FLEX Options Risk. 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 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, an increase in interest rates, 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).

Underlying ETF Equity Risk. 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.

ETF Risk. 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.

FLEX Option Credit Risk. 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.

FLEX Option Liquidity Risk. 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.

FLEX Option Market Risk. 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.

FLEX Option Strategy Risk. The intended return for units purchased on the portfolios 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 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 the protection level 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 portfolios 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 portfolios 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.

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.

Options Risk. 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, an increase 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.

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.

Technology Risk. The companies engaged in the information technology sector are subject to fierce competition, high research and development costs, and their products and services may be subject to rapid obsolescence. Technology company stocks, especially those which are Internet-related, may experience extreme price and volume fluctuations that are often unrelated to their operating performance.

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.

Additional Risk. For a discussion of additional risks of investing in the trust see the "Risk Factors" section of the prospectus.

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.