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Low Volatility, 28  Ticker: FMZMSX
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: LVOL28
Portfolio Status: Primary
Initial Offer Date: 05/09/2022
Portfolio Ending Date: 08/09/2023
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
Initial Offer Price: $10.0000
NAV(*): $9.5871
POP(*): $9.7168
Remaining Deferred Sales Charge: $0.1350
* As of Trade Date: 06/24/2022 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 6/24/2022) Per Unit (as of 6/24/2022)
2.39% $0.23180
^ 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 4.37%
Consumer Discretionary  Consumer Discretionary 0.00%
Consumer Staples  Consumer Staples 19.50%
Energy  Energy 0.00%
Financials  Financials 18.07%
Health Care  Health Care 14.54%
Industrials  Industrials 7.64%
Information Technology  Information Technology 0.00%
Materials  Materials 4.18%
Real Estate  Real Estate 8.31%
Utilities  Utilities 23.26%
Other  Other 0.13%
  Large Mid Small  
Growth  20.54% 10.52% 0.00%  
Value  47.52% 21.29% 0.00%  

 Style Weighting
Large-Cap Growth 20.54%
Large-Cap Value 47.52%
Mid-Cap Growth 10.52%
Mid-Cap Value 21.29%
Small-Cap Growth 0.00%
Small-Cap Value 0.00%
Undetermined 0.13%
U.S. Stocks 96.07%   Other 0.13%
Non-U.S. Stocks 3.80%      
The style and sector characteristics of the portfolio are determined as of 06/24/2022 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $84,055.92
Price/Earnings 18.41
Price/Book 2.54
As of 6/24/2022
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
 Duke Realty Corporation DRE Real Estate  Real Estate Mid-Cap Growth 2.40%
 Verizon Communications Inc. VZ Communication Services  Communication Services Large-Cap Value 2.20%
 Johnson & Johnson JNJ Health Care  Health Care Large-Cap Growth 2.17%
 AT&T Inc. T Communication Services  Communication Services Large-Cap Value 2.17%
 Air Products and Chemicals, Inc. APD Materials  Materials Large-Cap Value 2.17%
 Merck & Co., Inc. MRK Health Care  Health Care Large-Cap Growth 2.16%
 Bristol-Myers Squibb Company BMY Health Care  Health Care Large-Cap Growth 2.15%
 The Progressive Corporation PGR Financials  Financials Large-Cap Value 2.15%
 Gilead Sciences, Inc. GILD Health Care  Health Care Large-Cap Value 2.13%
 Amgen Inc. AMGN Health Care  Health Care Large-Cap Growth 2.11%
 Nasdaq, Inc. NDAQ Financials  Financials Large-Cap Growth 2.11%
 FactSet Research Systems Inc. FDS Financials  Financials Mid-Cap Growth 2.08%
 General Mills, Inc. GIS Consumer Staples  Consumer Staples Large-Cap Value 2.06%
 The Hershey Company HSY Consumer Staples  Consumer Staples Large-Cap Growth 2.05%
 Abbott Laboratories ABT Health Care  Health Care Large-Cap Growth 2.03%
 Consolidated Edison, Inc. ED Utilities  Utilities Large-Cap Value 2.03%
 W.R. Berkley Corporation WRB Financials  Financials Mid-Cap Value 2.03%
 Kellogg Company K Consumer Staples  Consumer Staples Mid-Cap Growth 2.02%
 Campbell Soup Company CPB Consumer Staples  Consumer Staples Mid-Cap Growth 2.02%
 The Allstate Corporation ALL Financials  Financials Large-Cap Value 2.02%
 Digital Realty Trust, Inc. DLR Real Estate  Real Estate Large-Cap Value 2.02%
 NiSource Inc. NI Utilities  Utilities Mid-Cap Value 2.01%
 Linde Plc LIN Materials  Materials Large-Cap Value 2.01%
 Pinnacle West Capital Corporation PNW Utilities  Utilities Mid-Cap Value 2.00%
 Church & Dwight Co., Inc. CHD Consumer Staples  Consumer Staples Mid-Cap Growth 2.00%
 The Travelers Companies, Inc. TRV Financials  Financials Large-Cap Value 1.99%
 Republic Services, Inc. RSG Industrials  Industrials Large-Cap Growth 1.98%
 Xcel Energy Inc. XEL Utilities  Utilities Large-Cap Value 1.95%
 DTE Energy Company DTE Utilities  Utilities Mid-Cap Value 1.95%
 Equity Residential EQR Real Estate  Real Estate Large-Cap Value 1.95%
 Mondelez International, Inc. MDLZ Consumer Staples  Consumer Staples Large-Cap Value 1.95%
 Assurant, Inc. AIZ Financials  Financials Mid-Cap Value 1.95%
 Evergy, Inc. EVRG Utilities  Utilities Mid-Cap Value 1.95%
 Duke Energy Corporation DUK Utilities  Utilities Large-Cap Value 1.94%
 AvalonBay Communities, Inc. AVB Real Estate  Real Estate Large-Cap Value 1.94%
 PPL Corporation PPL Utilities  Utilities Mid-Cap Value 1.92%
 American Electric Power Company, Inc. AEP Utilities  Utilities Large-Cap Value 1.92%
 The Procter & Gamble Company PG Consumer Staples  Consumer Staples Large-Cap Growth 1.91%
 General Dynamics Corporation GD Industrials  Industrials Large-Cap Value 1.91%
 Entergy Corporation ETR Utilities  Utilities Mid-Cap Value 1.90%
 Loews Corporation L Financials  Financials Mid-Cap Value 1.90%
 Exelon Corporation EXC Utilities  Utilities Large-Cap Value 1.89%
 Hormel Foods Corporation HRL Consumer Staples  Consumer Staples Large-Cap Value 1.88%
 The J.M. Smucker Company SJM Consumer Staples  Consumer Staples Mid-Cap Value 1.88%
 AMETEK, Inc. AME Industrials  Industrials Large-Cap Value 1.88%
 3M Company MMM Industrials  Industrials Large-Cap Growth 1.87%
 Berkshire Hathaway Inc. (Class B) BRK/B Financials  Financials Large-Cap Value 1.84%
 FirstEnergy Corp. FE Utilities  Utilities Mid-Cap Value 1.80%
 Medtronic Plc MDT Health Care  Health Care Large-Cap Value 1.79%
 Archer-Daniels-Midland Company ADM Consumer Staples  Consumer Staples Large-Cap Value 1.73%
Total Number of Holdings:    50
Underlying Securities information represented above is as of 06/24/2022 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.05%
  Deferred:  1.39%
C&D Fee:    0.51%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30326G306 Cash Semi-Annual
30326G314 Reinvest Semi-Annual
* Based on the offer price as of 06/24/2022 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.52%
Maximum Sales Charge:   0.52%
CUSIP Type Distribution
30326G322 Cash-Fee Semi-Annual
30326G330 Reinvest-Fee Semi-Annual
* Based on the NAV price as of 06/24/2022 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 August 19, 2022
$0.04500 September 20, 2022
$0.04500 October 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.

Mid-Cap Risk. An investment in a portfolio containing mid-cap companies is subject to additional risks, as the share prices of 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.

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.

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.

Fund Cusip Information
30326G306 (Cash)
30326G314 (Reinvest)
30326G322 (Cash-Fee)
30326G330 (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.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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