Target Focus Four, 3rd Qtr 2025  Ticker: FZYPAX
 
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 four 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: F43Q25
Portfolio Status: Secondary
Initial Offer Date: 07/10/2025
Secondary Date: 10/10/2025
Portfolio Ending Date: 10/09/2026
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $12.6269
POP(*): $12.7997
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 05/06/2026 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any 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 5/6/2026) Per Unit (as of 5/4/2026)
1.87% $0.23990
^ 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 3.86%
Consumer Discretionary  Consumer Discretionary 10.60%
Consumer Staples  Consumer Staples 1.12%
Energy  Energy 8.84%
Financials  Financials 27.13%
Health Care  Health Care 9.22%
Industrials  Industrials 11.93%
Information Technology  Information Technology 13.58%
Materials  Materials 4.29%
Real Estate  Real Estate 1.73%
Utilities  Utilities 6.57%
Other  Other 1.13%
 
  Large Mid Small  
Growth  19.31% 9.55% 0.80%  
Value  23.81% 30.47% 14.93%  

 Style Weighting
Large-Cap Growth 19.31%
Large-Cap Value 23.81%
Mid-Cap Growth 9.55%
Mid-Cap Value 30.47%
Small-Cap Growth 0.80%
Small-Cap Value 14.93%
Undetermined 1.13%
 Composition
U.S. Stocks 83.52%   Other 1.13%
Non-U.S. Stocks 15.35%      
The style and sector characteristics of the portfolio are determined as of 05/05/2026 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $46,330
Price/Earnings 16.39
Price/Book 1.60
As of 5/5/2026
All market capitalization numbers are in USD$ Millions. All figures are subject to change.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolSectorStyleWeighting
 Amphenol Corporation APH Information Technology  Information Technology Large-Cap Growth 5.85%
 HCA Healthcare, Inc. HCA Health Care  Health Care Large-Cap Value 3.65%
 Howmet Aerospace Inc. HWM Industrials  Industrials Large-Cap Growth 3.46%
 Comfort Systems USA, Inc. FIX Industrials  Industrials Large-Cap Growth 2.54%
 F.N.B. Corporation FNB Financials  Financials Mid-Cap Value 1.91%
 Invesco Ltd. IVZ Financials  Financials Mid-Cap Value 1.87%
 EchoStar Corporation (Class A) SATS Communication Services  Communication Services Large-Cap Growth 1.86%
 Amkor Technology, Inc. AMKR Information Technology  Information Technology Mid-Cap Growth 1.80%
 Fifth Third Bancorp FITB Financials  Financials Large-Cap Value 1.73%
 Celestica Inc. CLS Information Technology  Information Technology Large-Cap Growth 1.69%
 Unum Group UNM Financials  Financials Mid-Cap Value 1.68%
 Cardinal Health, Inc. CAH Health Care  Health Care Large-Cap Value 1.67%
 Valley National Bancorp VLY Financials  Financials Mid-Cap Value 1.65%
 Edison International EIX Utilities  Utilities Mid-Cap Value 1.58%
 Citizens Financial Group, Inc. CFG Financials  Financials Mid-Cap Value 1.57%
 Lincoln National Corporation LNC Financials  Financials Mid-Cap Value 1.52%
 EMCOR Group, Inc. EME Industrials  Industrials Large-Cap Growth 1.47%
 Southwest Gas Holdings, Inc. SWX Utilities  Utilities Mid-Cap Value 1.46%
 U.S. Bancorp USB Financials  Financials Large-Cap Value 1.36%
 United Bankshares, Inc. UBSI Financials  Financials Mid-Cap Value 1.33%
 Regions Financial Corporation RF Financials  Financials Mid-Cap Value 1.32%
 Jabil Inc. JBL Information Technology  Information Technology Large-Cap Growth 1.31%
 Verizon Communications Inc. VZ Communication Services  Communication Services Large-Cap Value 1.28%
 Truist Financial Corporation TFC Financials  Financials Large-Cap Value 1.28%
 Eversource Energy ES Utilities  Utilities Mid-Cap Value 1.24%
 Pfizer Inc. PFE Health Care  Health Care Large-Cap Value 1.20%
 Ford Motor Company F Consumer Discretionary  Consumer Discretionary Large-Cap Value 1.17%
 UGI Corporation UGI Utilities  Utilities Mid-Cap Value 1.16%
 NRG Energy, Inc. NRG Utilities  Utilities Large-Cap Growth 1.13%
 ViaSat, Inc. VSAT Information Technology  Information Technology Mid-Cap Value 1.07%
 Alcoa Corporation AA Materials  Materials Mid-Cap Value 1.07%
 Tapestry, Inc. TPR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 1.04%
 Veeva Systems Inc. (Class A) VEEV Health Care  Health Care Mid-Cap Growth 0.99%
 Curtiss-Wright Corporation CW Industrials  Industrials Mid-Cap Growth 0.94%
 Sterling Infrastructure, Inc. STRL Industrials  Industrials Mid-Cap Growth 0.93%
 Newell Brands Inc. NWL Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.91%
 Huntington Bancshares Incorporated HBAN Financials  Financials Large-Cap Value 0.90%
 TD SYNNEX Corporation SNX Information Technology  Information Technology Mid-Cap Value 0.84%
 Ulta Beauty, Inc. ULTA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.84%
 Macy's, Inc. M Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.80%
 Permian Resources Corp. PR Energy  Energy Mid-Cap Value 0.80%
 Woodward, Inc. WWD Industrials  Industrials Mid-Cap Growth 0.79%
 SM Energy Company SM Energy  Energy Mid-Cap Value 0.74%
 International Paper Company IP Materials  Materials Mid-Cap Value 0.73%
 CF Industries Holdings, Inc. CF Materials  Materials Mid-Cap Growth 0.72%
 Knight-Swift Transportation Holdings Inc. KNX Industrials  Industrials Mid-Cap Value 0.67%
 Graham Holdings Company GHC Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.65%
 Cenovus Energy Inc. CVE Energy  Energy Large-Cap Value 0.65%
 Lear Corporation LEA Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.64%
 Matador Resources Company MTDR Energy  Energy Mid-Cap Value 0.63%
 Tenet Healthcare Corporation THC Health Care  Health Care Mid-Cap Growth 0.62%
 Brighthouse Financial, Inc. BHF Financials  Financials Small-Cap Value 0.62%
 Columbia Banking System, Inc. COLB Financials  Financials Mid-Cap Value 0.61%
 Zions Bancorporation, National Association ZION Financials  Financials Mid-Cap Value 0.59%
 Wintrust Financial Corporation WTFC Financials  Financials Mid-Cap Value 0.58%
 United Microelectronics Corporation (ADR) UMC Information Technology  Information Technology Large-Cap Value 0.57%
 Hancock Whitney Corporation HWC Financials  Financials Small-Cap Value 0.57%
 Suncor Energy Inc. SU Energy  Energy Large-Cap Value 0.56%
 ArcelorMittal (ADR) MT Materials  Materials Large-Cap Value 0.55%
 Park Hotels & Resorts Inc. PK Real Estate  Real Estate Small-Cap Value 0.54%
 Eni S.p.A. (ADR) E Energy  Energy Large-Cap Value 0.53%
 Petroleo Brasileiro S.A. - Petrobras (ADR) PBR Energy  Energy Large-Cap Value 0.51%
 MGIC Investment Corporation MTG Financials  Financials Small-Cap Value 0.50%
 Vale S.A. (ADR) VALE Materials  Materials Large-Cap Value 0.50%
 Western Alliance Bancorporation WAL Financials  Financials Mid-Cap Value 0.50%
 Equinor ASA EQNR Energy  Energy Large-Cap Value 0.49%
 Taylor Morrison Home Corporation TMHC Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.49%
 Jefferies Financial Group Inc. JEF Financials  Financials Mid-Cap Value 0.48%
 Mizuho Financial Group, Inc. (ADR) MFG Financials  Financials Large-Cap Value 0.48%
 Ecopetrol S.A. (ADR) EC Energy  Energy Mid-Cap Value 0.48%
 Marriott Vacations Worldwide Corporation VAC Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.48%
 Bank OZK OZK Financials  Financials Small-Cap Value 0.48%
 TotalEnergies SE TTE Energy  Energy Large-Cap Value 0.47%
 The Goodyear Tire & Rubber Company GT Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.46%
 BP Plc (ADR) BP Energy  Energy Large-Cap Value 0.46%
 ORIX Corporation (ADR) IX Financials  Financials Large-Cap Value 0.46%
 Woodside Energy Group Limited (ADR) WDS Energy  Energy Large-Cap Value 0.46%
 Talos Energy Inc. TALO Energy  Energy Small-Cap Value 0.46%
 Peabody Energy Corporation BTU Energy  Energy Small-Cap Value 0.45%
 BJ's Wholesale Club Holdings, Inc. BJ Consumer Staples  Consumer Staples Mid-Cap Growth 0.45%
 Exelixis, Inc. EXEL Health Care  Health Care Mid-Cap Growth 0.43%
 Banco Santander S.A. (ADR) SAN Financials  Financials Large-Cap Value 0.42%
 Kohl's Corporation KSS Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.41%
 Alaska Air Group, Inc. ALK Industrials  Industrials Small-Cap Value 0.40%
 Helix Energy Solutions Group, Inc. HLX Energy  Energy Small-Cap Value 0.39%
 Barclays Plc (ADR) BCS Financials  Financials Large-Cap Value 0.39%
 KB Financial Group Inc. (ADR) KB Financials  Financials Large-Cap Value 0.39%
 Shell Plc (ADR) SHEL Energy  Energy Large-Cap Value 0.39%
 Herbalife Ltd. HLF Consumer Staples  Consumer Staples Small-Cap Value 0.38%
 Bristow Group Inc. VTOL Energy  Energy Small-Cap Value 0.37%
 Tri Pointe Homes, Inc. TPH Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.37%
 Toyota Motor Corporation TM Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.36%
 Pebblebrook Hotel Trust PEB Real Estate  Real Estate Small-Cap Value 0.35%
 Natwest Group Plc NWG Financials  Financials Large-Cap Value 0.34%
 Banco Santander Brasil S.A. (ADR) BSBR Financials  Financials Mid-Cap Value 0.34%
 Takeda Pharmaceutical Company Limited (ADR) TAK Health Care  Health Care Large-Cap Value 0.34%
 Telephone and Data Systems, Inc. TDS Communication Services  Communication Services Small-Cap Value 0.33%
 BankUnited, Inc. BKU Financials  Financials Small-Cap Value 0.33%
 Banc of California, Inc. BANC Financials  Financials Small-Cap Value 0.33%
 Adamas Trust Inc. ADAM Financials  Financials Small-Cap Value 0.33%
 Xenia Hotels & Resorts, Inc. XHR Real Estate  Real Estate Small-Cap Value 0.33%
 Dauch Corporation DCH Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.32%
 AdaptHealth Corp. AHCO Health Care  Health Care Small-Cap Value 0.32%
 Fresh Del Monte Produce Inc. FDP Consumer Staples  Consumer Staples Small-Cap Value 0.29%
 JetBlue Airways Corporation JBLU Industrials  Industrials Small-Cap Value 0.29%
 MarineMax, Inc. HZO Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.28%
 Telefonica, S.A. (ADR) TELFY Communication Services  Communication Services Mid-Cap Value 0.27%
 Kemper Corporation KMPR Financials  Financials Small-Cap Value 0.27%
 AdvanSix Inc. ASIX Materials  Materials Small-Cap Value 0.27%
 ScanSource, Inc. SCSC Information Technology  Information Technology Small-Cap Value 0.26%
 American Assets Trust, Inc. AAT Real Estate  Real Estate Small-Cap Value 0.26%
 Honda Motor Co., Ltd. (ADR) HMC Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.25%
 Summit Hotel Properties, Inc. INN Real Estate  Real Estate Small-Cap Value 0.25%
 Penn Entertainment Inc. PENN Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.24%
 Covista Inc. CVSA Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.24%
 Copa Holdings, S.A. CPA Industrials  Industrials Small-Cap Growth 0.24%
 Urban Outfitters, Inc. URBN Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.23%
 Stepan Company SCL Materials  Materials Small-Cap Value 0.23%
 SunCoke Energy, Inc. SXC Materials  Materials Small-Cap Value 0.22%
 Stellantis N.V. STLA Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.22%
 ADT Inc. ADT Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.20%
 Concentrix Corporation CNXC Industrials  Industrials Small-Cap Value 0.20%
 DXC Technology Company DXC Information Technology  Information Technology Small-Cap Value 0.19%
 Angi Inc. (Class A) ANGI Communication Services  Communication Services Small-Cap Value 0.12%
 
Total Number of Holdings:    124
Underlying Securities information represented above is as of 05/05/2026 but will vary with future fluctuations in the market.

Risk Considerations

Unit investment trusts are designed to be held until trust termination. If redeemed early, additional fees, such as remaining deferred sales charges, will be assessed.

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.

Buy & Hold Risk – Taxable Trusts. This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

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.

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

Market Risk. Market risk is the risk that a particular security, or units of a trust in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Units of a trust could decline in value or underperform other investments as a result. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters, or other events could have significant negative impact on a trust.

REITs Risk. 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.

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NYSE and NYSE® International 100 Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with this product. The portfolio is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the portfolio. IDI and its third party suppliers accept no liability in connection with use of the Index or the portfolio.

The S&P MidCap 400 and the S&P SmallCap 600 Indices are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have 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 MidCap 400 and the S&P SmallCap 600 Indices.

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