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Target Dividend Blend, 1st Qtr 2023  Ticker: FWJRFX
A unit investment trust that seeks above-average total return; however, there is no assurance the objective will be met. The stocks in the portfolio are selected by applying pre-determined screens and factors.
Please note that there is no assurance the objective will be met.
Product Code: DB1Q23
Portfolio Status: Secondary
Initial Offer Date: 01/10/2023
Secondary Date: 04/10/2023
Portfolio Ending Date: 04/09/2024
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.0245
POP(*): $9.1480
Remaining Deferred Sales Charge: $0.0450
* As of Trade Date: 05/26/2023 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 5/26/2023) Per Unit (as of 5/26/2023)
5.47% $0.50010
^ 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 4.99%
Consumer Discretionary  Consumer Discretionary 12.51%
Consumer Staples  Consumer Staples 5.97%
Energy  Energy 8.66%
Financials  Financials 22.49%
Health Care  Health Care 1.86%
Industrials  Industrials 14.58%
Information Technology  Information Technology 9.91%
Materials  Materials 10.19%
Real Estate  Real Estate 7.61%
Utilities  Utilities 0.76%
Other  Other 0.47%
  Large Mid Small  
Growth  9.50% 10.42% 5.48%  
Value  17.94% 31.85% 24.34%  

 Style Weighting
Large-Cap Growth 9.50%
Large-Cap Value 17.94%
Mid-Cap Growth 10.42%
Mid-Cap Value 31.85%
Small-Cap Growth 5.48%
Small-Cap Value 24.34%
Undetermined 0.47%
U.S. Stocks 72.43%   Other 0.47%
Non-U.S. Stocks 27.10%      
The style and sector characteristics of the portfolio are determined as of 05/26/2023 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $26,626
Price/Earnings 6.59
Price/Book 1.34
As of 5/26/2023
All market capitalization numbers are in USD$ Millions. All figures are subject to change.

 Holdings  Export Current Holdings | View Initial Holdings  
 NXP Semiconductors N.V. NXPI Information Technology  Information Technology Large-Cap Growth 2.00%
 HP Inc. HPQ Information Technology  Information Technology Large-Cap Growth 1.96%
 Skyworks Solutions, Inc. SWKS Information Technology  Information Technology Mid-Cap Value 1.94%
 Snap-on Incorporated SNA Industrials  Industrials Mid-Cap Value 1.89%
 Comcast Corporation (Class A) CMCSA Communication Services  Communication Services Large-Cap Value 1.87%
 The Kroger Co. KR Consumer Staples  Consumer Staples Large-Cap Value 1.86%
 Ally Financial Inc. ALLY Financials  Financials Mid-Cap Value 1.81%
 General Mills, Inc. GIS Consumer Staples  Consumer Staples Large-Cap Growth 1.76%
 Thor Industries, Inc. THO Consumer Discretionary  Consumer Discretionary Small-Cap Value 1.75%
 First American Financial Corporation FAF Financials  Financials Mid-Cap Value 1.73%
 Packaging Corporation of America PKG Materials  Materials Mid-Cap Value 1.72%
 T. Rowe Price Group, Inc. TROW Financials  Financials Mid-Cap Value 1.70%
 QUALCOMM Incorporated QCOM Information Technology  Information Technology Large-Cap Growth 1.69%
 Lockheed Martin Corporation LMT Industrials  Industrials Large-Cap Growth 1.65%
 Celanese Corporation CE Materials  Materials Mid-Cap Value 1.65%
 Best Buy Co., Inc. BBY Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.60%
 Williams-Sonoma, Inc. WSM Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.60%
 Bank OZK OZK Financials  Financials Small-Cap Value 1.59%
 Robert Half International Inc. RHI Industrials  Industrials Mid-Cap Growth 1.57%
 Whirlpool Corporation WHR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.56%
 Cummins Inc. CMI Industrials  Industrials Large-Cap Value 1.56%
 Fidelity National Financial, Inc. FNF Financials  Financials Mid-Cap Value 1.56%
 Franklin Resources, Inc. BEN Financials  Financials Mid-Cap Value 1.54%
 Popular, Inc. BPOP Financials  Financials Small-Cap Value 1.52%
 Magna International Inc. (Class A) MGA Consumer Discretionary  Consumer Discretionary Mid-Cap Value 1.49%
 ManpowerGroup Inc. MAN Industrials  Industrials Small-Cap Value 1.47%
 Radian Group Inc. RDN Financials  Financials Small-Cap Value 1.46%
 Jefferies Financial Group Inc. JEF Financials  Financials Mid-Cap Value 1.46%
 Tyson Foods, Inc. (Class A) TSN Consumer Staples  Consumer Staples Mid-Cap Value 1.40%
 Fifth Third Bancorp FITB Financials  Financials Mid-Cap Value 1.30%
 Nutrien Ltd. NTR Materials  Materials Large-Cap Value 1.30%
 Chord Energy Corporation CHRD Energy  Energy Mid-Cap Value 1.28%
 Triton International Limited TRTN Industrials  Industrials Mid-Cap Value 1.27%
 ASE Technology Holding Co., Ltd. ASX Information Technology  Information Technology Mid-Cap Growth 1.26%
 Petroleo Brasileiro S.A. - Petrobras (ADR) PBR Energy  Energy Large-Cap Value 1.25%
 Orange (ADR) ORAN Communication Services  Communication Services Large-Cap Value 1.23%
 Boise Cascade Company BCC Industrials  Industrials Small-Cap Value 1.20%
 Victory Capital Holdings, Inc. (Class A) VCTR Financials  Financials Small-Cap Growth 1.20%
 Novartis AG (ADR) NVS Health Care  Health Care Large-Cap Value 1.14%
 Danaos Corporation DAC Industrials  Industrials Small-Cap Value 1.14%
 Northern Oil and Gas, Inc. NOG Energy  Energy Small-Cap Growth 1.12%
 Red Rock Resorts, Inc. (Class A) RRR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.12%
 Stellantis N.V. STLA Consumer Discretionary  Consumer Discretionary Large-Cap Value 1.10%
 Enact Holdings, Inc. ACT Financials  Financials Small-Cap Value 1.09%
 Shell Plc (ADR) SHEL Energy  Energy Large-Cap Value 1.08%
 Himax Technologies, Inc. (ADR) HIMX Information Technology  Information Technology Small-Cap Value 1.06%
 TORM Plc (Class A) TRMD Energy  Energy Small-Cap Value 1.05%
 Eni SpA (ADR) E Energy  Energy Large-Cap Value 1.02%
 Dow Inc. DOW Materials  Materials Large-Cap Value 0.99%
 Sinclair Broadcast Group, Inc. SBGI Communication Services  Communication Services Small-Cap Value 0.98%
 Star Bulk Carriers Corp. SBLK Industrials  Industrials Small-Cap Value 0.97%
 Woori Financial Group Inc. (ADR) WF Financials  Financials Mid-Cap Value 0.97%
 Gerdau S.A. (ADR) GGB Materials  Materials Mid-Cap Value 0.96%
 Greif, Inc. (Class B) GEF/B Materials  Materials Small-Cap Growth 0.96%
 Cal-Maine Foods, Inc. CALM Consumer Staples  Consumer Staples Small-Cap Value 0.95%
 Golden Ocean Group Limited GOGL Industrials  Industrials Small-Cap Value 0.95%
 Phillips 66 PSX Energy  Energy Large-Cap Value 0.93%
 AGCO Corporation AGCO Industrials  Industrials Mid-Cap Value 0.91%
 KT Corporation (ADR) KT Communication Services  Communication Services Mid-Cap Value 0.91%
 BHP Group Ltd (ADR) BHP Materials  Materials Large-Cap Value 0.90%
 Rio Tinto Plc (ADR) RIO Materials  Materials Large-Cap Value 0.90%
 Jackson Financial Inc. (Class A) JXN Financials  Financials Small-Cap Value 0.89%
 Dillard's, Inc. (Class A) DDS Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.88%
 FinVolution Group (ADR) FINV Financials  Financials Small-Cap Value 0.82%
 Vale S.A. (ADR) VALE Materials  Materials Large-Cap Value 0.81%
 Arch Resources Inc. ARCH Energy  Energy Small-Cap Value 0.81%
 UGI Corporation UGI Utilities  Utilities Mid-Cap Value 0.76%
 Organon & Co. OGN Health Care  Health Care Mid-Cap Growth 0.72%
 Foot Locker, Inc. FL Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.71%
 The Buckle, Inc. BKE Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.70%
 Tanger Factory Outlet Centers, Inc. SKT Real Estate  Real Estate Small-Cap Growth 0.59%
 PotlatchDeltic Corporation PCH Real Estate  Real Estate Small-Cap Value 0.56%
 Apartment Income REIT Corp. AIRC Real Estate  Real Estate Mid-Cap Value 0.53%
 Omega Healthcare Investors, Inc. OHI Real Estate  Real Estate Mid-Cap Value 0.52%
 Getty Realty Corp. GTY Real Estate  Real Estate Small-Cap Growth 0.52%
 LXP Industrial Trust LXP Real Estate  Real Estate Small-Cap Value 0.51%
 Rithm Capital Corp. RITM Financials  Financials Small-Cap Value 0.51%
 Lamar Advertising Company LAMR Real Estate  Real Estate Mid-Cap Growth 0.50%
 Apollo Commercial Real Estate Finance, Inc. ARI Financials  Financials Small-Cap Value 0.49%
 Gaming and Leisure Properties, Inc. GLPI Real Estate  Real Estate Mid-Cap Growth 0.49%
 SITE Centers Corp. SITC Real Estate  Real Estate Small-Cap Value 0.48%
 LTC Properties, Inc. LTC Real Estate  Real Estate Small-Cap Value 0.46%
 Brixmor Property Group Inc. BRX Real Estate  Real Estate Mid-Cap Value 0.46%
 Simon Property Group, Inc. SPG Real Estate  Real Estate Large-Cap Growth 0.44%
 Annaly Capital Management, Inc. NLY Financials  Financials Mid-Cap Value 0.44%
 Federal Realty Investment Trust FRT Real Estate  Real Estate Mid-Cap Value 0.43%
 Two Harbors Investment Corp. TWO Financials  Financials Small-Cap Value 0.41%
 Highwoods Properties, Inc. HIW Real Estate  Real Estate Small-Cap Value 0.39%
 Alexander's, Inc. ALX Real Estate  Real Estate Small-Cap Growth 0.39%
 Medical Properties Trust, Inc. MPW Real Estate  Real Estate Mid-Cap Value 0.34%
 Vitesse Energy, Inc. VTS Energy  Energy Small-Cap Value 0.12%
Total Number of Holdings:    91
Underlying Securities information represented above is as of 05/26/2023 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 April 20, 2023
$0.04500 May 19, 2023
$0.04500 June 20, 2023

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.

Sector Concentration Risk. A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

COVID-19 Economic Impact Risk. The ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

Emerging Markets Risk. Risks associated with investing in non-U.S. securities may be more pronounced in emerging and developing markets where the securities markets are substantially smaller, less developed, less liquid, less regulated, and more volatile than the U.S. and developed non-U.S. markets.

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.

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.

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.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2023 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Fund Cusip Information
30329N548 (Cash)
30329N555 (Reinvest)
30329N563 (Cash-Fee)
30329N571 (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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