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Low Volatility, 15  Ticker: FSPVAX
A unit investment trust that seeks above-average capital appreciation by investing in well-capitalized companies which have displayed low price fluctuations over time while also retaining capital growth potential.
Please note that there is no assurance the objective will be met.
Product Code: LVOL15
Portfolio Status: Secondary
Initial Offer Date: 03/13/2019
Secondary Date: 06/10/2019
Portfolio Ending Date: 06/15/2020
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
Initial Offer Price: $10.0000
NAV(*): $10.7055
POP(*): $10.8520
Remaining Deferred Sales Charge: $0.0900
* As of Trade Date: 07/16/2019 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 (as of 7/16/2019) Per Unit (as of 7/15/2019)
2.19% $0.23760
^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 and historical 12-month distribution rate 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 distribution rate is calculated by dividing the historical 12-month distributions by the trust's offering price. The historical 12-month distribution and rate 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 rate is calculated using only 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 and rate 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 6.15%
Consumer Discretionary  Consumer Discretionary 8.02%
Consumer Staples  Consumer Staples 12.50%
Energy  Energy 1.73%
Financials  Financials 24.86%
Health Care  Health Care 5.57%
Industrials  Industrials 6.24%
Information Technology  Information Technology 8.14%
Materials  Materials 2.29%
Real Estate  Real Estate 1.86%
Utilities  Utilities 22.44%
Other  Other 0.20%
  Large Mid Small  
Growth  22.68% 11.62% 0.00%  
Value  55.93% 9.57% 0.00%  

 Style Weighting
Large-Cap Growth 22.68%
Large-Cap Value 55.93%
Mid-Cap Growth 11.62%
Mid-Cap Value 9.57%
Small-Cap Growth 0.00%
Small-Cap Value 0.00%
Undetermined 0.20%
U.S. Stocks 93.65%   Other 0.20%
Non-U.S. Stocks 6.15%      
The style and sector characteristics of the portfolio are determined as of 07/15/2019 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $81,259.49
Weighted Average Price/Earnings 19.82
Weighted Average Price/Book 2.56
As of 7/15/2019
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
 The Walt Disney Company DIS Communication Services  Communication Services Large-Cap Value 2.32%
 The Hershey Company HSY Consumer Staples  Consumer Staples Large-Cap Growth 2.29%
 Air Products and Chemicals, Inc. APD Materials  Materials Large-Cap Value 2.29%
 Intercontinental Exchange, Inc. ICE Financials  Financials Large-Cap Value 2.28%
 Fidelity National Information Services, Inc. FIS Information Technology  Information Technology Large-Cap Value 2.23%
 The Home Depot, Inc. HD Consumer Discretionary  Consumer Discretionary Large-Cap Growth 2.20%
 CME Group Inc. CME Financials  Financials Large-Cap Value 2.19%
 Waste Management, Inc. WM Industrials  Industrials Large-Cap Growth 2.16%
 The Hartford Financial Services Group, Inc. HIG Financials  Financials Large-Cap Value 2.15%
 Everest Re Group, Ltd. RE Financials  Financials Mid-Cap Value 2.14%
 Arthur J. Gallagher & Co. AJG Financials  Financials Mid-Cap Growth 2.13%
 The Procter & Gamble Company PG Consumer Staples  Consumer Staples Large-Cap Growth 2.12%
 Aflac Incorporated AFL Financials  Financials Large-Cap Value 2.11%
 The Travelers Companies, Inc. TRV Financials  Financials Large-Cap Value 2.11%
 Mondelez International, Inc. MDLZ Consumer Staples  Consumer Staples Large-Cap Value 2.10%
 McCormick & Company, Incorporated MKC Consumer Staples  Consumer Staples Large-Cap Growth 2.08%
 Honeywell International Inc. HON Industrials  Industrials Large-Cap Growth 2.07%
 The Western Union Company WU Information Technology  Information Technology Mid-Cap Growth 2.07%
 PepsiCo, Inc. PEP Consumer Staples  Consumer Staples Large-Cap Growth 2.06%
 Chubb Limited CB Financials  Financials Large-Cap Value 2.06%
 Yum! Brands, Inc. YUM Consumer Discretionary  Consumer Discretionary Large-Cap Growth 2.05%
 The Allstate Corporation ALL Financials  Financials Large-Cap Value 2.04%
 Torchmark Corporation TMK Financials  Financials Mid-Cap Value 2.02%
 Republic Services, Inc. RSG Industrials  Industrials Large-Cap Value 2.01%
 AT&T Inc. T Communication Services  Communication Services Large-Cap Value 1.99%
 American Electric Power Company, Inc. AEP Utilities  Utilities Large-Cap Value 1.99%
 Entergy Corporation ETR Utilities  Utilities Large-Cap Value 1.98%
 NextEra Energy, Inc. NEE Utilities  Utilities Large-Cap Value 1.98%
 The TJX Companies, Inc. TJX Consumer Discretionary  Consumer Discretionary Large-Cap Growth 1.97%
 Medtronic Plc MDT Health Care  Health Care Large-Cap Value 1.95%
 Amphenol Corporation APH Information Technology  Information Technology Large-Cap Growth 1.93%
 DTE Energy Company DTE Utilities  Utilities Large-Cap Value 1.92%
 Jack Henry & Associates, Inc. JKHY Information Technology  Information Technology Mid-Cap Growth 1.91%
 Ameren Corporation AEE Utilities  Utilities Mid-Cap Value 1.89%
 Public Service Enterprise Group Incorporated PEG Utilities  Utilities Large-Cap Value 1.88%
 Consolidated Edison, Inc. ED Utilities  Utilities Large-Cap Value 1.88%
 U.S. Bancorp USB Financials  Financials Large-Cap Value 1.88%
 Pfizer Inc. PFE Health Care  Health Care Large-Cap Value 1.87%
 Apartment Investment and Management Company AIV Real Estate  Real Estate Mid-Cap Growth 1.86%
 Kellogg Company K Consumer Staples  Consumer Staples Mid-Cap Growth 1.85%
 Dominion Energy, Inc. D Utilities  Utilities Large-Cap Value 1.85%
 Verizon Communications Inc. VZ Communication Services  Communication Services Large-Cap Value 1.84%
 Duke Energy Corporation DUK Utilities  Utilities Large-Cap Value 1.80%
 Genuine Parts Company GPC Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.80%
 Exelon Corporation EXC Utilities  Utilities Large-Cap Value 1.79%
 Pinnacle West Capital Corporation PNW Utilities  Utilities Mid-Cap Value 1.77%
 Johnson & Johnson JNJ Health Care  Health Care Large-Cap Growth 1.75%
 People's United Financial, Inc. PBCT Financials  Financials Mid-Cap Value 1.75%
 Exxon Mobil Corporation XOM Energy  Energy Large-Cap Value 1.73%
 PPL Corporation PPL Utilities  Utilities Large-Cap Value 1.71%
Total Number of Holdings:    50
Underlying Securities information represented above is as of 07/15/2019 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 June 20, 2019
$0.04500 July 19, 2019
$0.04500 August 20, 2019

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.

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.

Fund Cusip Information
30310U741 (Cash)
30310U758 (Reinvest)
30310U766 (Cash-Fee)
30310U774 (Reinvest-Fee)
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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 advisors 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.
First Trust Advisors L.P.
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