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Target VIP, 2nd Qtr 2022  Ticker: FOLQSX
 
Description
A unit investment trust that seeks above-average total return; however, there is no assurance the objective will be met. The portfolio provides you with the convenience of owning six distinct strategies in one investment. It invests in a fixed portfolio of stocks which are selected by applying pre-determined screens and factors.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: VP2Q22
Portfolio Status: Primary
Initial Offer Date: 04/11/2022
Portfolio Ending Date: 07/07/2023
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $8.7039
POP(*): $8.8170
Remaining Deferred Sales Charge: $0.1350
* As of Trade Date: 06/27/2022 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 6/27/2022) Per Unit (as of 6/27/2022)
1.90% $0.16760
^ 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. 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. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

 Holdings Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Communication Services  Communication Services 11.20%
Consumer Discretionary  Consumer Discretionary 12.17%
Consumer Staples  Consumer Staples 4.12%
Energy  Energy 1.45%
Financials  Financials 22.56%
Health Care  Health Care 8.09%
Industrials  Industrials 7.47%
Information Technology  Information Technology 23.62%
Materials  Materials 5.53%
Real Estate  Real Estate 0.46%
Utilities  Utilities 3.24%
Other  Other 0.09%
 
  Large Mid Small  
Growth  43.15% 3.54% 8.95%  
Value  33.70% 1.02% 9.55%  

 Style Weighting
Large-Cap Growth 43.15%
Large-Cap Value 33.70%
Mid-Cap Growth 3.54%
Mid-Cap Value 1.02%
Small-Cap Growth 8.95%
Small-Cap Value 9.55%
Undetermined 0.09%
 Composition
U.S. Stocks 82.02%   Other 0.09%
Non-U.S. Stocks 17.89%      
The style and sector characteristics of the portfolio are determined as of 06/27/2022 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $545,277.04
Price/Earnings 9.86
Price/Book 1.94
As of 6/27/2022
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolSectorStyleWeighting
 Apple Inc. AAPL Information Technology  Information Technology Large-Cap Growth 11.70%
 Alphabet Inc. (Class A) GOOGL Communication Services  Communication Services Large-Cap Growth 5.34%
 Microsoft Corporation MSFT Information Technology  Information Technology Large-Cap Growth 4.16%
 The Goldman Sachs Group, Inc. GS Financials  Financials Large-Cap Value 3.63%
 The Home Depot, Inc. HD Consumer Discretionary  Consumer Discretionary Large-Cap Growth 3.54%
 The Travelers Companies, Inc. TRV Financials  Financials Large-Cap Value 3.48%
 American Express Company AXP Financials  Financials Large-Cap Growth 3.26%
 Dow Inc. DOW Materials  Materials Large-Cap Value 3.23%
 Alphabet Inc. (Class C) GOOG Communication Services  Communication Services Large-Cap Growth 3.18%
 Regeneron Pharmaceuticals, Inc. REGN Health Care  Health Care Large-Cap Value 1.86%
 Berkshire Hathaway Inc. (Class B) BRK/B Financials  Financials Large-Cap Value 1.42%
 AutoZone, Inc. AZO Consumer Discretionary  Consumer Discretionary Large-Cap Growth 1.36%
 QUALCOMM Incorporated QCOM Information Technology  Information Technology Large-Cap Growth 1.32%
 Broadcom Inc. AVGO Information Technology  Information Technology Large-Cap Growth 1.30%
 Costco Wholesale Corporation COST Consumer Staples  Consumer Staples Large-Cap Growth 1.26%
 The Procter & Gamble Company PG Consumer Staples  Consumer Staples Large-Cap Growth 1.04%
 Vertex Pharmaceuticals Incorporated VRTX Health Care  Health Care Large-Cap Growth 1.01%
 British American Tobacco Plc BATS.LN Consumer Staples  Consumer Staples Large-Cap Value 0.98%
 Micron Technology, Inc. MU Information Technology  Information Technology Large-Cap Value 0.97%
 ING Groep N.V. INGA.NA Financials  Financials Large-Cap Value 0.97%
 Orange ORA.FP Communication Services  Communication Services Large-Cap Value 0.95%
 BNP Paribas S.A. BNP.FP Financials  Financials Large-Cap Value 0.94%
 Bayerische Motoren Werke (BMW) AG BMW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.92%
 A.P. Moeller - Maersk A/S (Class B) MAERSKB.DC Industrials  Industrials Large-Cap Value 0.91%
 Engie S.A. ENGI.FP Utilities  Utilities Large-Cap Value 0.90%
 Vodafone Group Plc VOD.LN Communication Services  Communication Services Large-Cap Value 0.89%
 HCA Healthcare, Inc. HCA Health Care  Health Care Large-Cap Growth 0.89%
 Mercedes-Benz Group AG MBG.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.87%
 ArcBest Corporation ARCB Industrials  Industrials Small-Cap Value 0.86%
 Electricite de France S.A. EDF.FP Utilities  Utilities Large-Cap Value 0.85%
 Nordea Bank Abp NDA.SS Financials  Financials Large-Cap Value 0.85%
 CSX Corporation CSX Industrials  Industrials Large-Cap Growth 0.84%
 Credit Agricole S.A. ACA.FP Financials  Financials Large-Cap Value 0.84%
 Banco Bilbao Vizcaya Argentaria, S.A. BBVA.SM Financials  Financials Large-Cap Value 0.83%
 Stellantis N.V. STLA.IM Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.83%
 Hapag-Lloyd AG HLAG.GY Industrials  Industrials Large-Cap Value 0.83%
 UnitedHealth Group Incorporated UNH Health Care  Health Care Large-Cap Growth 0.82%
 Enel SpA ENEL.IM Utilities  Utilities Large-Cap Value 0.81%
 Eni SpA ENI.IM Energy  Energy Large-Cap Value 0.79%
 AXA S.A. CS.FP Financials  Financials Large-Cap Value 0.79%
 BASF SE BAS.GY Materials  Materials Large-Cap Value 0.78%
 NVIDIA Corporation NVDA Information Technology  Information Technology Large-Cap Growth 0.78%
 W.W. Grainger, Inc. GWW Industrials  Industrials Mid-Cap Growth 0.76%
 Rio Tinto Plc RIO.LN Materials  Materials Large-Cap Value 0.73%
 Ulta Beauty, Inc. ULTA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.69%
 Northwest Natural Holding Company NWN Utilities  Utilities Small-Cap Value 0.68%
 Palomar Holdings, Inc. PLMR Financials  Financials Small-Cap Growth 0.62%
 Northwest Bancshares, Inc. NWBI Financials  Financials Small-Cap Value 0.61%
 Stride Inc. LRN Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.60%
 Horace Mann Educators Corporation HMN Financials  Financials Small-Cap Value 0.59%
 Dynavax Technologies Corporation DVAX Health Care  Health Care Small-Cap Growth 0.59%
 e.l.f. Beauty, Inc. ELF Consumer Staples  Consumer Staples Small-Cap Growth 0.57%
 MYR Group Inc. MYRG Industrials  Industrials Small-Cap Growth 0.56%
 Franchise Group, Inc. FRG Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.56%
 Encore Capital Group, Inc. ECPG Financials  Financials Small-Cap Value 0.54%
 Methode Electronics, Inc. MEI Information Technology  Information Technology Small-Cap Value 0.53%
 Virtus Investment Partners, Inc. VRTS Financials  Financials Small-Cap Value 0.53%
 Stewart Information Services Corporation STC Financials  Financials Small-Cap Value 0.51%
 Meridian Bioscience, Inc. VIVO Health Care  Health Care Small-Cap Growth 0.49%
 Domino's Pizza, Inc. DPZ Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.48%
 Meta Financial Group, Inc. CASH Financials  Financials Small-Cap Value 0.46%
 Anywhere Real Estate Inc. HOUS Real Estate  Real Estate Small-Cap Value 0.46%
 Customers Bancorp, Inc. CUBI Financials  Financials Small-Cap Value 0.45%
 The Bancorp, Inc. TBBK Financials  Financials Small-Cap Value 0.43%
 A10 Networks, Inc. ATEN Information Technology  Information Technology Small-Cap Growth 0.43%
 Sturm, Ruger & Company, Inc. RGR Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.42%
 REGENXBIO Inc. RGNX Health Care  Health Care Small-Cap Value 0.42%
 Construction Partners, Inc. (Class A) ROAD Industrials  Industrials Small-Cap Growth 0.41%
 Energy Recovery, Inc. ERII Industrials  Industrials Small-Cap Growth 0.40%
 Innoviva, Inc. INVA Health Care  Health Care Small-Cap Growth 0.39%
 Mesa Laboratories, Inc. MLAB Health Care  Health Care Small-Cap Growth 0.39%
 Meta Platforms Inc. (Class A) META Communication Services  Communication Services Large-Cap Value 0.39%
 Veeco Instruments Inc. VECO Information Technology  Information Technology Small-Cap Growth 0.38%
 Avid Bioservices, Inc. CDMO Health Care  Health Care Small-Cap Growth 0.38%
 Donnelley Financial Solutions, Inc. DFIN Financials  Financials Small-Cap Growth 0.37%
 Schnitzer Steel Industries, Inc. SCHN Materials  Materials Small-Cap Value 0.35%
 Seagate Technology Holdings Plc STX Information Technology  Information Technology Mid-Cap Growth 0.33%
 VeriSign, Inc. VRSN Information Technology  Information Technology Mid-Cap Growth 0.31%
 Varex Imaging Corporation VREX Health Care  Health Care Small-Cap Value 0.30%
 Halliburton Company HAL Energy  Energy Large-Cap Value 0.28%
 Genesco Inc. GCO Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.28%
 A.O. Smith Corporation AOS Industrials  Industrials Mid-Cap Growth 0.28%
 Cross Country Healthcare, Inc. CCRN Health Care  Health Care Small-Cap Growth 0.28%
 Robert Half International Inc. RHI Industrials  Industrials Mid-Cap Growth 0.27%
 Quest Diagnostics Incorporated DGX Health Care  Health Care Mid-Cap Value 0.27%
 HCI Group, Inc. HCI Financials  Financials Small-Cap Growth 0.26%
 ONEOK, Inc. OKE Energy  Energy Large-Cap Value 0.25%
 IDT Corporation (Class B) IDT Communication Services  Communication Services Small-Cap Growth 0.25%
 BlueLinx Holdings Inc. BXC Industrials  Industrials Small-Cap Value 0.25%
 Shoe Carnival, Inc. SCVL Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.24%
 Hub Group, Inc. HUBG Industrials  Industrials Small-Cap Value 0.22%
 Forward Air Corporation FWRD Industrials  Industrials Small-Cap Growth 0.21%
 Zumiez Inc. ZUMZ Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.21%
 Ebix, Inc. EBIX Information Technology  Information Technology Small-Cap Value 0.21%
 Arrow Electronics, Inc. ARW Information Technology  Information Technology Mid-Cap Value 0.20%
 Mueller Industries, Inc. MLI Industrials  Industrials Small-Cap Growth 0.20%
 KLA Corporation KLAC Information Technology  Information Technology Large-Cap Growth 0.20%
 Lithia Motors, Inc. LAD Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.20%
 Dillard's, Inc. (Class A) DDS Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.19%
 Dollar Tree, Inc. DLTR Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.19%
 Marsh & McLennan Companies, Inc. MMC Financials  Financials Large-Cap Growth 0.18%
 Sirius XM Holdings Inc. SIRI Communication Services  Communication Services Large-Cap Growth 0.18%
 Paychex, Inc. PAYX Information Technology  Information Technology Large-Cap Growth 0.17%
 Lowe's Companies, Inc. LOW Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.17%
 O'Reilly Automotive, Inc. ORLY Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.17%
 Builders FirstSource, Inc. BLDR Industrials  Industrials Mid-Cap Value 0.17%
 Boise Cascade Company BCC Industrials  Industrials Small-Cap Value 0.17%
 Advanced Micro Devices, Inc. AMD Information Technology  Information Technology Large-Cap Value 0.16%
 Choice Hotels International, Inc. CHH Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.16%
 STMicroelectronics N.V. STM Information Technology  Information Technology Large-Cap Value 0.16%
 Commercial Metals Company CMC Materials  Materials Small-Cap Value 0.16%
 SS&C Technologies Holdings, Inc. SSNC Information Technology  Information Technology Mid-Cap Value 0.16%
 Cognizant Technology Solutions Corporation CTSH Information Technology  Information Technology Large-Cap Value 0.15%
 Nucor Corporation NUE Materials  Materials Large-Cap Value 0.14%
 The Hershey Company HSY Consumer Staples  Consumer Staples Large-Cap Growth 0.14%
 Southern Copper Corporation SCCO Materials  Materials Large-Cap Growth 0.14%
 General Mills, Inc. GIS Consumer Staples  Consumer Staples Large-Cap Value 0.13%
 Avis Budget Group, Inc. CAR Industrials  Industrials Mid-Cap Growth 0.13%
 APA Corporation APA Energy  Energy Mid-Cap Growth 0.13%
 Big 5 Sporting Goods Corporation BGFV Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.09%
 Fox Corporation (Class A) FOXA Communication Services  Communication Services Mid-Cap Value 0.02%
 
Total Number of Holdings:    121
Underlying Securities information represented above is as of 06/27/2022 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.25%
  Deferred:  1.53%
C&D Fee:    0.57%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30325G547 Cash Semi-Annual
30325G554 Reinvest Semi-Annual
* Based on the offer price as of 06/27/2022 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.57%
Maximum Sales Charge:   0.57%
CUSIP Type Distribution
30325G562 Cash-Fee Semi-Annual
30325G570 Reinvest-Fee Semi-Annual
* Based on the NAV price as of 06/27/2022 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 July 20, 2022
$0.04500 August 19, 2022
$0.04500 September 20, 2022

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.

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has caused and may continue to cause significant volatility and declines in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

Foreign Securities Risk. 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.

Large-Cap Risk. Large capitalization companies may grow at a slower rate than the overall market.

Market Disruption Risk. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

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 cybersecurity.

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 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.

The Dow Jones Industrial Average is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Portfolios L.P. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average.

The Nasdaq 100®, Nasdaq 100 Index®, and Nasdaq® are trade or service marks of Nasdaq, Inc. (which with its affiliates are the Corporations) and are licensed for use by First Trust Portfolios L.P. The portfolio has not been passed on by the Corporations as to its legality or suitability. The portfolio is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PORTFOLIO.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust Portfolios L.P. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

"Value Line", "The Value Line Investment Survey", and "Timeliness" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") and have been licensed for use for certain purposes by First Trust Portfolios L.P. This product is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Portfolios L.P. is not affiliated with any Value Line company.

Fund Cusip Information
30325G547 (Cash)
30325G554 (Reinvest)
30325G562 (Cash-Fee)
30325G570 (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 professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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