Corporate Investment Grade, 3-7 Year, Series 21
Ticker Symbol: FHSDFX

Distributions

This unit investment trust seeks to distribute monthly income.

Distributions, if any, are paid on the twenty-fifth day of each month to unit holders of record on the tenth day of each month with the initial distribution per unit scheduled to occur on tba 2024 and estimated regular distributions per unit scheduled to begin on July 25, 2024. The actual distribution you receive will vary from that set forth above with changes in the portfolio’s fees and expenses and with the sale, maturity or redemption of securities.

¹Weighted average maturity represents the average amount of time remaining until the bonds held in the trust mature, taking into account each bond’s weight within the portfolio based on its market value.

²Weighted Average Modified Duration is a calculation that expresses the measurable change in the value of a security in response to a change in interest rates.

³Estimated current return is calculated by dividing estimated net annual interest income per unit by the public offering price. Estimated long-term return is calculated using a formula which (1) factors in the relative weightings of the market values, yields and estimated retirements of the securities; and (2) takes into account a compounding factor, the sales charge and expenses. There is no assurance that the returns will be realized in the future because the various components used to calculate these figures will change. In addition, neither rate reflects the true return you will receive, which will be lower, because neither includes the effect of certain delays in distributions with respect to when the securities pay interest and when distributions are paid by the trust.

The maximum sales charge consists entirely of an initial sales charge, deducted at the time of purchase. Estimated organization costs will be deducted from the assets of the trust at the end of the initial offering period. Estimated organization costs and trust operating expenses are assessed on a fixed dollar amount per unit basis which, as a percentage of average net assets, will vary over time. Actual expenses may be more or less than the estimates. Please see “Fee Table” in the trust prospectus for additional information.

You should consider the portfolio's investment objectives, risks, and charges and expenses carefully 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 portfolio. Read it carefully before you invest.

Risk Considerations
An investment in this unmanaged unit investment trust should be made with an understanding of the risks associated with investment grade corporate bonds, including higher interest rates, economic recession, deterioration of the bond market or investors’ perception thereof, possible downgrades and defaults of interest and/or principal.

You should be aware that the portfolio is concentrated in stocks in the financials sector which involves additional risks, including limited diversification. The companies engaged in the financials sector are subject to the adverse effects of volatile interest rates, economic recession, decreases in the availability of capital, increased competition from new entrants in the field, and potential increased regulation.

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.

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.

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.

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.

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.

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.