Small-Cap Value 1.78%
 Phillips 66 PSX Energy  Energy Large-Cap Value 1.77%
 Virtu Financial, Inc. (Class A) VIRT Financials  Financials Small-Cap Growth 1.76%
 Royal Dutch Shell Plc (Class B) (ADR) RDS/B Energy  Energy Large-Cap Value 1.75%
 Total S.A. (ADR) TOT Energy  Energy Large-Cap Value 1.73%
 ConocoPhillips COP Energy  Energy Large-Cap Value 1.68%
 Humana Inc. HUM Health Care  Health Care Large-Cap Value 1.66%
 Del Taco Restaurants, Inc. TACO Consumer Discretionary  Consumer Discretionary Small-Cap Value 1.66%
 Suncor Energy Inc. SU Energy  Energy Large-Cap Value 1.54%
 Valero Energy Corporation VLO Energy  Energy Large-Cap Value 1.42%
 HollyFrontier Corporation HFC Energy  Energy Mid-Cap Value 1.42%
 EOG Resources, Inc. EOG Energy  Energy Large-Cap Value 1.39%
 Delek US Holdings, Inc. DK Energy  Energy Small-Cap Value 1.38%
 Domtar Corporation UFS Materials  Materials Small-Cap Value 1.36%
 Silicon Motion Technology Corporation (ADR) SIMO Information Technology  Information Technology Small-Cap Growth 1.12%
 MasterCraft Boat Holdings Inc. MCFT Consumer Discretionary  Consumer Discretionary Small-Cap Growth 1.09%
 Cision Ltd. CISN Information Technology  Information Technology Small-Cap Growth 0.82%
Total Number of Holdings:    49
Underlying Securities information represented above is as of 09/20/2019 but will vary with future fluctuations in the market.

Risk Considerations

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.

Foreign Securities Risk. An investment in securities of foreign issuers should be made with an understanding of the additional risks involved, such as currency fluctuations, political risk, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

REITs Risk. An investment in a portfolio containing REIT securities is subject to additional risks including limited diversification. Companies involved in the real estate industry are subject to changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession.

Small-Cap and Mid-Cap Risk. 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 available information.

Term Risk - 15 months. Although this unit investment trust 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.

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.

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 cyber security.

All data used for the sector and style classification comparisons is from Bloomberg Finance L.P, which we believe to be reliable, but do not take responsibility for its accuracy.

The style and capitalization characteristics used to describe the stocks are designed to help you understand how they fit into your overall investment plan. Due to changes in the value of the stocks the characteristics may vary over time. In general, growth stocks have high relative price-to-book ratios while value stocks have low relative price-to-book ratios. In determining market capitalization characteristics, we analyze the market capitalizations of the 3,000 largest stocks in the U.S. (excluding foreign securities, ADRs, limited partnerships and regulated investment companies) on a monthly basis. Companies with market capitalizations among the largest 10% are considered Large-Cap securities, the next 20% are considered Mid-Cap securities and the remaining securities are considered Small-Cap securities.

You should carefully consider the trust's investment objectives, risks, and charges and expenses 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 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.