Vest Small Cap Buffered 20 Portfolio, Series 5

Delivering Upside Performance Potential With A Downside Buffer

The Vest Small Cap Buffered 10 Portfolio is a unit investment trust that seeks to provide returns based on the price performance of shares of the iShares Russell 2000 ETF ("IWM" or “underlying ETF”), subject to a capped amount while also providing a limited degree of downside “buffered” protection. The trust seeks to achieve its objective by investing in a portfolio of FLexible EXchange^® Options (“FLEX Options”).The ability of a portfolio to provide returns with a capped upside and defined buffer against losses is dependent on unit holders purchasing units on the initial date of deposit and holding them until the portfolio’s termination date.

How Does It Work?

Buffered Target Outcome UITs^® are unit investment trusts (UITs) which are pooled investment vehicles with static portfolios that are held for a predetermined amount of time. The intended return for units purchased on a portfolio’s initial date of deposit and held for the life of the portfolio is based on the performance of the reference asset and the value of the FLEX Options on the FLEX Option expiration date. The intended return is subject to a capped amount per unit and may represent a return that is less than the performance of the reference asset. Even if there are significant increases in the value of the reference asset, the amount received is capped.

Who Might Be Interested In Buffered Target Outcome UITs^®?

Investors Saving for Life’s Milestones | Buffered UITs give investors the ability to prioritize a buffer against downside losses (if held for the full Target Outcome Period) ahead of potential upside returns.

Investors Reluctant to Fully Participate in Equity Markets | Buffered UITs may be attractive to investors who are looking for the ability to be invested in the equity markets without assuming the full downside risk of investing in equities. The portfolios seek to limit the uncertainty of equity market exposure over the term of the trust by combining a downside buffer with upside growth potential, to the predetermined cap levels.

Investors With a Moderately Bullish View on Market Returns | Buffered UITs may appeal to investors who anticipate moderate market returns and are willing to forgo some potential upside, while gaining a buffer on the downside.

Investors Looking for a Complement to Their Equity Holdings | Buffered UITs are an agile tool for risk management while participating in the upside potential of the reference asset up to the capped amount.

About Vest

Vest is the creator of Target Outcome Investments^®, which strive to buffer losses, amplify gains or provide consistent income to a diverse spectrum of investors. Today, Vest’s Target Outcome Strategies^TM are available in mutual funds, exchange-traded funds (ETFs), unit investment trusts (UITs), collective investment trusts (CITs), and customizable managed accounts/sub-advisory services.

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.

Definitions

The iShares Russell 2000 ETF ("IWM") is an exchange-traded fund based on the Russell 2000 Index that seeks to track the investment results of an index composed of small-capitalization U.S. equities. NAV represents the net value of an entity and is calculated as the total value of the entity’s assets minus the total value of its liabilities. NAV represents the per unit value of the portfolio.

Risk Considerations

An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning FLEX Options based on the underlying ETF.

The portfolio has characteristics unlike many other traditional investment products and may not be appropriate for all investors.

The portfolio holds purchased and written FLEX Options. The FLEX Options are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. The FLEX Options held by the portfolio give the option holder the right to buy or sell the underlying ETF on the FLEX Option expiration date at the strike price. Prior to their expiration on the FLEX Option expiration date, the value of the FLEX Options is determined as discussed under “The Value of the Securities” section of the full prospectus. The value of the FLEX Options prior to their expiration on the FLEX Option expiration date may vary because of factors other than fluctuations in the value of the underlying ETF. The value of FLEX Options will be affected by changes in the value of the underlying ETF, the underlying index and its underlying securities, a change in interest rates, a change in the expected dividend rate of the underlying ETF, a change in the actual and perceived volatility of the stock market and the underlying index and the remaining time to expiration. Additionally, the value of the FLEX Options does not increase or decrease at the same rate as the underlying ETF, the underlying index or its underlying securities due to “tracking error” as described in more detail in the full prospectus (although they generally move in the same direction).

Options are subject to various risks including that their value may be adversely affected if the market for the option becomes less liquid or smaller. In addition, options will be affected by changes in the value and dividend rates of the stock subject to the option, a change in interest rates, a change in the actual and perceived volatility of the stock market and the common stock and the remaining time to expiration.

The FLEX Options represent indirect positions in the underlying ETF and are subject to risks associated with changes in value as the price of the underlying ETF rises or falls. The investment in the FLEX Options includes the risk that their value may be affected by market risk related to the underlying ETF, the underlying index and the value of the securities in the underlying index held by the underlying ETF. Market risk is the risk that the value of the securities will fluctuate. Market value fluctuates in response to various factors. These can include changes in interest rates, inflation, the financial condition of a security’s issuer, perceptions of an issuer, ratings on a bond, or political or economic events affecting the issuer. While the FLEX Options are individually related to the underlying ETF, the return on the FLEX Options depends on the price of the underlying ETF at the close of the NYSE on the FLEX Option expiration date and will be substantially determined by market conditions and the underlying ETF and the value of the securities comprising the underlying ETF as of such time.

ETFs are subject to various risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding ETFs or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund’s net asset value, ETFs frequently trade at a discount from their net asset value in the secondary market.

The intended return for units purchased on the portfolio’s initial date of deposit and held for the life of the portfolio is based on the performance of the underlying ETF and the value of the FLEX Options on the FLEX Option expiration date and is subject to a capped amount per Unit and may represent a return that is worse than the performance of the underlying ETF. Even if there are significant increases in the value of the underlying ETF, the amount you may receive is capped.

The underlying ETF invests in common stocks. Common stocks are 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.

The portfolio may experience substantial downside from the FLEX Options and option contract positions may expire worthless. The portfolio does not provide principal protection and you may not receive a return of the capital you invest. You may experience significant losses on your investment up to an almost total loss on your investment if the value of the underlying ETF decreases by greater than 20% from the initial underlying ETF level. The portfolio might not achieve its objective in certain circumstances. You may realize a return (including a loss) that is higher or lower than the intended returns as a result of redeeming units prior to the portfolio’s mandatory termination date and in various circumstances, including where FLEX Options are otherwise liquidated by the portfolio prior to their expiration or maturity, if the portfolio is unable to maintain the proportional relationship of the FLEX Options in the portfolio or increases in potential expenses of the portfolio above estimated levels. The portfolio’s investment strategy is designed to achieve its investment objective over the life of the portfolio. An increase in the value of the written FLEX Options reduces the value of your units. As the value of the written FLEX Options increases, the written FLEX Options have a more negative impact on the value of your units. You should note that even if the value of the underlying ETF does not change, if the value of a written FLEX Option increases (for example, based on increased volatility of the underlying index) your units will lose value. After the premium is received on the written FLEX Options, the written FLEX Options will reduce the value of your units.

Credit risk is the risk that a security’s issuer, guarantor or counterparty of a security is unable or unwilling to make dividend, interest or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. The OCC is guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the portfolio to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a security will fall if trading in the security is limited or absent. No one can guarantee that a liquid trading market will exist for the securities. The FLEX Options are listed on the CBOE; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. The FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your units and result in the portfolio being unable to achieve its investment objective.

An investment in a portfolio with exposure to small-cap companies is subject to additional risks, as the share prices of small-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.

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 of the securities held by the underlying ETF.

The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.