Target VIP, 2nd Qtr 2025  Ticker: FETOZX
 
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: VP2Q25
Portfolio Status: Primary
Initial Offer Date: 04/10/2025
Portfolio Ending Date: 07/09/2026
Tax Structure: Regulated Investment Company
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $10.0086
POP(*): $10.1463
Remaining Deferred Sales Charge: $0.1350
* As of Trade Date: 04/17/2025 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 4/17/2025) Per Unit (as of 4/17/2025)
1.70% $0.17220
^ 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 25.38%
Consumer Discretionary  Consumer Discretionary 12.88%
Consumer Staples  Consumer Staples 3.73%
Energy  Energy 5.54%
Financials  Financials 18.14%
Health Care  Health Care 5.62%
Industrials  Industrials 15.13%
Information Technology  Information Technology 10.43%
Materials  Materials 0.83%
Real Estate  Real Estate 0.00%
Utilities  Utilities 2.32%
Other  Other 0.00%
 
  Large Mid Small  
Growth  42.82% 3.21% 13.22%  
Value  35.15% 1.28% 4.32%  

 Style Weighting
Large-Cap Growth 42.82%
Large-Cap Value 35.15%
Mid-Cap Growth 3.21%
Mid-Cap Value 1.28%
Small-Cap Growth 13.22%
Small-Cap Value 4.32%
Undetermined 0.00%
 Composition
U.S. Stocks 77.24%   Other 0.00%
Non-U.S. Stocks 22.76%      
The style and sector characteristics of the portfolio are determined as of 04/09/2025 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $352,688
Price/Earnings 15.89
Price/Book 2.26
As of 4/17/2025
All market capitalization numbers are in USD$ Millions. All figures are subject to change.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolSectorStyleWeighting
 T-Mobile US, Inc. TMUS Communication Services  Communication Services Large-Cap Growth 7.46%
 Apple Inc. AAPL Information Technology  Information Technology Large-Cap Growth 4.16%
 Meta Platforms Inc. (Class A) META Communication Services  Communication Services Large-Cap Growth 4.16%
 Alibaba Group Holding Limited (ADR) BABA Consumer Discretionary  Consumer Discretionary Large-Cap Value 4.16%
 Alphabet Inc. (Class A) GOOGL Communication Services  Communication Services Large-Cap Growth 4.16%
 American Express Company AXP Financials  Financials Large-Cap Growth 3.34%
 Caterpillar Inc. CAT Industrials  Industrials Large-Cap Growth 3.33%
 Verizon Communications Inc. VZ Communication Services  Communication Services Large-Cap Value 3.33%
 The Walt Disney Company DIS Communication Services  Communication Services Large-Cap Value 3.33%
 3M Company MMM Industrials  Industrials Large-Cap Growth 3.33%
 Netflix, Inc. NFLX Communication Services  Communication Services Large-Cap Growth 2.13%
 Booking Holdings Inc. BKNG Consumer Discretionary  Consumer Discretionary Large-Cap Value 1.97%
 Fortinet, Inc. FTNT Information Technology  Information Technology Large-Cap Growth 1.77%
 Cisco Systems, Inc. CSCO Information Technology  Information Technology Large-Cap Growth 1.25%
 O'Reilly Automotive, Inc. ORLY Consumer Discretionary  Consumer Discretionary Large-Cap Value 1.05%
 Moody’s Corporation MCO Financials  Financials Large-Cap Growth 1.01%
 McKesson Corporation MCK Health Care  Health Care Large-Cap Value 0.99%
 Royal Caribbean Cruises Ltd. RCL Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.99%
 Howmet Aerospace Inc. HWM Industrials  Industrials Large-Cap Growth 0.96%
 The Procter & Gamble Company PG Consumer Staples  Consumer Staples Large-Cap Growth 0.90%
 TotalEnergies SE TTE.FP Energy  Energy Large-Cap Value 0.84%
 BNP Paribas S.A. BNP.FP Financials  Financials Large-Cap Value 0.84%
 BP Plc BP/.LN Energy  Energy Large-Cap Value 0.83%
 British American Tobacco Plc BATS.LN Consumer Staples  Consumer Staples Large-Cap Value 0.83%
 Eni SpA ENI.IM Energy  Energy Large-Cap Value 0.83%
 HSBC Holdings Plc HSBA.LN Financials  Financials Large-Cap Value 0.83%
 Rio Tinto Plc RIO.LN Materials  Materials Large-Cap Value 0.83%
 Mercedes-Benz Group AG MBG.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.83%
 Enel SpA ENEL.IM Utilities  Utilities Large-Cap Value 0.83%
 Equinor ASA EQNR.NO Energy  Energy Large-Cap Value 0.83%
 Intesa Sanpaolo SpA ISP.IM Financials  Financials Large-Cap Value 0.83%
 ING Groep N.V. INGA.NA Financials  Financials Large-Cap Value 0.83%
 Engie S.A. ENGI.FP Utilities  Utilities Large-Cap Value 0.83%
 Volkswagen AG VOW.GY Consumer Discretionary  Consumer Discretionary Large-Cap Value 0.83%
 Credit Agricole S.A. ACA.FP Financials  Financials Large-Cap Value 0.83%
 Banco Bilbao Vizcaya Argentaria, S.A. BBVA.SM Financials  Financials Large-Cap Value 0.83%
 CaixaBank, S.A. CABK.SM Financials  Financials Large-Cap Value 0.83%
 Volvo AB (Class B) VOLVB.SS Industrials  Industrials Large-Cap Value 0.83%
 Nordea Bank Abp NDA.FH Financials  Financials Large-Cap Value 0.83%
 DNB Bank ASA DNB.NO Financials  Financials Large-Cap Value 0.83%
 PayPal Holdings, Inc. PYPL Financials  Financials Large-Cap Value 0.82%
 Zoetis Inc. ZTS Health Care  Health Care Large-Cap Growth 0.78%
 Aflac Incorporated AFL Financials  Financials Large-Cap Value 0.77%
 VeriSign, Inc. VRSN Information Technology  Information Technology Mid-Cap Value 0.76%
 Cintas Corporation CTAS Industrials  Industrials Large-Cap Growth 0.63%
 CSG Systems International, Inc. CSGS Industrials  Industrials Small-Cap Growth 0.62%
 Texas Pacific Land Corporation TPL Energy  Energy Large-Cap Growth 0.58%
 Provident Financial Services, Inc. PFS Financials  Financials Small-Cap Value 0.57%
 Vicor Corporation VICR Industrials  Industrials Small-Cap Growth 0.56%
 HNI Corporation HNI Industrials  Industrials Small-Cap Growth 0.55%
 Fair Isaac Corporation FICO Information Technology  Information Technology Large-Cap Value 0.55%
 Sonic Automotive, Inc. SAH Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.55%
 The Bancorp, Inc. TBBK Financials  Financials Small-Cap Growth 0.55%
 OPENLANE Inc. KAR Industrials  Industrials Small-Cap Growth 0.55%
 Skyward Specialty Insurance Group, Inc. SKWD Financials  Financials Small-Cap Growth 0.55%
 Seacoast Banking Corporation of Florida SBCF Financials  Financials Small-Cap Value 0.54%
 Illinois Tool Works Inc. ITW Industrials  Industrials Large-Cap Growth 0.53%
 Renasant Corporation RNST Financials  Financials Small-Cap Value 0.52%
 LeMaitre Vascular, Inc. LMAT Health Care  Health Care Small-Cap Growth 0.51%
 Supernus Pharmaceuticals, Inc. SUPN Health Care  Health Care Small-Cap Growth 0.51%
 Addus HomeCare Corporation ADUS Health Care  Health Care Small-Cap Growth 0.50%
 SJW Group SJW Utilities  Utilities Small-Cap Growth 0.49%
 Root, Inc. (Class A) ROOT Financials  Financials Small-Cap Growth 0.49%
 Check Point Software Technologies Ltd. CHKP Information Technology  Information Technology Mid-Cap Growth 0.47%
 The Vita Coco Company, Inc. COCO Consumer Staples  Consumer Staples Small-Cap Growth 0.47%
 Pathward Financial Inc. CASH Financials  Financials Small-Cap Growth 0.46%
 Upwork Inc. UPWK Industrials  Industrials Small-Cap Growth 0.46%
 Harmony Biosciences Holdings, Inc. HRMY Health Care  Health Care Small-Cap Growth 0.46%
 Applovin Corp. (Class A) APP Information Technology  Information Technology Large-Cap Growth 0.46%
 Chevron Corporation CVX Energy  Energy Large-Cap Value 0.44%
 DNOW Inc. DNOW Industrials  Industrials Small-Cap Growth 0.43%
 HCI Group, Inc. HCI Financials  Financials Small-Cap Growth 0.42%
 Agios Pharmaceuticals, Inc. AGIO Health Care  Health Care Small-Cap Value 0.42%
 REV Group, Inc. REVG Industrials  Industrials Small-Cap Growth 0.42%
 MannKind Corporation MNKD Health Care  Health Care Small-Cap Value 0.41%
 Vital Farms, Inc. VITL Consumer Staples  Consumer Staples Small-Cap Growth 0.41%
 World Kinect Corp. WKC Energy  Energy Small-Cap Value 0.40%
 Universal Technical Institute, Inc. UTI Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.40%
 Revolve Group, Inc. RVLV Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.40%
 Insulet Corporation PODD Health Care  Health Care Mid-Cap Growth 0.37%
 Magnite, Inc. MGNI Communication Services  Communication Services Small-Cap Growth 0.37%
 Benchmark Electronics, Inc. BHE Information Technology  Information Technology Small-Cap Value 0.34%
 DXP Enterprises, Inc. DXPE Industrials  Industrials Small-Cap Growth 0.33%
 Veritex Holdings, Inc. VBTX Financials  Financials Small-Cap Value 0.33%
 Grid Dynamics Holdings, Inc. GDYN Information Technology  Information Technology Small-Cap Growth 0.33%
 Verisk Analytics, Inc. (Class A) VRSK Industrials  Industrials Large-Cap Growth 0.31%
 BJ's Wholesale Club Holdings, Inc. BJ Consumer Staples  Consumer Staples Mid-Cap Growth 0.31%
 Interface, Inc. TILE Industrials  Industrials Small-Cap Growth 0.30%
 Sprouts Farmers Market, Inc. SFM Consumer Staples  Consumer Staples Mid-Cap Growth 0.30%
 Paychex, Inc. PAYX Industrials  Industrials Large-Cap Growth 0.29%
 LendingClub Corporation LC Financials  Financials Small-Cap Value 0.29%
 Centrus Energy Corp. (Class A) LEU Energy  Energy Small-Cap Growth 0.28%
 Tapestry, Inc. TPR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.27%
 Charter Communications, Inc. (Class A) CHTR Communication Services  Communication Services Large-Cap Value 0.27%
 Chewy, Inc. (Class A) CHWY Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.27%
 Altria Group, Inc. MO Consumer Staples  Consumer Staples Large-Cap Value 0.23%
 Aris Water Solution, Inc. (Class A) ARIS Energy  Energy Small-Cap Growth 0.23%
 Molina Healthcare, Inc. MOH Health Care  Health Care Mid-Cap Growth 0.22%
 Doximity, Inc. (Class A) DOCS Health Care  Health Care Mid-Cap Growth 0.20%
 American Superconductor Corporation AMSC Industrials  Industrials Small-Cap Growth 0.19%
 Group 1 Automotive, Inc. GPI Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.18%
 lululemon athletica inc. LULU Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.18%
 Xcel Energy Inc. XEL Utilities  Utilities Large-Cap Value 0.17%
 Graham Holdings Company GHC Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.17%
 Brinker International, Inc. EAT Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.17%
 Alaska Air Group, Inc. ALK Industrials  Industrials Mid-Cap Value 0.17%
 Urban Outfitters, Inc. URBN Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.17%
 United Natural Foods, Inc. UNFI Consumer Staples  Consumer Staples Small-Cap Value 0.17%
 Cognizant Technology Solutions Corporation CTSH Information Technology  Information Technology Large-Cap Value 0.17%
 Celestica Inc. CLS Information Technology  Information Technology Mid-Cap Growth 0.17%
 Huron Consulting Group Inc. HURN Industrials  Industrials Small-Cap Growth 0.17%
 Genpact Limited G Industrials  Industrials Mid-Cap Growth 0.17%
 Stride, Inc. LRN Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.17%
 Baker Hughes Company (Class A) BKR Energy  Energy Large-Cap Value 0.17%
 Castle Biosciences, Inc. CSTL Health Care  Health Care Small-Cap Value 0.16%
 Fox Corporation (Class A) FOXA Communication Services  Communication Services Mid-Cap Value 0.13%
 Ulta Beauty, Inc. ULTA Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.12%
 Kimberly-Clark Corporation KMB Consumer Staples  Consumer Staples Large-Cap Growth 0.11%
 EOG Resources, Inc. EOG Energy  Energy Large-Cap Value 0.11%
 Semler Scientific, Inc. SMLR Health Care  Health Care Small-Cap Growth 0.09%
 Match Group Inc. MTCH Communication Services  Communication Services Mid-Cap Value 0.04%
 
Total Number of Holdings:    121
Underlying Securities information represented above is as of 04/09/2025 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.03%
  Deferred:  1.33%
C&D Fee:    0.49%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30340J807 Cash Semi-Annual
30340J815 Reinvest Semi-Annual
* Based on the offer price as of 04/17/2025 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.50%
Maximum Sales Charge:   0.50%
CUSIP Type Distribution
30340J823 Cash-Fee Semi-Annual
30340J831 Reinvest-Fee Semi-Annual
* Based on the NAV price as of 04/17/2025 4:00pm ET
In addition to the sales charges listed, UITs for both brokerage and advisory accounts are subject to annual operating expenses and organization costs. See the prospectus for additional information.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 July 18, 2025
$0.04500 August 20, 2025
$0.04500 September 19, 2025

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.

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.

Communications Services Risk. The companies engaged in the communication services sector are subject to rapidly changing technology, rapid product obsolescence, loss of patent protection, cyclical market patterns, governmental regulation, evolving industry standards and frequent new product introductions. Certain companies may be particularly susceptible to cybersecurity threats, which could have an adverse effect on their business.

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. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

Public Health Crisis Risk. A public health crisis, and the ensuing policies enacted by governments and central banks in response, could cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

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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