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style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Enhanced Short Maturity ETF</span><span style="font-family:Arial;font-size:9.00pt;">’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to seek current income, consistent with preservation of capital and daily liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0029 0.0000 0.0000 0.0029 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 30 93 163 368 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">76%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.76 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund intends to achieve its investment objective by investing at least 80% of its net assets in a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities, including securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities, residential and commercial mortgage-backed securities, asset-backed securities, U.S. corporate bonds, fixed income securities issued by non-U.S. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">corporations and governments, municipal obligations, privately issued securities</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">‘AAA’-rated collateralized loan obligations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“CLOs”</span><span style="font-family:Arial;font-size:9.00pt;">) and other debt securities bearing fixed or floating interest rates. The Fund may also invest in money market securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment advisor selects securities for the portfolio by evaluating fixed income sectors and macro market trends while completing bottom-up analysis of individual securities. Portfolio securities are selected based upon relative value in the context of overall </span><span style="font-family:Arial;font-size:9.00pt;">credit quality and portfolio duration. Key inputs for the screens in the securities selection process include, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">but are not limited to, credit quality, yield, interest rate sensitivity and liquidity. The Fund’s holdings are systematically monitored for meaningful changes in performance and risk measures. A security will generally be sold when the Fund’s investment advisor believes that a security can be substituted for a similar investment that represents better relative value; it lacks adequate </span><span style="font-family:Arial;font-size:9.00pt;">compensation for embedded credit risk; or when rebalancing the portfolio to maintain diversification. </span><span style="font-family:Arial;font-size:9.00pt;">100% of the Fund's net assets invested in debt securities will be invested in debt securities that are, at the time of purchase, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rated as </span><span style="font-family:Arial;font-size:9.00pt;">investment grade</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">by at least one nationally recognized statistical rating organization (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“NRSRO”</span><span style="font-family:Arial;font-size:9.00pt;">) rating such securities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or if unrated</span><span style="font-family:Arial;font-size:9.00pt;">, debt securities determined by the Fund’s investment advisor to be</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of comparable quality.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Additionally, for newly-issued debt securities,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund’s portfolio is expected to have an average duration of less than one year and an average maturity of less than three years. Maturity is measured differently depending on the type of debt security. For asset-backed securities</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">CLOs and mortgage-related securities, maturity is calculated using weighted average life, which is </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the estimated time to principal paydown for each underlying instrument held by the Fund, weighted according to the relative holdings per instrument. For all other debt securities, maturity is calculated using dollar-weighted average maturity, which is the average length of time to maturity. Duration is a measure of the expected price volatility of a debt instrument as a result of changes in market rates of interest, based on, among other factors, the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments, call features and coupon adjustments in addition to the amount of time until the security finally matures. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, if a portfolio of debt securities has an average duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise about 3% if interest rates fall by 1%. As a result, prices of instruments with shorter durations tend to be less sensitive to interest rate changes than instruments </span><span style="font-family:Arial;font-size:9.00pt;">with longer durations. As the value of a security changes over time, so will its duration. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in asset-backed securities and mortgage-related securities. Asset-backed securities are fixed income securities that are backed by a pool of assets, usually loans such as installment sale contracts or credit card receivables. Mortgage-related securities are asset-backed securities based on a particular type of asset, a mortgage. There are a wide variety of mortgage-related securities involving commercial or residential, fixed rate or adjustable rate mortgages and mortgages issued by banks or government agencies. The Fund </span><span style="font-family:Arial;font-size:9.00pt;">may also invest up to 10% of its net assets in ‘AAA’-rated CLOs. The Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">intends to limit its investments in privately-issued, non-agency sponsored mortgage- and asset-backed securities</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and ‘AAA’-rated CLOs to 35% of its net assets.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in investment companies, such as exchange-traded funds (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“ETFs”</span><span style="font-family:Arial;font-size:9.00pt;">), that invest primarily in debt securities. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The debt securities held by the investment companies in the Fund’s portfolio will be counted towards the requirement that the Fund invest 80% of its net assets in debt securities. The Fund may invest in ETFs that are advised by First Trust Advisors </span><span style="font-family:Arial;font-size:9.00pt;">L.P., the Fund’s investment advisor. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have significant investments in a jurisdiction, investment sector or industry or group of industries </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that it may not have had as of January 30, 2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction, investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction, investment sector or industry or group of industries.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time. </span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asset-backed securities are debt securities typically created by buying and pooling loans </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CLO RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> CLOs bear many of the same risks as other forms of asset-backed securities, including credit risk, interest rate risk, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">liquidity risk and valuation risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk, expected maturity, priority of payment and yield. CLOs may experience substantial losses. Losses on underlying loans are typically borne first by the holders of subordinate tranches. Investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, when the asset class broadly declines, or during periods of market anticipation of defaults and investor aversion to CLO securities as a class. Certain CLO tranches may contain underlying loans that are "payment-in-kind" assets, where interest is paid through the issuance of </span><span style="font-family:Arial;font-size:9.00pt;">additional debt rather than cash, which could have negative effects on the performance of a CLO tranche.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT SPREAD RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> From time to time, spreads (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, the difference in yield between debt securities that have different </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">credit qualities or other differences) may increase, which may reduce the market value of some of the Fund’s debt securities. </span><span style="font-family:Arial;font-size:9.00pt;">While the Fund may employ strategies to mitigate credit spread risk, these strategies may not be successful.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Floating rate securities are structured so that the security’s coupon rate fluctuates based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the level of a reference rate. </span><span style="font-family:Arial;font-size:9.00pt;">As a result, the coupon on floating rate securities will generally decline in a falling interest </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rate environment, causing the Fund to experience a reduction in the income it receives from the </span><span style="font-family:Arial;font-size:9.00pt;">security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">environment, floating rate </span><span style="font-family:Arial;font-size:9.00pt;">securities with coupon rates that reset infrequently may lag behind the changes in market interest </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rates. Floating rate </span><span style="font-family:Arial;font-size:9.00pt;">securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which would decrease the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INVESTMENT COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in securities of other investment companies. As a shareholder in another </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investment company</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund will bear its ratable share of that investment company’s expenses, and would remain subject </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to payment of the Fund’s advisory and administrative fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the Fund will </span><span style="font-family:Arial;font-size:9.00pt;">incur brokerage costs when purchasing and selling shares of ETFs or other exchange-traded investment companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MONEY MARKET/SHORT-TERM SECURITIES RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">To the extent that the Fund invests in money market or short-term </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, the Fund may be subject to certain risks associated with such investments. An investment in a money market fund or short-term securities is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. It is possible for the Fund to lose money by investing in money market funds. A money market fund may not achieve its investment objective. Changes in government regulations may affect the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an investment in a money market fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mortgage-related securities are subject to the same risks as investments in other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MUNICIPAL SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">due. The values of municipal securities that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. In addition, income from municipal securities held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. Due to the COVID-19 pandemic, the risks of the municipal securities market have been magnified. The costs associated with combating the pandemic and the negative impact on tax revenues has adversely affected the financial condition of many states and political subdivisions. These risks may also adversely affect several sectors of the municipal bond market, such as airports, toll roads, hospitals and colleges, among many others. The full impact of the COVID-19 pandemic on state and political subdivisions’ ability to make payments on debt obligations is impossible to predict, but could negatively impact the value of bonds, the ability of state and political subdivisions to make payments when due and the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in asset-backed or mortgage-backed securities offered by non-governmental </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by private issuers are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by the Fund may be particularly difficult to value because of the complexities involved in assessing the value of the underlying loans and the value of these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities can change dramatically over time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SOVEREIGN AND QUASI-SOVEREIGN DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Sovereign debt securities that are issued or guaranteed by </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">foreign governmental entities. Investments in such securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to pay interest or repay principal on its debt. Such delays or refusals may be due to cash flow problems, insufficient foreign currency reserves, political considerations, the size of its debt relative to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. There is no legal process for collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">all or part of the unpaid sovereign debt may be collected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Enhanced Short Maturity ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">2.04%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-1.29%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0204 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0129 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0462 0.0317 0.0243 0.0217 2014-08-05 0.0281 0.0185 0.0143 0.0127 0.0271 0.0186 0.0143 0.0127 0.0432 0.0303 0.0222 0.0196 0.0730 -0.0036 0.0201 0.0197 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Low Duration Opportunities ETF (LMBS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Low Duration Opportunities ETF’s (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) primary investment objective is to generate current income. The Fund's secondary investment objective is to provide capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0064 0.0000 0.0000 0.0002 0.0066 0.0000 0.0066 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;"> June 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 67 211 368 822 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">268%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 2.68 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 60% of its net assets (including investment borrowings) (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“60% Requirement”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) in mortgage-related debt securities and other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage-related instruments (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Mortgage-Related Investments”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund normally expects to invest in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Mortgage-Related Investments tied to residential and commercial mortgages. Mortgage-Related Investments consist of: (1)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> residential mortgage-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">RMBS</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">); (2) commercial mortgage-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">CMBS</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">); (3) stripped </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">SMBS</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), which are mortgage-backed securities where mortgage payments are divided up between </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">paying the loan’s principal and paying the loan’s interest; and (4) collateralized mortgage obligations (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">CMOs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and real estate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage investment conduits (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">REMICs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) where they are divided into multiple classes with each class being entitled to a different </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">share of the principal and/or interest payments received from the pool of underlying assets. Mortgage-Related Investments typically represent an interest in a pool of mortgage loans made by banks and other financial institutions. The individual mortgage loans are packaged or “pooled” together for sale to investors. As the underlying mortgage loans are paid off, investors receive principal and interest payments. Mortgage-Related Investments may be fixed-rate or adjustable-rate Mortgage-Related </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Investments (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">ARMS</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The mortgage-backed securities in which the Fund invests may be, but are not required to be, issued or guaranteed by the U.S. government or its agencies or instrumentalities, such as the Government National Mortgage Association (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GNMA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Federal National Mortgage Association (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FNMA”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), and the Federal Home Loan Mortgage Corporation (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FHLMC”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) (the U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">government, its agencies and instrumentalities, and U.S. government-sponsored entities are referred to collectively as “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Government Entities</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”). The Fund may invest in callable agency securities, which give the issuer the right to redeem the security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">prior to maturity. The Fund may invest up to 40% of its net assets (including investment borrowings), in the aggregate, in (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> cash, cash equivalents and short-term investments and (ii) non-mortgage direct obligations of the U.S. government and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other non-mortgage securities issued and/or guaranteed by Government Entities (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“40% Limit”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund will limit its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in Mortgage-Related Investments that are neither issued nor guaranteed by Government Entities to 20% of its net assets (including investment borrowings). The Fund may also invest up to 5% of its net assets (including investment borrowings) in asset-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ABS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) (other than Mortgage-Related Investments) that are not issued and/or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by Government Entities. However, the Fund’s investments in (a) Mortgage-Related Investments that are not issued and/or guaranteed by Government Entities and (b) ABS may not, in the aggregate, exceed 20% of the Fund’s net assets </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(including investment borrowings). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund targets an estimated effective duration of three (3) years or less. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, if a portfolio of mortgage loans has an average duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise about 3% if interest rates fall by 1%. As a result, prices of instruments with shorter durations tend to be less sensitive to interest rate changes than instruments with longer durations. As the value of a security changes over time, so will its duration. The Fund’s investment advisor will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the position. In performing this duration calculation, the Fund’s advisor will utilize third-party models. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest, without limitation, in mortgage dollar rolls. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s investment advisor. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. The Fund may also invest in to-be-announced transactions (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“TBA Transactions”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). A TBA Transaction is a method of trading mortgage-backed securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">TBA Transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA Transaction, the buyer and the seller agree on general trade parameters such as agency, settlement date, par amount and price. Further, the Fund may enter into short sales as part of its overall portfolio management strategies or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets (including investment borrowings). The Fund may “set aside” liquid assets or engage in other similar measures in connection with the foregoing types of transactions. To the extent that cash, cash equivalents and short-term investments are set aside or otherwise held as collateral for settling mortgage dollar rolls, TBA Transactions, other forward-settling Mortgage-Related Investments transactions and/or exchange-listed futures contracts, the Fund may include such cash, cash </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">equivalents and short-term investments towards the 60% Requirement rather than the 40% Limit. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets (including investment borrowings) in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the advisor to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"NRSRO")</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund will consider the highest rating. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Additionally, for newly-issued securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may also invest in floating-rate securities, non-agency securities, options, restricted securities, inverse floating-rate securities, interest or principal only securities and zero coupon bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asset-backed securities are debt securities typically created by buying and pooling loans </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE DEBT INSTRUMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in floating rate debt instruments are subject to the same risks as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. Floating rate debt instruments include debt securities issued by corporate and governmental entities, as well as bank loans, mortgage-backed securities and asset-backed securities. Floating rate debt instruments are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. Most commonly, the coupon rate of a floating rate debt instrument is set at the level of a widely followed interest rate, plus a fixed spread. As a result, the coupon on floating rate debt instrument will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the instrument. A floating rate debt instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, floating rate debt instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate debt instruments may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate. To the extent the Fund invests in floating rate loans, such instruments may be subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. It is possible that the collateral securing a floating rate loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy or insolvency laws. Additionally, floating rate loans may not be considered “securities” under federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FUTURES CONTRACTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Futures contracts are typically exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. In the event no secondary market exists for a particular contract, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the derivative. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the derivatives and movements in the securities or index underlying the derivatives or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts may not correlate perfectly with movements </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the securities or index underlying them.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST AND PRINCIPAL ONLY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in stripped mortgage-backed securities where </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage payments are divided up between one class that receives all of the interest from the mortgage assets (interest-only securities), while the other class will receive all of the principal (the principal-only securities). The yield to maturity on an interest-only security is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity from these securities. If the assets underlying the interest-only securities experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal-only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities tend to decline in value if prepayments are slower than anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INVERSE FLOATERS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">inverse floaters,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which are debt instruments that pay interest at a rate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that moves inversely to a</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">designated reference rate</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(typically an interest rate benchmark).</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Inverse floaters may be structured from municipal bonds, mortgage-backed securities or other types of fixed income securities. Distributions paid to the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on its inverse floaters will </span><span style="font-family:Arial;font-size:9.00pt;">decrease (or possibly be eliminated)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as interest rates rise and will increase when interest rates fall. Accordingly,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">inverse floaters will generally underperform the market for fixed-</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and floating-rate debt securities in a rising interest </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rate environment.</span><span style="font-family:Arial;font-size:9.00pt;"> The inverse payout structure of such instruments is created through structural leverage, which can cause </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the market value of inverse floaters to be more sensitive to changes in interest rates than more traditional fixed- or floating-rate debt securities. As a result, small movements in interest rates can produce disproportionate changes in the value of such holdings. Inverse floaters may also be subject to liquidity risk and structural complexity, which can make them more difficult to value or sell. The transactions that give rise to the creation of an inverse floater may be terminated without the Fund’s consent upon the occurrence of certain events, such as the bankruptcy or other default by the issuer. Such an event could </span><span style="font-family:Arial;font-size:9.00pt;">result in a loss of principal for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mortgage-related securities are subject to the same risks as investments in other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in asset-backed or mortgage-backed securities offered by non-governmental </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by private issuers are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by the Fund may be particularly difficult to value because of the complexities involved in assessing the value of the underlying loans and the value of these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities can change dramatically over time.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and there may at times not be a liquid secondary market for certain options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">RESTRICTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Restricted securities are securities that cannot be offered for public resale unless registered </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. The Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SHORT SALES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In connection with a short sale of a security or other instrument, the Fund is subject to the risk that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may purchase securities on a when-issued, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to-be-announced (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"TBA"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), delayed delivery or forward commitment basis. In such a transaction, the purchase price of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed delivery or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expenses or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ZERO COUPON BOND RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rates rise or fall. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders as required by tax laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Low Duration Opportunities ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.71%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-1.74%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0371 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0174 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0713 0.0275 0.0297 0.0301 2014-11-04 0.0534 0.0137 0.0171 0.0175 0.0419 0.0149 0.0172 0.0175 0.0573 0.0135 0.0183 0.0173 0.0730 -0.0036 0.0201 0.0193 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust North American Energy Infrastructure Fund (EMLP)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;">The First Trust North American Energy Infrastructure Fund’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to seek total return.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0094 0.0000 0.0000 0.0001 0.0095 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 97 303 525 1166 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">36%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.36 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in equity securities of companies deemed by Energy Income Partners, LLC, the Fund’s investment sub-advisor (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Energy Income Partners" </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Sub-Advisor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), to be engaged in the energy infrastructure sector. These companies principally include U.S. and Canadian </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">natural gas and electric utilities, corporations operating energy infrastructure assets such as pipelines or renewable energy production, utilities, publicly-traded master limited partnerships or limited liability companies taxed as partnerships (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"MLPs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">MLP affiliates, and other companies that derive the majority of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“energy infrastructure companies”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund will invest principally in energy </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">infrastructure companies. In addition, under normal market conditions, the Fund will invest at least 80% of its net assets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">(including investment borrowings) in equity securities of companies headquartered or incorporated in the United States and Canada. </span><span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments in energy infrastructure and utility companies, although </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have significant investments in a jurisdiction, investment sector </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in equity securities of MLPs without limit; however, in order to comply with applicable tax diversification rules, the Fund may directly invest up to 25% of its total assets in equity securities of certain MLPs treated as publicly-traded </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">partnerships. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment strategy emphasizes current distributions and dividends paid to shareholders. The Sub-Advisor believes that a professionally managed portfolio of higher dividend paying MLPs, MLP affiliates, utilities, pipeline and power companies, and other energy infrastructure companies in non-cyclical segments that offer an attractive balance of income and growth. The Sub-Advisor believes that the non-cyclical assets that best support a high-payout ratio are those with steady, fee-for-service businesses with relatively low sustaining capital obligations. In the energy infrastructure sector, such fee-for-service assets are comprised of but not limited to interstate pipelines, intrastate pipelines with long-term contracts, power generation assets, storage and terminal facilities with long-term contracts and regulated power transmission and distribution assets. By contrast, the Sub-Advisor will seek to limit the cyclical energy exposure of the portfolio. The Sub-Advisor believes that portfolio investments in oil and gas exploration, development and production are less well suited for the Fund because the cash flows from these investments are cyclical in nature, being driven by commodity prices, and because oil and gas assets are wasting assets. The Sub-Advisor believes the use of rigorous investment research and analytical tools, along with conservative portfolio construction used to identify appropriate non-cyclical energy infrastructure company investments, provides a value added service to the individual investor making an investment in this asset class. The Fund may invest a portion of its assets in money market funds and may also invest in securities denominated in a non-U.S. currency and companies with various market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments in energy infrastructure and utility companies, although </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CANADA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Canadian issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Canadian economy is heavily dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, a change in the supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market performance. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel, aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy as a whole. Changes to the U.S. economy may significantly affect the Canadian economy because the United States is Canada’s largest trading partner and foreign investor. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">These and other factors could have a negative impact on the Fund and its investments in Canada.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold investments that are denominated in non-U.S. currencies, or in securities that provide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has</span><span style="font-family:Arial;font-size:9.00pt;"> begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY INFRASTRUCTURE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Energy infrastructure companies, including MLPs and utility companies, are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to risks specific to the energy and energy-related industries. This includes but is not limited to: fluctuations in commodity prices impacting the volume of energy commodities transported, processed, stored or distributed; reductions in volumes of natural gas or other energy commodities being available for transporting, processing, storing or distributing; slowdowns in new construction and acquisitions limiting growth potential; reduced demand for oil, natural gas and petroleum products, particularly for a sustained period of time; depletion of natural gas reserves or other commodities; rising interest rates resulting in higher costs of capital, increased operating costs; counterparties to contracts defaulting or going bankrupt; and an inability to execute acquisitions or expansion projects in a cost-</span><span style="font-family:Arial;font-size:9.00pt;">effective manner; extreme weather events and environmental hazards; </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and threats of attack by terrorists on energy assets. Energy infrastructure companies may also face counterparty risk, such that long-term contracts may be declared void if the counterparty to those contracts enters bankruptcy proceedings. In addition, energy infrastructure companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services.Energy infrastructure companies that own interstate pipelines are subject to regulation by U.S. Federal Energy Regulatory Commission (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"FERC"</span><span style="font-family:Arial;font-size:9.00pt;">) with respect to the tariff rates they may charge </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for transportation services. An adverse determination by FERC with respect to the tariff rates of such a company could have a material adverse effect on its business, financial condition, results of operations and cash flows and its ability to pay cash distributions or dividends. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy infrastructure companies. Natural disasters, </span><span style="font-family:Arial;font-size:9.00pt;">such as hurricanes in the Gulf of Mexico, also may impact the energy infrastructure companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies in the utility industry are subject to the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations, and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for these companies. Such issuers have </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">been experiencing certain of these problems in varying degrees. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies are involved in the production of electrical equipment and components. General risks of these companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, the companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">product liability and e-commerce initiatives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund’s shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner's right to require unit-holders to sell their common units at an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">undesirable time or price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the MLPs in which it invests, a factor over which the Fund has no control. The benefit the Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">previously issued. See "Deferred Tax Liability Risk."</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MONEY MARKET/SHORT-TERM SECURITIES RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">To the extent the Fund holds cash or invests in money market or short-term </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in these instruments could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Act of 1940, as amended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and be highly invested in certain issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UTILITY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Utility companies include companies producing or providing gas, electricity or water. These </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations, volatile interest rates and energy conservation may negatively affect utility companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a blended benchmark and a broad-based securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market index</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a blended benchmark and a broad-based securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market index</span><span style="font-family:Arial;font-size:9.00pt;">. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust North American Energy Infrastructure Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">16.28%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2019</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-29.08%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1628 2019-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2908 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0970 0.1646 0.1062 0.0876 2012-06-20 0.0829 0.1483 0.0889 0.0711 0.0573 0.1242 0.0771 0.0625 0.1367 0.1785 0.1104 0.0907 0.1788 0.1442 0.1482 0.1480 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">The Blended Benchmark consists of the following two indices: 50% of the PHLX Utility Sector Index, which is a market capitalization-weighted index composed of geographically diverse public U.S. utility stocks; and 50% of the Alerian MLP Total Return Index which is a float-adjusted, capitalization-weighted composite of the 27 most prominent energy MLPs.</span> <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Senior Loan Fund (FTSL)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Senior Loan Fund’s (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) primary investment objective is to provide high current income. The Fund’s secondary investment objective is the preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0000 0.0000 0.0001 0.0070 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 72 224 390 871 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">127%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.27 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in first </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">lien senior floating rate bank loans (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Senior Loans”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">A Senior Loan is an advance or commitment of funds made by one or more banks or similar financial institutions to one or more corporations, partnerships or other business entities and typically pays interest at a floating or adjusting rate that is determined periodically at a designated premium above a base lending rate, such as the Secured Overnight Financing Rate (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"SOFR"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), a similar reference rate, or the prime rate offered by one or more major U.S. banks. A Senior Loan is considered </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">senior to all other unsecured claims against the borrower, senior to or equal with all other secured claims, meaning that in the event of a bankruptcy of the borrower the Senior Loan, together with other first lien claims, is entitled to be the first to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">repaid out of proceeds of the assets securing the loans, before other existing unsecured claims or interests receive repayment. However, in bankruptcy proceedings, there may be other claims, such as taxes or additional advances that take precedence. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest significantly in “covenant-lite” loans, which are loans issued with fewer restrictions on collateral, payment terms and level of income. Traditional loans generally have protective covenants built into the contract to protect the lender, including financial maintenance tests that measure the debt-service capabilities of the borrower; however, covenant-lite loans lack many of these lender protection provisions. Covenant-lite loans carry more risk than traditional loans and allow borrowers to engage in activities that would be difficult or impossible under a traditional loan agreement. The lack of traditional lender </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">protection provisions contained in covenant-lite loans may impact recovery values and/or trading levels in the future. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund invests in Senior Loans made predominantly to businesses operating in North America, but may also invest in Senior Loans made to businesses operating outside of North America. The Fund may invest in Senior Loans directly, either from the borrower as part of a primary issuance or in the secondary market through assignments of portions of Senior Loans from third parties, or participations in Senior Loans, which are contractual relationships with an existing lender in a loan facility whereby the Fund purchases the right to receive principal and interest payments on a loan but the existing lender remains the record holder of the loan. The Senior Loans included in the Fund’s portfolio often maintain a duration of less than 90 days; however, the inclusion of SOFR or similar reference rate floors on certain Senior Loans or other factors may cause interest rate duration </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to be longer than 90 days. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">When identifying prospective investment opportunities in Senior Loans, First Trust Advisors L.P., the Fund’s investment advisor, currently intends to invest primarily in Senior Loans that are below investment grade quality at the time of investment, and relies on fundamental credit analysis in an effort to attempt to minimize the loss of the Fund’s capital and to select assets that provide attractive relative value. Securities rated below investment grade, commonly referred to as </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“junk”</span><span style="font-family:Arial;font-size:9.00pt;"> or </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“high yield” </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, include securities that are rated Ba1/BB+/BB+ or below by Moody’s Investors Service, Inc. (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Moody’s”</span><span style="font-family:Arial;font-size:9.00pt;">), Fitch Inc., </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or S&amp;P Global Ratings (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“S&amp;P”</span><span style="font-family:Arial;font-size:9.00pt;">), respectively. The Fund may invest in securities of any rating. The Fund may also invest in unrated </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities deemed by the investment advisor to be of comparable quality to those securities rated below investment grade. </span><span style="font-family:Arial;font-size:9.00pt;">Additionally, for newly-issued securities, the Fund may consider an expected rating as if it were a final rating. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest up to 20% of its net assets in (1) non-Senior Loan debt securities which may be fixed-rate or floating-rate income-producing securities (including, without limitation, U.S. government debt securities and corporate debt securities), (2) warrants, U.S. and non-U.S. equity and equity-like positions and interests and other securities issued by or with respect to a borrower or its affiliates, and/or (3) securities of other investment companies. In addition, the Fund may invest up to 15% of its net assets in Senior Loans and/or other floating rate loans that are distressed or in default. The Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">also invest in companies with various market capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment advisor combines a fundamental credit selection process with relative value analysis and top-down macroeconomic perspectives when selecting investment opportunities. The Fund’s investment advisor believes that an evolving investment environment offers varying degrees of investment risk opportunities in the bank loan, high yield and other fixed income instrument markets. To capitalize on attractive investments and effectively manage potential risk, the Fund’s investment advisor believes that the combination of thorough and continuous credit analysis, market evaluation, diversification and the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ability to reallocate investments is critical to achieving higher risk-adjusted returns. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent the Fund invests a significant portion of its assets in a given jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector, or industry or group </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of industries </span><span style="font-family:Arial;font-size:9.00pt;">the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BANK LOANS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in bank loans are subject to the same risks as investments in other types of debt securities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding bank loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. If the Fund holds a bank loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, particularly for second lien loans or other junior or subordinated loans held by the Fund; provided, however, that some loans are not secured by any collateral. The Fund’s rights to collateral also may be limited by bankruptcy or insolvency laws. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. As such, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days) which may cause the Fund to be unable to realize the full value of its investment. In addition, bank loans are generally not registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and may not be considered “securities,” and the Fund may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span><span style="font-family:Arial;font-size:9.00pt;"> Bank loans held by the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may be subject to amendments, waivers, or exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing loans for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding </span><span style="font-family:Arial;font-size:9.00pt;">debt that is structurally or contractually subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVENANT-LITE LOANS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Substantially all of the senior loans in which the Fund invests are expected to be covenant-lite </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">loans. Covenant-lite loans contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Fund’s ability to reprice credit risk associated with the borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such investments is increased, especially during a downturn in the credit cycle.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEFAULTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. The reorganization or liquidation of an issuer of a defaulted security may result in the Fund losing its entire investment or being required to accept cash or securities with a value less than its original investment. It may also be difficult to obtain complete and accurate information regarding the true financial condition of the issuer of a defaulted security. Defaulted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRESSED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Distressed debt securities are speculative and involve substantial risks in addition to the risks </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of investing in high-yield securities that are not in default. In some instances, the Fund will not receive interest payments from the distressed securities it holds, and there is a substantial risk that the principal will not be repaid. In any reorganization or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">liquidation proceeding related to a distressed debt security, the Fund may lose its entire investment in the security.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE DEBT INSTRUMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in floating rate debt instruments are subject to the same risks as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. Floating rate debt instruments include debt securities issued by corporate and governmental entities, as well as bank loans, mortgage-backed securities and asset-backed securities. Floating rate debt instruments are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. Most commonly, the coupon rate of a floating rate debt instrument is set at the level of a widely followed interest rate, plus a fixed spread. As a result, the coupon on floating rate debt instrument will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the instrument. A floating rate debt instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, floating rate debt instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate debt instruments may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate. To the extent the Fund invests in floating rate loans, such instruments may be subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. It is possible that the collateral securing a floating rate loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, floating rate loans may not be considered “securities” under federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INVESTMENT COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in securities of other investment companies. As a shareholder in another </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investment company, the Fund will bear its ratable share of that investment company’s expenses, and would remain subject to payment of the Fund’s advisory and administrative fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the Fund will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">incur brokerage costs when purchasing and selling shares of exchange-traded investment companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. </span><span style="font-family:Arial;font-size:9.00pt;">Certain investments held by the Fund that trade on non-U.S. exchanges </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, </span><span style="font-family:Arial;font-size:9.00pt;">more liquid investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SENIOR LOAN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Senior loans represent debt obligations of sub-investment grade corporate borrowers, similar to high </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">yield bonds; however, senior loans are different from traditional high yield bonds in that senior loans are typically senior to other obligations of the borrower and generally secured by a lien on all or some portion of the assets of the borrower. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, “covenant-lite loans”) that would </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">typically be included in a traditional loan agreement and general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in market or economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Senior loans are also subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding senior loans. If the Fund holds a senior loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. Although senior loans are generally secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be readily liquidated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. Lastly, senior loans may not be considered “securities,” and the Fund may not be entitled to rely on the anti-fraud protections of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other </span><span style="font-family:Arial;font-size:9.00pt;">third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WARRANTS AND RIGHTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Warrants and rights do not carry with them the right to dividends or voting rights with respect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant’s or right’s expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">warrants and rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On January 3, 2023, the fair value methodology used to value the senior loan investments held by the Fund was changed. Prior to that date, the senior loans were valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided by a pricing service. The change in the Fund's fair value methodology on January 3, 2023, resulted in a one-time increase in the Fund's net asset value of approximately </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">$0.159 per share on that date, which represented a positive impact on the Fund's performance of 0.35%.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Senior Loan Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.43%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-9.65%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0643 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0965 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0628 0.0547 0.0482 0.0410 2013-05-01 0.0348 0.0295 0.0272 0.0209 0.0367 0.0308 0.0276 0.0222 0.0590 0.0642 0.0583 0.0485 0.0730 -0.0036 0.0201 0.0184 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust SSI Strategic Convertible Securities ETF (FCVT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;">The First Trust SSI Strategic Convertible Securities ETF’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to seek total return.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0095 0.0000 0.0000 0.0095 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 97 303 525 1166 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">122%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.22 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities (described below). In general, convertible securities combine the investment characteristics of bonds and common stocks and typically consist of debt securities or preferred securities that may be converted or exchanged within a specified period of time (typically for the entire life of the security) into a certain amount of common stock or other equity security (such equity securities referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">underlying securities</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) of the same or a different issuer (and/or the cash equivalent thereof). A convertible security is designed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to provide current income and also the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases (if any) in the market price of the underlying equity security. Accordingly, these equity-linked instruments offer the potential for equity market participation along with, in light of their bond-like characteristics, potential mitigated downside risk (which is generally the risk that a security may suffer a decline in value) in periods of equity market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">declines. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may invest in the following convertible securities (collectively, the “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Convertible Securities</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”): </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Convertible and exchangeable notes, bonds and debentures; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Convertible preferred securities; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Mandatory convertible securities (Conversion is not optional for these convertible securities, which automatically convert on maturity.); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Contingent convertible securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“CoCos”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) (These convertible securities may provide for conversion under certain circumstances, including, for example: if a company fails to meet the minimum amount of capital described in the security; if the company’s regulator makes a determination that the security should convert; or if the company receives specified levels of extraordinary public support. Additionally, CoCos may contain features that limit an investor’s ability to convert the convertible security into its underlying security unless certain conditions are met, including, for example, when the sale price of the underlying security exceeds the conversion price by a specified percentage for a certain specified period of time.); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Synthetic convertible securities (These convertible securities (a) consist of two or more distinct securities whose economic characteristics, when taken together, resemble those of traditional convertible securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, an income-producing security and the right to acquire an equity security (through, for example, an option or a warrant)); or (b) are exchangeable or equity-linked securities issued by a broker-dealer, investment bank or other financial institution with proceeds going directly to the broker-dealer, investment bank or other financial institution, as applicable, that have economic characteristics similar to those of traditional convertible securities.); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Corporate bonds and preferred securities with attached warrants; and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Convertible securities that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933, as amended (the “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Securities Act</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) (such as, for example, convertible securities that are issued in private placements). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In selecting securities for the Fund, SSI Investment Management LLC, the Fund’s sub-advisor (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Sub-Advisor</span><span style="font-family:Arial;font-size:9.00pt;">”), utilizes both </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quantitative and fundamental analysis to construct a portfolio of Convertible Securities intended to provide an attractive level of returns typically associated with investments in equity securities, but with a degree of downside protection that is provided through bond-like characteristics. Through its investment process, the Sub-Advisor attempts to identify attractive Convertible Securities based on its positive view of the underlying security or its view of the company’s potential for credit improvement. The Sub-Advisor screens the universe for Convertible Securities that present the most attractive reward per unit of risk. Once attractive Convertible Securities have been identified, the Sub-Advisor generally uses fundamental equity and credit analysis to determine which of the attractive Convertible Securities it believes have a sound underlying security with potential for increase in value. In conjunction with its analysis, the Sub-Advisor reviews the overall economic situation. In this regard, the Fund is actively managed, whereby, the Sub-Advisor assesses the position of the economic cycle and the performance outlook for certain economic sectors. In making decisions to purchase or sell Convertible Securities, the Sub-Advisor will, at times, over- or underweight different economic sectors, market capitalizations (small, mid or large), and credit quality exposures relative to the available universe of Convertible Securities. The Sub-Advisor may also adjust the sensitivity of the portfolio to movements in the equity market and to interest rates based on the macroeconomic outlook. The Fund may manage the market exposure defensively during periods of market distress.</span><span style="font-family:Arial;font-size:9.00pt;"> The portfolio tends to focus on underlying issuers with an innovation </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and growth profile and tends to overweight them. Issuers of companies with strong growth and innovation characteristics may exhibit higher price volatility than the broader stock market. Investing in these companies with convertible bonds can reduce volatility while maintaining the ability to capture some of the potential longer-term upside. In selecting investments, </span><span style="font-family:Arial;font-size:9.00pt;">the Sub-Advisor considers a variety of qualitative and quantitative factors, which may include: </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The size, growth characteristics, and sustainability of the company’s addressable markets; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The company’s ability to develop, commercialize, and scale innovative products, services, technologies, or business models. Business innovation is the process of implementing new ideas, products, services, or methods that create value, enhance efficiency, and foster growth. It moves beyond mere creativity to practical, measurable impact on a company’s bottom line, such as increasing revenue, improving quality, or gaining a competitive advantage. </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The strength and durability of the company’s competitive position, including barriers to entry, market share trends, and differentiation; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">Revenue growth, margin characteristics, profitability trends, and long-term earnings and cash-flow potential; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The scalability, capital efficiency, and sustainability of the company’s business model; </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The experience, strategic vision, and execution capabilities of management, as well as corporate governance practices; and </span><span style="font-family:Arial;font-size:9.00pt;">●</span><span style="font-family:Arial;font-size:9.00pt;">The Sub-Advisor’s assessment of valuation relative to growth prospects and risks. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in Convertible Securities of any credit quality, including securities that are rated below investment grade or unrated, and with effective or final maturities of any length. Below investment grade securities are commonly referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">junk</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">” or “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">high yield</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">” securities and are considered speculative with respect to the issuer’s capacity to pay interest and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">repay principal. The Fund’s investment advisor expects that, under normal market conditions, generally, for a Convertible Security to be considered as an eligible investment, after taking into account such an investment, at least 75% of the Fund’s net assets that are invested in Convertible Securities will be comprised of Convertible Securities that will have, at the time of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">original issuance, $200 million or more in par amount outstanding. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will limit its investments in synthetic convertible securities to 10% of its net assets (calculated at the time of investment). The Fund’s investments in options will be limited to options that represent a component of a synthetic convertible </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">security. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest, without limit, in securities that have not been registered under the Securities Act and continue to be subject to restrictions on resale, securities held by control persons of the issuer and securities that are subject to contractual restrictions on their resale (collectively, “</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">restricted securities</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”). Restricted securities include, without limitation, securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">eligible for purchase and sale pursuant to Rule 144A under the Securities Act (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">Rule 144A</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) and other securities issued in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">private placements. Under normal market conditions, the Fund will limit its investments in Convertible Securities that are Rule 144A securities to securities with $100 million or more in principal amount outstanding as of the time of their original </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuance. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to investing in Convertible Securities, the Fund also may invest in the following securities and instruments. The Fund may invest up to 20% of its net assets in exchange-traded notes (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">ETNs</span><span style="font-family:Arial;font-size:9.00pt;">”), which are a type of senior, unsecured, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">unsubordinated debt security issued by financial institutions that combines both aspects of bonds and exchange-traded funds (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">ETFs</span><span style="font-family:Arial;font-size:9.00pt;">”). The Fund may invest up to 20% of its net assets in equity securities listed on U.S. or non-U.S. securities exchanges, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including, but not limited to, depositary receipts, equity securities issued by business development companies (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">BDCs</span><span style="font-family:Arial;font-size:9.00pt;">”), and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">equity securities held upon conversion of Convertible Securities into their corresponding underlying securities. The Fund may also invest in zero coupon bonds. </span><span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments in information technology </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have significant investments in a jurisdiction, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investment sector or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026.</span><span style="font-family:Arial;font-size:9.00pt;">To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector, or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">To the extent permitted under applicable law, percentage limitations described in this prospectus are generally as of the time of investment by the Fund and may be exceeded on a going-forward basis as a result of market fluctuations affecting the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund’s portfolio securities.</span> <span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments in information technology </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have significant investments in a jurisdiction, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investment sector or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BDC RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A BDC may invest in the equity and fixed income securities of smaller and developing companies as well as companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that are experiencing financial crises. Investments in these types of companies present a greater risk of loss due to the companies’ youth and limited track records. They are also generally more susceptible to competition and economic and market changes due to limited products and market shares. In addition, the securities of smaller and developing companies and companies experiencing financial crises typically have limited liquidity. These companies may also have limited capital resources, meaning that they present a greater risk of default on fixed income securities issued and of non-payment of dividends on any preferred and common stock issued. A BDC may use leverage (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, borrowing and the issuance of fixed income and preferred </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities) to finance its own operations and may suffer significant losses if market fluctuations cause the BDC’s net asset value to decline or if related interest charges exceed investment income. The Fund has no control over the investments made by BDCs, and BDCs are subject to additional risks such as the fact that their shares may trade at a market price above or below </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">their net asset value and that an active market may not develop for their shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONTINGENT CONVERTIBLE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> CoCos are hybrid securities most commonly issued by banking institutions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that present risks similar to debt securities and convertible securities. CoCos are distinct in that they are intended to either convert into equity or have their principal written down upon the occurrence of certain “triggers.” When an issuer’s capital ratio falls below a specified trigger level, or in a regulator’s discretion depending on the regulator’s judgment about the issuer’s solvency prospects, a CoCo may be written down, written off or converted into an equity security. Due to the contingent write-down, write-off and conversion feature, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer's decision to write down, write off or convert a CoCo may be outside its control, and the Fund may suffer a complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. The value of CoCos is unpredictable and may be influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market or the financial markets in general.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONVERTIBLE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> A convertible security has characteristics of both equity and debt securities and, as a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">is exposed to risks that are typically associated with both types of securities. The value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary with changes in interest rates and the credit quality of the issuer. A convertible security tends to perform more like a stock when the underlying stock price is high relative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to the conversion price and more like a debt security when the underlying stock price is low relative to the conversion price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts may be less liquid than the underlying shares in their primary trading market. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the market price of the depositary receipts.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ETNs are unsecured debt obligations. As such, ETNs are subject to the credit risk of the issuer, and the value of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">ETN may drop due to a downgrade in the issuer’s credit rating, despite the ETN’s underlying market benchmark or assets remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. ETNs are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Fund. When the Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. While ETNs are exchange-traded, a trading market may not develop, limiting liquidity and adversely affecting the market value of the ETN. Lastly, ETNs are not registered as investment companies under the 1940 Act. Consequently, holders of ETNs, including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund, do not have the regulatory protections provided to investors in registered investment companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. </span><span style="font-family:Arial;font-size:9.00pt;">Certain investments held by the Fund that trade on non-U.S. exchanges </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, </span><span style="font-family:Arial;font-size:9.00pt;">more liquid investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">RESTRICTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Restricted securities are securities that cannot be offered for public resale unless registered </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. The Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other </span><span style="font-family:Arial;font-size:9.00pt;">third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WARRANTS AND RIGHTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Warrants and rights do not carry with them the right to dividends or voting rights with respect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant’s or right’s expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">warrants and rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ZERO COUPON BOND RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in zero coupon bonds. Zero coupon bonds do not pay interest on a current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">basis and may be highly volatile as interest rates rise or fall. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus an underlying fund could be forced to liquidate securities at an inopportune </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">time in order to generate cash to distribute to shareholders as required by tax laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust SSI Strategic Convertible Securities ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">25.74%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-16.68%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2574 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1668 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2045 0.0344 0.1003 0.0974 2015-11-03 0.1937 0.0155 0.0860 0.0830 0.1203 0.0201 0.0763 0.0738 0.1798 0.0505 0.1122 0.1062 0.0730 -0.0036 0.0201 0.0194 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Tactical High Yield ETF (HYLS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Tactical High Yield ETF</span><span style="font-family:Arial;font-size:9.00pt;">’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to provide current income. The Fund's secondary investment objective is to provide capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0000 0.0000 0.0069 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 70 221 384 859 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">68%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.68 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund invests at least 80% of its net assets (including investment borrowings) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the Fund’s advisor to be of comparable quality. Below investment grade securities are those that, at the time of purchase, are rated lower than “BBB</span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">–” by S&amp;P Global Ratings (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“S&amp;P”</span><span style="font-family:Arial;font-size:9.00pt;">), or lower than “Baa3” by Moody’s Investors Service, Inc. (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Moody’s”</span><span style="font-family:Arial;font-size:9.00pt;">), or comparably </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rated by another nationally recognized statistical rating organization (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“NRSRO”</span><span style="font-family:Arial;font-size:9.00pt;">). Additionally, for newly-issued debt securities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may consider an expected rating provided by an NRSRO as if it were a final rating.</span><span style="font-family:Arial;font-size:9.00pt;"> High yield debt securities that are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rated below investment grade are commonly referred to as </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“junk”</span><span style="font-family:Arial;font-size:9.00pt;"> debt. Such securities may include U.S. and non-U.S. corporate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">debt obligations, bank loans and convertible bonds. For purposes of determining whether a security is below investment grade, </span><span style="font-family:Arial;font-size:9.00pt;">the lowest available rating will be considered. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest up to 10% of its net assets (including investment borrowings) in non-U.S. securities denominated in non-U.S. currencies. The Fund may invest in non-income producing securities including Distressed Securities (as defined below) and common stocks. Companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings are referred to herein as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Distressed Securities.”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests no </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">more than 15% of its net assets in Distressed Securities, as determined at the time of the investment. The Fund may receive equity, warrants, corporate bonds and other such securities (i) in conjunction with the restructuring or reorganization, as applicable, of an issuer or any debt issued by an issuer, whether accomplished within or outside of a bankruptcy proceeding (or any other similar statutory restructuring or reorganization proceeding) or (ii) together with (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, as part of a unit or package </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that includes) one or more high yield debt securities (or other debt instruments) of an issuer. The Fund may also invest in investment grade corporate debt obligations and U.S. government securities to manage overall credit and duration risk. The Fund does not have any portfolio maturity limitation and may invest its assets in securities with short-term, medium-term or long-term maturities. The Fund may also invest in covenant-lite loans, defaulted securities and companies with various market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may, under normal market conditions, invest up to 40% of its net assets (including investment borrowings) in bank loans; however the Fund will invest no more than 15% of its net assets (including investment borrowings) in loans other than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">first lien senior secured floating rate bank loans. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in listed and over-the-counter derivatives to the extent permitted by the listing rules of the Exchange. Derivatives with comparable economic characteristics to high yield debt securities may be used to satisfy the Fund’s stated policy to invest at least 80% of its net assets (including investment borrowings) in high yield debt securities. The Fund may use certain credit derivatives to take on additional credit risk and obtain exposure to the high yield debt market, including utilizing credit default swap indices (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“CDX”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund may use CDX exposure in two ways: when the Fund is a buyer of CDX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">credit protection, it seeks to hedge its exposure to volatility in the high yield debt market; when the Fund is a seller of CDX credit protection, it seeks to gain exposure to the high yield debt market, similar to investing directly in a basket of high yield debt securities. The CDX investments in which the Fund will invest are cleared on an exchange. When the Fund obtains exposure to the high yield debt market using CDX, it will be considered an investment in a derivative with comparable economic characteristics to high yield debt securities for purposes of the Fund’s stated policy to invest at least 80% of its net assets </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(including investment borrowings) in high yield debt securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As part of its investment strategy, the Fund intends to maintain both long and short positions in securities under normal market conditions. The Fund takes long positions in securities that the investment advisor believes in the aggregate to have the potential to outperform the Fund’s benchmark, the ICE BofA US High Yield Constrained Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund takes short positions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in securities that the investment advisor believes will decline or in the aggregate will underperform the Index. The Fund’s long positions may total up to 130% of the Fund’s net assets. The Fund’s short positions will range between 0% and 30% of the Fund’s net assets. Under normal market conditions, the Fund takes short positions in U.S. Treasury securities and/or corporate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">debt obligations, which may be rated investment grade or rated or deemed to be high yield securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Short sales are transactions in which the Fund sells a security or other instrument (such as an option, forward, futures or other derivative contract) that it does not own. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The proceeds received from the Fund’s short sales of securities will generally be used to purchase all or a portion of the Fund’s additional long positions in securities, particularly high yield debt securities. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long securities positions and make any change in the Fund’s net asset value greater than it would be without the use of leverage, which could result in increased volatility of returns. There is no guarantee that any leveraging strategy the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund employs will be successful during any period in which it is employed. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investment advisor combines a fundamental credit selection process with relative value analysis and top-down macroeconomic perspectives when selecting investment opportunities. The Fund’s investment advisor believes that an evolving investment environment offers varying degrees of investment risk opportunities in the high yield, bank loan and other fixed income instrument markets. To capitalize on attractive investments and effectively manage potential risk, the Fund’s investment advisor believes that the combination of thorough and continuous credit analysis, market evaluation, diversification and the ability to reallocate investments is critical to achieving higher risk-adjusted returns. Over time, the Fund may have significant investments in jurisdictions or investment sectors. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BANK LOANS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in bank loans are subject to the same risks as investments in other types of debt securities, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding bank loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. If the Fund holds a bank loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, particularly for second lien loans or other junior or subordinated loans held by the Fund; provided, however, that some loans are not secured by any collateral. The Fund’s rights to collateral also may be limited by bankruptcy or insolvency laws. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. As such, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days) which may cause the Fund to be unable to realize the full value of its investment. In addition, bank loans are generally not registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and may not be considered “securities,” and the Fund may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span><span style="font-family:Arial;font-size:9.00pt;"> Bank loans held by the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may be subject to amendments, waivers, or exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing loans for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding </span><span style="font-family:Arial;font-size:9.00pt;">debt that is structurally or contractually subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CDX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> CDX is an equally-weighted index of credit default swaps that is designed to track a representative segment of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">credit default swap market (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, high yield). A credit default swap is a financial derivative that allows an investor to swap or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">offset their credit risk with that of another investor. CDX provides exposure to a basket of underlying credit default swaps in lieu of buying or selling credit default swaps on individual debt securities. The CDX investments in which the Fund will invest are cleared on an exchange. Regardless of whether the Fund buys or sells CDX credit protection, such investments can result in gains or losses that may exceed gains or losses the Fund would have incurred investing directly in high yield debt securities, which may impact the Fund’s net asset value. It is also possible that returns from CDX investments may not correlate with returns of the broader high yield credit market. There are additional costs associated with investing in CDX, including the payment of premiums when the Fund is a buyer of CDX credit protection. When the Fund sells CDX credit protection, it assumes additional credit risk. Investment exposure to CDX credit protection is subject to the risks of the underlying credit default swap obligations, which include general market risk, liquidity risk, credit risk and counterparty risk. Counterparty risk may be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mitigated somewhat compared to buying or selling credit protection using individual credit default swaps because CDX </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments are cleared on an exchange.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONVERTIBLE SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> A convertible security has characteristics of both equity and debt securities and, as a result, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is exposed to risks that are typically associated with both types of securities. The value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary with changes in interest rates and the credit quality of the issuer. A convertible security tends to perform more like a stock when the underlying stock price is high relative </span><span style="font-family:Arial;font-size:9.00pt;">to the conversion price and more like a debt security when the underlying stock price is low relative to the conversion price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVENANT-LITE LOANS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Substantially all of the senior loans in which the Fund invests are expected to be covenant-lite </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">loans. Covenant-lite loans contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Fund’s ability to reprice credit risk associated with the borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such investments is increased, especially during a downturn in the credit cycle.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEFAULTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. The reorganization or liquidation of an issuer of a defaulted security may result in the Fund losing its entire investment or being required to accept cash or securities with a value less than its original investment. It may also be difficult to obtain complete and accurate information regarding the true financial condition of the issuer of a defaulted security. Defaulted </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRESSED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Distressed debt securities are speculative and involve substantial risks in addition to the risks </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of investing in high-yield securities that are not in default. In some instances, the Fund will not receive interest payments from the distressed securities it holds, and there is a substantial risk that the principal will not be repaid. In any reorganization or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">liquidation proceeding related to a distressed debt security, the Fund may lose its entire investment in the security.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE DEBT INSTRUMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in floating rate debt instruments are subject to the same risks as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. Floating rate debt instruments include debt securities issued by corporate and governmental entities, as well as bank loans, mortgage-backed securities and asset-backed securities. Floating rate debt instruments are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. Most commonly, the coupon rate of a floating rate debt instrument is set at the level of a widely followed interest rate, plus a fixed spread. As a result, the coupon on floating rate debt instrument will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the instrument. A floating rate debt instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, floating rate debt instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate debt instruments may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate. To the extent the Fund invests in floating rate loans, such instruments may be subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. It is possible that the collateral securing a floating rate loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, floating rate loans may not be considered “securities” under federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. </span><span style="font-family:Arial;font-size:9.00pt;">Certain investments held by the Fund that trade on non-U.S. exchanges </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, </span><span style="font-family:Arial;font-size:9.00pt;">more liquid investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SENIOR LOAN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Senior loans represent debt obligations of sub-investment grade corporate borrowers, similar to high </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">yield bonds; however, senior loans are different from traditional high yield bonds in that senior loans are typically senior to other obligations of the borrower and generally secured by a lien on all or some portion of the assets of the borrower. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, “covenant-lite loans”) that would </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">typically be included in a traditional loan agreement and general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in market or economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Senior loans are also subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding senior loans. If the Fund holds a senior loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. Although senior loans are generally secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be readily liquidated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. Lastly, senior loans may not be considered “securities,” and the Fund may not be entitled to rely on the anti-fraud protections of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SHORT SALES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In connection with a short sale of a security or other instrument, the Fund is subject to the risk that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other </span><span style="font-family:Arial;font-size:9.00pt;">third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WARRANTS AND RIGHTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Warrants and rights do not carry with them the right to dividends or voting rights with respect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant’s or right’s expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">warrants and rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On January 3, 2023, the fair value methodology used to value the senior loan investments held by the Fund was changed. Prior to that date, the senior loans were valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided by a pricing service. The change in the Fund's fair value methodology on January 3, 2023, resulted in a one-time increase in the Fund's net asset value of approximately </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">$0.035 per share on that date, which represented a positive impact on the Fund's performance of 0.09%.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Tactical High Yield ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">7.77%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-12.82%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0777 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1282 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0777 0.0323 0.0476 0.0452 2013-02-25 0.0500 0.0064 0.0228 0.0202 0.0455 0.0130 0.0254 0.0231 0.0850 0.0450 0.0644 0.0524 0.0730 -0.0036 0.0201 0.0192 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Long Duration Opportunities ETF (LGOV)</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Long Duration Opportunities ETF’s (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) primary investment objective is to generate current income with a focus on preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0000 0.0000 0.0049 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 50 157 274 616 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">158%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.58 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in a portfolio of investment-grade debt securities issued or guaranteed by the U.S. government, its agencies or government-sponsored entities, including publicly-issued U.S. Treasury securities and mortgage-related securities. The Fund may also invest in exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ETFs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that principally invest in such securities. As discussed in more detail below, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may purchase mortgage-related securities in “to-be-announced” transactions (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“TBA Transactions”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), including </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage dollar rolls, which also count toward the 80% investment requirement set forth above. The Fund’s investment advisor seeks to manage the Fund’s portfolio to have a weighted average effective duration of eight or more years. Duration, which is discussed in more detail below, measures a debt security’s expected life on a present value basis, taking into account the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">debt security’s yield, interest payments and final maturity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In managing the Fund’s portfolio, the Fund’s portfolio managers utilize a top-down, bottom-up analytical investment process. The portfolio managers will first conduct a top-down review of the mortgage-backed security and Treasury fixed income sectors to determine sector position weights based on its evaluation of market fundamentals. The portfolio managers then perform a bottom-up analysis of individual securities to determine in which sub-sectors the portfolio will be over, neutral and underweight. The portfolio managers analyze the Fund’s holdings on a systematic basis to monitor any changes in security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and portfolio performance, in addition to looking for meaningful changes in risk factors. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the portfolio managers will manage the Fund’s portfolio to have a weighted average effective duration of eight or more years. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. The Fund’s portfolio managers will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size of the position. In performing this duration calculation, the Fund’s portfolio managers will utilize </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">third-party models. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in mortgage-related securities may include investments in fixed or adjustable-rate securities structured as “pass-through” securities and collateralized mortgage obligations, including residential and commercial mortgage-backed securities, stripped mortgage-backed securities and real estate mortgage investment conduits. The Fund will invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). The Fund may purchase government-sponsored mortgage-related securities in TBA Transactions, including mortgage dollar rolls. In a TBA Transaction, a seller and buyer of securities agree upon a price for delivering a given volume of securities at a specified future date. The characteristic feature of a TBA Transaction is that the actual identity of the securities to be delivered at settlement is not specified on the trade date. Instead, participants agree upon only the general parameters of the securities to be delivered, including issuer, maturity, coupon, price, par amount and settlement date. Generally, two days prior to the settlement date, the seller provides the buyer with the identity of the securities it intends to deliver on the settlement date. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. The Fund intends to enter into mortgage dollar rolls only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">with high quality securities dealers and banks, as determined by the Fund’s portfolio managers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to its investment in securities issued or guaranteed by the U.S. government, its agencies and government-sponsored entities, the Fund may invest up to 20% of its net assets in other types of debt securities, including privately-issued, non-agency sponsored asset-backed and mortgage-related securities, futures contracts, options, swap agreements, cash and cash equivalents, and ETFs that investment principally in fixed income securities. Further, the Fund may enter into short sales as part of its overall portfolio management strategy, or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets. The Fund may “set aside” liquid assets or engage in other similar measures in connection with the foregoing types </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of transactions. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the portfolio managers to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"NRSRO"</span><span style="font-family:Arial;font-size:9.00pt;">), the Fund will consider the highest rating. Additionally, for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">newly-issued securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may also invest in floating-rate securities, inverse floating-rate securities, interest or principal only securities and zero coupon </span><span style="font-family:Arial;font-size:9.00pt;">bonds.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asset-backed securities are debt securities typically created by buying and pooling loans </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in ETFs. The Fund’s investment in shares of ETFs subjects it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Floating rate securities are structured so that the security’s coupon rate fluctuates based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the level of the reference rate which would decrease the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FUTURES CONTRACTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Futures contracts are typically exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. In the event no secondary market exists for a particular contract, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the derivative. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the derivatives and movements in the securities or index underlying the derivatives or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts may not correlate perfectly with movements </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the securities or index underlying them.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST AND PRINCIPAL ONLY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in stripped mortgage-backed securities where </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mortgage payments are divided up between one class that receives all of the interest from the mortgage assets (interest-only securities), while the other class will receive all of the principal (the principal-only securities). The yield to maturity on an interest-only security is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity from these securities. If the assets underlying the interest-only securities experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal-only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities tend to decline in value if prepayments are slower than anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INVERSE FLOATERS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">inverse floaters,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which are debt instruments that pay interest at a rate </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that moves inversely to a</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">designated reference rate</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(typically an interest rate benchmark).</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Inverse floaters may be structured from municipal bonds, mortgage-backed securities or other types of fixed income securities. Distributions paid to the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on its inverse floaters will </span><span style="font-family:Arial;font-size:9.00pt;">decrease (or possibly be eliminated)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as interest rates rise and will increase when interest rates fall. Accordingly,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">inverse floaters will generally underperform the market for fixed-</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and floating-rate debt securities in a rising interest </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rate environment.</span><span style="font-family:Arial;font-size:9.00pt;"> The inverse payout structure of such instruments is created through structural leverage, which can cause </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the market value of inverse floaters to be more sensitive to changes in interest rates than more traditional fixed- or floating-rate debt securities. As a result, small movements in interest rates can produce disproportionate changes in the value of such holdings. Inverse floaters may also be subject to liquidity risk and structural complexity, which can make them more difficult to value or sell. The transactions that give rise to the creation of an inverse floater may be terminated without the Fund’s consent upon the occurrence of certain events, such as the bankruptcy or other default by the issuer. Such an event could </span><span style="font-family:Arial;font-size:9.00pt;">result in a loss of principal for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund has exposure to instruments subjecting them to leverage risk. Leverage may result in losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MONEY MARKET/SHORT-TERM SECURITIES RISK. </span><span style="font-family:Arial;font-size:9.00pt;">To the extent the Fund holds cash or invests in money market or short-term </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, the Fund may be less likely to achieve its investment </span><span style="font-family:Arial;font-size:9.00pt;">objective. In addition, it is possible that the Fund’s investments in these instruments could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mortgage-related securities are subject to the same risks as investments in other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in asset-backed or mortgage-backed securities offered by non-governmental </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by private issuers are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by the Fund may be particularly difficult to value because of the complexities involved in assessing the value of the underlying loans and the value of these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities can change dramatically over time.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment </span><span style="font-family:Arial;font-size:9.00pt;">objective. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and there may at times not be a liquid secondary market for certain options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SHORT SALES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In connection with a short sale of a security or other instrument, the Fund is subject to the risk that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SWAP AGREEMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Swap agreements may involve greater risks than direct investment in securities as they may be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">leveraged and are subject to credit risk, counterparty risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may purchase securities on a when-issued, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to-be-announced (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"TBA"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), delayed delivery or forward commitment basis. In such a transaction, the purchase price of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">delivery or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expenses or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ZERO COUPON BOND RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rates rise or fall. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders as required by tax laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Long Duration Opportunities ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">10.63%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-7.49%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2023</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1063 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0749 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0905 -0.0242 0.0132 2019-01-22 0.0726 -0.0369 -0.0003 0.0533 -0.0235 0.0045 0.0675 -0.0393 0.0038 0.0730 -0.0036 0.0197 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust EIP Power Solutions ETF (FPWR)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust EIP Power Solutions ETF seeks to achieve a competitive risk-adjusted total return balanced between dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0095 0.0000 0.0000 0.0001 0.0096 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 98 306 531 1178 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">67%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Due to changes in the Fund's Principal Investment Strategies on September 5, 2025 the Fund may experience higher levels </span><span style="font-family:Arial;font-size:9.00pt;">of portfolio turnover in the current fiscal year than in previous years.</span> 0.67 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of companies identified by the Fund’s investment sub-advisor, Energy Income Partners, LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“EIP”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), as Power Solutions Companies. According to the Sub-Advisor, Power Solutions Companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">those companies that provide technology, equipment and services that contribute to the production, transmission, storage and delivery of electric power and/or have a positive impact on the cost, reliability, safety or environmental impact to help meet the growing demands of the electric power system. Power Solutions Companies include companies in the Global Industry Classification Standard (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GICS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) Electrical Equipment industry in the Industrials sector, companies in the GICS Utilities sector </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(excluding water utilities), companies in the GICS Energy sector, and companies in any other GICS sectors that derive at least </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">50% of their revenues or profits from electric generation, transmission, distribution, grid solutions, storage and system reliability support (collectively, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“power-related activities”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), nuclear power life-extension and small modular reactors (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"SMR"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), exploration, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), electricity, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, or carbon, carbon dioxide and fugitive methane mitigation and management. Power Solutions Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from energy and utility-related activities, as determined by the Sub-Advisor. Power Solutions Companies may include publicly traded master limited partnerships or limited liability companies taxed as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">partnerships (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“MLPs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and MLP affiliates. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Sub-Advisor selects securities for the Fund’s portfolio based upon its holistic assessment of both quantitative and qualitative attributes. Such quantitative attributes include, but are not limited to, operating metrics and financial metrics, such as stability of cash flows and the strength of the balance sheet. Relevant qualitative attributes include, but are not limited to, the Sub-Advisor’s confidence in the company’s management team, the sustainability of a company’s business model and the competitiveness of a company’s assets. In its assessment of quality, the Sub-Advisor will not consider any measures of valuation. No one quantitative or qualitative attribute is dispositive in the Sub-Advisor’s security selection process, but rather, when considered cumulatively, such attributes help inform the Sub-Advisor’s investment decisions in light of market conditions and the Sub-Advisor’s own experience. In determining security weights, the Sub-Advisor balances each position’s expected rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of return against risks, position size and diversification considerations and the Fund’s portfolio limitations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments will be concentrated in the industries constituting the energy infrastructure sector. These companies principally include: utilities; natural gas pipeline companies; manufacturers, contracted developers and/or owners of renewable energy, contracted developers and/or owners of nuclear energy; and other companies that derive the majority of their earnings from manufacturing, operating, constructing or providing services in support of infrastructure assets and/or infrastructure activities such as electricity generating equipment, energy storage, carbon capture and sequestration, fugitive methane abatement and energy transmission and distribution equipment, such as pipelines, power transmission and voltage, and frequency control. The Sub-Advisor will generally seek to focus on companies with a strategic connection to (x) the generation or transmission of electric power, or (y) making the electric power system safer, cleaner, more reliable, or lower in cost. The Fund’s portfolio will be principally composed of equity securities, including common stock, depositary receipts, units issued by master limited partnerships (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“MLPs”</span><span style="font-family:Arial;font-size:9.00pt;">) and may also include investments in money market funds. Such securities may be </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issued by small, mid and large capitalization companies operating in developed market countries and may be denominated in a non-U.S. currency. While the Fund may invest in equity securities of MLPs, the Fund will limit its investment in MLPs, or </span><span style="font-family:Arial;font-size:9.00pt;">other companies taxed as partnerships in order to comply with applicable tax diversification rules. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in energy companies and utility companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction that it may not have had as </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of January 30, 2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction, investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction, investment sector </span><span style="font-family:Arial;font-size:9.00pt;">or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in energy companies and utility companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is concentrated in the industries comprising the energy infrastructure sector. To the extent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A concentration makes the Fund more susceptible to any </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">single occurrence and may subject the Fund to greater market risk than a fund that is not so concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests significantly in energy companies. The success of energy companies may be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cyclical and highly dependent on energy prices. The market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and a risk of loss from terrorism, political strife or natural disasters.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY INFRASTRUCTURE COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Energy infrastructure companies, including MLPs and utility companies, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to risks specific to the energy and energy-related industries. This includes but is not limited to: fluctuations in commodity prices impacting the volume of energy commodities transported, processed, stored or distributed; reductions in volumes of natural gas or other energy commodities being available for transporting, processing, storing or distributing; slowdowns in new construction and acquisitions limiting growth potential; reduced demand for oil, natural gas and petroleum products, particularly for a sustained period of time; depletion of natural gas reserves or other commodities; rising interest rates resulting in higher costs of capital, increased operating costs; counterparties to contracts defaulting or going bankrupt; and an inability to execute acquisitions or expansion projects in a cost-effective manner; extreme weather events and environmental hazards; and threats of attack by terrorists on energy assets. Energy infrastructure companies may also face counterparty risk, such that long-term contracts may be declared void if the counterparty to those contracts enters bankruptcy proceedings. In addition, energy infrastructure companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Energy infrastructure companies that own interstate pipelines are subject to regulation by U.S. Federal Energy Regulatory Commission (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"FERC"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) with respect to the tariff rates they may charge </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for transportation services. An adverse determination by FERC with respect to the tariff rates of such a company could have a material adverse effect on its business, financial condition, results of operations and cash flows and its ability to pay cash distributions or dividends. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy infrastructure companies. Natural disasters, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such as hurricanes in the Gulf of Mexico, also may impact the energy infrastructure companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies in the utility sector are subject to the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations, and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">fluctuations, volatile interest rates and energy conservation may cause difficulties for these companies. Such issuers have </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">been experiencing certain of these problems in varying degrees. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies are involved in the production of electrical equipment and components. General risks of these companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, the companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading in local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner's right to require unit-holders to sell their common units at an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">undesirable time or price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the MLPs in which it invests, a factor over which the Fund has no control. The benefit the Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">previously issued. See "Deferred Tax Liability Risk."</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MONEY MARKET/SHORT-TERM SECURITIES RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">To the extent the Fund holds cash or invests in money market or short-term </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in these instruments could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NUCLEAR POWER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Nuclear power companies may face considerable risk as a result of incidents and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">accidents, breaches of security, ill-intentioned acts of terrorism, natural disasters, equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences, especially in the case of radioactive contamination and irradiation of the environment, for the general population, as well as a material, negative impact on nuclear infrastructure companies. In addition, nuclear infrastructure companies are subject to competitive risk associated with the prices of other energy sources, such as natural gas and oil. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear infrastructure companies may decline with a corresponding impact on earnings. Nuclear activity is also subject to particularly detailed and restrictive regulations, with a scheme for the monitoring and periodic re-examination of operating authorization, which primarily takes into account nuclear safety, environmental and public health protection, and also national security considerations, including terrorist threats in particular. These regulations and any future regulations may be subject to significant tightening by national and international authorities. This could result in increased operating costs, which would have a negative impact on nuclear power companies and may cause operating businesses related to nuclear energy to become unprofitable or impractical to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">operate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">RENEWABLE ENERGY COMPANIES RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Renewable energy companies are subject to risks specific to the energy and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">energy-related industries, including but not limited to, fluctuations in energy prices and/or interest rates, slowdowns in new construction, reduced demand, extreme weather events and environmental hazards, world events and economic conditions, events relating to international politics, changes in exchange rates, imposition of import controls, and threats of attack by terrorists on energy assets. Renewable energy companies can also be significantly affected by intense competition, obsolescence of existing technology, short product cycles, and changes in governmental or environmental regulation, including tax incentives and subsidies. Renewable energy companies may also be more volatile than companies operating in more established sectors. Additionally, certain methods used to value renewable energy companies have not been widely used for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">a significant period of time and may further increase the volatility of renewable energy company share prices.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UTILITY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Utility companies include companies producing or providing gas, electricity or water. These </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations, volatile interest rates and energy conservation may negatively affect utility companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. </span><span style="font-family:Arial;font-size:9.00pt;">Portfolio holdings that are valued using </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used.</span><span style="font-family:Arial;font-size:9.00pt;"> In addition, there is no assurance that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On September 5, 2025, the Fund changed its name and Principal Investment Strategies. Therefore, any Fund performance and historical returns shown below that incorporate Fund performance prior to September 5, 2025 are not necessarily indicative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the performance that the Fund, based on its current Principal Investment Strategies, would have generated.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust EIP Power Solutions ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">15.80%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-11.97%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1580 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1197 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1619 0.1029 0.1034 2019-08-19 0.1524 0.0933 0.0941 0.0957 0.0766 0.0781 0.1711 0.0888 0.0839 0.1788 0.1442 0.1608 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust High Income Strategic Focus ETF (HISF)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust High Income Strategic Focus ETF’s (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) primary investment objective is to seek risk-adjusted income. The Fund’s secondary investment objective is capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0000 0.0000 0.0073 0.0083 0.0000 0.0083 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">March 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The example assumes that the Fund’s investment advisor’s agreement to waive fees and/or pay the Fund’s expenses to the extent necessary to prevent the operating expenses of the Fund (excluding </span><span style="font-family:Arial;font-size:9.00pt;">taxes,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">interest, all brokerage commissions,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 0.87% </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of average daily net assets will be terminated following March 1, </span><span style="font-family:Arial;font-size:9.00pt;">2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 85 265 460 1025 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">32%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio. </span> 0.32 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to achieve its investment objectives by investing in a portfolio of U.S.-listed exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETFs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that is designed to follow the High Income Model (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“High Income Model”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">developed by the Fund’s investment advisor, First Trust Advisors L.P. (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“First Trust”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund, through its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in the Underlying ETFs comprising the High Income Model, seeks to provide investors with a diversified income stream by holding a blend of fixed income assets that are actively managed to seek levels of high income and total return. The High Income Model is principally composed of ETFs for which First Trust serves as investment advisor. Therefore, a significant portion of the ETFs in which the Fund invests are advised by First Trust. However, the Fund may also invest in ETFs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other than First Trust ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Advisor employs a dynamic approach in selecting the Underlying ETFs that are included in the High Income Model. In constructing the High Income Model, the Advisor uses a disciplined process for reviewing the macroeconomic outlook, policy drivers and asset level analysis that inform portfolio construction and ongoing risk management. The process begins with a robust, top-down review of macroeconomic factors including monetary and fiscal policies, growth forecasts, trade and tax policies, global market views and current market valuations. The process combines these factors with disciplined bottom-up asset level analysis including views on rates, duration, credit, currency and current asset valuations. The Advisor utilizes this process to evaluate the relative attractiveness of the various fixed-income asset classes in an attempt to best position the Fund to take advantage of market trends and investment opportunities. The High Income Model is also designed to allow the Advisor to adjust portfolio risk for the Model on an ongoing basis, consistent with the Fund’s investment objective to seek </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">risk-adjusted income. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may invest in Underlying ETFs that invest principally in the following asset classes: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">U.S. government securities (securities issued or guaranteed by the U.S. government, its agencies or instrumentalities); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Corporate bonds issued by investment-grade U.S. issuers; </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Corporate bonds issued by non-investment-grade issuers (commonly referred to as “junk” bonds); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Senior loans, including covenant-lite loans (which are generally structured with floating rates of interest); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Securitized debt securities (including asset-backed securities and residential- and commercial-mortgaged backed securities including securities issued non-governmental issuers, known as “non-agency securities”); </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Bonds issued by issuers located outside of the United States, including issuers located in emerging market countries, including bonds issued by sovereign and quasi-sovereign entities (such bonds may be denominated in currencies other than U.S. dollars); and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">●</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Hybrid capital securities (securities with unique characteristics such as preferred securities, convertible securities and contingent convertible securities). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The High Income Model, and therefore the Fund, is actively-managed and is designed to be responsive to market conditions. Therefore the Fund may engage in frequent trading. However, the High Income Model, and therefore the Fund's portfolio, is constructed subject to certain exposure limits. Through its investments in the Underlying ETFs, the Advisor will seek to position the Fund's portfolio to have no more than 60% exposure to U.S. high-yield securities (consisting of U.S. high-yield corporate bonds and U.S. high-yield senior loans); no more than 30% exposure to debt securities issued by non-U.S. issuers (including issuers located in emerging market countries); no more than 20% exposure to debt securities issued by emerging market issuers; no more than 20% exposure to preferred securities; and no more than 10% exposure to convertible bonds. In determining whether a security is classified as non-investment-grade, the Advisor considers the lowest rating provided by the "big three" credit rating agencies. The Underlying ETFs may also invest in companies with various market capitalizations, defaulted securities, restricted securities, when-issued securities, to-be-announced securities and delayed delivery securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may utilize repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will not utilize derivatives but may invest in Underlying ETFs that utilize derivatives for various purposes, such as hedging some of the risks associated with its portfolio, as a substitute for a position in an underlying asset, to reduce transaction costs, to maintain full market exposure (which means to adjust the characteristics of its investments to more closely approximate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">those of the markets in which it invests), to manage cash flows or to preserve capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that invest in asset-backed securities. Asset-backed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are debt securities typically created by buying and pooling loans or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of underlying assets, may result in a reduction in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of such asset-backed securities and losses to an Underlying ETF.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BANK LOANS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold bank loans. Investments in bank loans are subject to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding bank loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. If an Underlying ETF holds a bank loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Underlying ETF, </span><span style="font-family:Arial;font-size:9.00pt;">particularly for second lien loans </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or other junior or subordinated loans held by</span><span style="font-family:Arial;font-size:9.00pt;"> the Underlying ETF; provided, however, that some loans are not secured by any </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">collateral. The Underlying ETF</span><span style="font-family:Arial;font-size:9.00pt;">’s rights to collateral also may be limited by bankruptcy or insolvency laws. Additionally, there </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. As such, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days) which may cause the Underlying ETF to be unable to realize the full value of its investment. In addition, bank loans are generally not registered with the Securities and </span><span style="font-family:Arial;font-size:9.00pt;">Exchange Commission under the Securities Act of 1933, as amended, and may not be considered “securities,” and an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span><span style="font-family:Arial;font-size:9.00pt;"> Bank loans held by the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may be subject to amendments, waivers, or exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing loans for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in an Underlying ETF </span><span style="font-family:Arial;font-size:9.00pt;">holding debt that is structurally or contractually subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold debt securities. Some debt securities may be redeemed, or “called,” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">at the option of the issuer before their stated maturity date. In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. It is possible that during periods of falling interest rates an issuer will call its high yielding debt securities. An Underlying ETF would then be forced to invest the proceeds at </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">lower interest rates, likely resulting in a decline in its income.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONCENTRATED INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a significant percentage of its assets in a small number of ETFs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to subjecting the Fund to the risks of investing in such ETFs as described in this prospectus, this subjects the Fund to the risk that a decline in the value of one or more ETFs could have a significant negative impact on the Fund's net asset value and your investment. In addition, the overall performance of the Fund will be largely dependent on the performance of this small number of ETFs, and if any of those ETFs experiences negative performance or fails to achieve its investment objective, the Fund and your investment could be significantly negatively impacted. Additionally, if the Fund owns a significant percentage of the outstanding shares of an ETF, large purchases and sales of the ETF's shares by the Fund may create a number of risks for the ETF and its shareholders (including the Fund), including impacts to the ETF's size, market price, liquidity, bid/ask spreads, portfolio turnover and transaction costs, tax efficiency and ability to trade underlying securities advantageously. These </span><span style="font-family:Arial;font-size:9.00pt;">risks may be exacerbated for newer ETFs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONFLICT OF INTEREST RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund invests in other ETFs that are also advised by, or are otherwise affiliated with, the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Advisor. Because the Fund pays management fees in connection with its investments in other ETFs, the Advisor has a financial incentive to cause the Fund to invest in ETFs for which it also serves as investment advisor. The Advisor may invest in an affiliated </span><span style="font-family:Arial;font-size:9.00pt;">ETF even in circumstances where an unaffiliated ETF may have lower fees or better performance over certain time periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONTINGENT CONVERTIBLE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that invest in contingent convertible </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities (“CoCos”). CoCos are hybrid securities most commonly issued by banking institutions that present risks similar to debt securities and convertible securities. CoCos are distinct in that they are intended to either convert into equity or have their principal written down upon the occurrence of certain “triggers.” When an issuer’s capital ratio falls below a specified trigger level, or in a regulator’s discretion depending on the regulator’s judgment about the issuer’s solvency prospects, a CoCo may be written down, written off or converted into an equity security. Due to the contingent write-down, write-off and conversion feature, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer's decision to write down, write off or convert a CoCo may be outside its control, and an Underlying ETF may suffer a complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. The value of CoCos is unpredictable and may be influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the financial markets in general.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONVERTIBLE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold convertible securities. A convertible </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. The value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary with changes in interest rates and the credit quality of the issuer. A convertible security tends to perform more like a stock when the underlying stock price is high relative to the conversion price and more like a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">debt security when the underlying stock price is low relative to the conversion price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that are subject to counterparty risk. Transactions involving </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a counterparty in which an Underlying ETF may engage are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to an Underlying ETF. An Underlying ETF may be unable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVENANT-LITE LOANS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold covenant-lite loans. Covenant-lite loans </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, than traditional loans and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder an Underlying ETF's ability to reprice credit risk associated with the borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to losses on such investments is increased, especially during a downturn in the credit cycle.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold debt securities. An issuer or other obligated party of a debt security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">security may decline because of concerns about the issuer’s ability or unwillingness to make such payments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT SPREAD RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold debt securities. From time to time, spreads (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">difference in yield between debt securities that have different credit qualities or other differences) may increase, which may reduce the market value of some of the debt securities held by the Underlying ETFs in which the Fund may invest if the Proposal is implemented. While such Underlying ETFs may employ strategies to mitigate credit spread risk, these strategies may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be successful.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that are subject to currency risk. Changes in currency exchange </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in </span><span style="font-family:Arial;font-size:9.00pt;">an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio. An Underlying ETF’s net asset value could decline if a currency to which an Underlying ETF has </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of </span><span style="font-family:Arial;font-size:9.00pt;">an investment in such an Underlying ETF may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund will invest in Underlying ETFs that hold debt securities. Investments in debt securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by an Underlying ETF may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or exchange offers that modify their terms. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually subordinated, less liquid, or of </span><span style="font-family:Arial;font-size:9.00pt;">lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEFAULTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold defaulted securities. Defaulted securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pose a greater risk that principal will not be repaid than non-defaulted securities. The reorganization or liquidation of an issuer of a defaulted security may result in an Underlying ETF losing its entire investment or being required to accept cash or securities with a value less than its original investment. It may also be difficult to obtain complete and accurate information regarding the true financial condition of the issuer of a defaulted security. Defaulted securities and any securities received in an exchange </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold derivatives. The use of derivative instruments involves </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause an Underlying ETF to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold securities of issuers located in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries. Investments in securities issued by governments and companies operating in emerging market countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not weight the securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as the same structural risks faced by an investor purchasing shares of the Fund, including premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold debt securities. Extension risk is the risk that, when interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold floating rate securities. Floating rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing an investor to experience a reduction in the income it receives from the security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate which would decrease </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold high yield securities. High yield securities, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or “junk” bonds, are subject to greater market fluctuations, are less liquid and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">risk of default than other types of securities and could cause income and principal losses for an Underlying ETF.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HYBRID CAPITAL SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold hybrid capital securities. Hybrid capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities are subject to the risks of equity securities and debt securities. The claims of holders of hybrid capital securities of an issuer are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid capital securities may be more volatile and subject to greater risk than traditional debt securities, and may in certain circumstances be even more volatile than traditional equity securities. At the same time, hybrid capital securities may not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains. The terms of hybrid capital securities may vary substantially and the risks of a particular hybrid capital security will depend upon the terms of the instrument, but may include the credit risk of the issuer, as well as liquidity risk, since they often are customized to meet the needs of an issuer or a particular investor, and therefore the number </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of investors that buy such instruments in the secondary market may be small.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold income-producing securities. The Fund's income may decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">when interest rates fall or if there are defaults in the portfolio of an Underlying ETF. This decline can occur because an Underlying ETF may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">called, or an Underlying ETF otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold securities that are subject to inflation risk. Inflation risk is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">As inflation increases, the present value of an Underlying ETF’s assets and distributions may decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that hold securities subject to interest rate risk. Interest rate risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">is the risk that the value of the debt securities in an investor’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. An investor may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of volatility and, therefore, greater risk. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold certain investments that may be subject to restrictions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, an Underlying ETF may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Underlying ETF currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold mortgage-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Mortgage-related securities are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make an Underlying ETF more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect a mortage-related security's actual </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">yield to maturity. Along with prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold asset-backed and/or mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities offered by non-governmental issuers (known as "non-agency securities"). Investments in asset-backed or mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by private issuers are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Underlying ETFs. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by an Underlying ETF may be particularly difficult to value because of the complexities involved </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in assessing the value of the underlying loans and the value of these securities can change dramatically over time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold non-U.S. securities. Non-U.S. securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">standards, and less government supervision and regulation of securities exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold preferred securities. Preferred securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will invest in Underlying ETFs that hold debt securities. Prepayment risk is the risk that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates as an Underlying ETF may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REPURCHASE AGREEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that utilize repurchase agreements. Repurchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">agreements are subject to the risk of failure. If an Underlying ETF’s counterparty defaults on its obligations and the Underlying ETF is delayed or prevented from recovering the collateral, or the value of the collateral is insufficient, the Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may realize a loss.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">RESTRICTED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold restricted securities. Restricted securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. An Underlying ETF may be unable to sell a restricted security on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short notice or may be able to sell it only at a price below current value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SENIOR LOAN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold senior loans. Senior loans represent debt obligations </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of sub-investment grade corporate borrowers, similar to high yield bonds; however, senior loans are different from traditional high yield bonds in that senior loans are typically senior to other obligations of the borrower and generally secured by a lien on all or some portion of the assets of the borrower. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, “covenant-lite loans”) that would typically be included in a traditional loan agreement and general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the ability of an Underlying ETF to reprice credit risk associated with a particular borrower and reduce the ability of an Underlying ETF to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Senior loans are also subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding senior loans. If an Underlying ETF holds a senior loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. Although senior loans are generally secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could be readily liquidated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No active trading market may exist for certain senior loans, which may impair the ability of an Underlying ETF to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. Lastly, senior loans may not be considered “securities,” and an Underlying ETF may not be entitled to rely on the anti-fraud </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">protections of the federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that an Underlying ETF invests a significant percentage of its assets in a single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if it were more broadly diversified. A significant exposure makes an Underlying ETF more susceptible to any single occurrence and may subject the Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than a fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general market or economic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SOVEREIGN AND QUASI-SOVEREIGN DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in Underlying ETFs that hold sovereign </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or quasi-sovereign debt securities. Sovereign and quasi-sovereign debt securities that are issued or guaranteed by foreign governmental entities. Investments in such securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to pay interest or repay principal on its debt. Such delays or refusals may be due to cash flow problems, insufficient foreign currency reserves, political considerations, the size of its debt relative to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">There is no legal process for collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">all or part of the unpaid sovereign debt may be collected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in Underlying ETFs that invest in U.S. government securities. U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will invest in Underlying ETFs that hold debt securities. The sale price the Underlying ETF could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">receive for a security may differ from the Underlying ETF’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Underlying ETF were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Underlying ETF’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Underlying ETF will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Underlying ETF and, in turn, the Fund. In addition, the value of the debt securities in the Underlying ETF's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Net asset value calculation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may invest in Underlying ETFs that purchase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities on a when-issued, TBA, delayed delivery or forward commitment basis In such a transaction, the purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Underlying ETF’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed delivery or forward commitment transaction would expose the Underlying ETF to possible losses because of an adverse </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a blended benchmark and two broad-based securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market indices</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On February 28, 2022, the Fund changed its principal investment strategies. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, under its current strategy, would have </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generated.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a blended benchmark and two broad-based securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market indices</span><span style="font-family:Arial;font-size:9.00pt;">. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust High Income Strategic Focus ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">9.65%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-18.55%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0965 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.1855 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0821 0.0310 0.0402 0.0333 2014-08-13 0.0614 0.0133 0.0223 0.0156 0.0482 0.0159 0.0230 0.0175 0.0767 0.0110 0.0337 0.0290 0.0730 -0.0036 0.0201 0.0195 0.1715 0.1315 0.1429 0.1309 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">The Blended Index is comprised of the Bloomberg US Aggregate Bond Index (70%) and the ICE BofA U.S. High Yield Constrained Index (30%).</span> <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest S&amp;P 500</span><span style="font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:12.60pt;font-weight:bold;"> Dividend Aristocrats Target Income ETF</span><span style="font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:12.60pt;font-weight:bold;"> (KNG)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Aristocrats Target Income ETF</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Cboe S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Aristocrats Target Income Index Monthly Series (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0074 0.0000 0.0000 0.0074 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 76 237 411 918 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">152%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.52 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 80% of its total assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned, developed, maintained and calculated by Cboe Global Indices, LLC (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Vest Financial LLC is the Fund’s investment sub-advisor (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is designed to track the performance of a hypothetical BuyWrite strategy on constituents of the S&amp;P 500 Dividend Aristocrats Index, which targets companies that are currently members of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, have increased dividend </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">payments each year for at least 25 years and meet certain market capitalization and liquidity requirements. The Index is designed with the primary goal of generating an annualized level of income that is approximately 8% over the annual dividend yield of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index and a secondary goal of generating limited capital appreciation based on the returns of the equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">components of the Index. The Fund intends to make monthly distributions to shareholders, which will be comprised primarily of stock dividends and option premiums received by Fund as described below. Delivering a target level of income could result in the Fund selling securities to meet the target, which could make the Fund less tax-efficient than other ETFs. The Index is composed of two parts: (1) the equity components (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> stocks) of the S&amp;P 500 Dividend Aristocrats Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Aristocrat </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Stocks”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and (2) partially “written” (or sold) monthly “covered” call options on each stock, generally on the third Friday of each </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">month (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Covered Calls”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">While the Fund seeks to make distributions that are above the current annual dividend yield </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, there is no guarantee that the Fund's distribution target will be achieved. The Advisor will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index. Capital appreciation on the securities held by the Fund may be less than the capital appreciation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, and the total return performance of the Fund may be less than the total return performance of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index. In the event the value of the securities held by the Fund exceeds the strike prices of the call options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">on such securities, the capital appreciation on such securities is expected to be less than the capital appreciation of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">A written (sold) call option gives the buyer the right to purchase, and the seller the obligation, to sell shares of the underlying asset at a specified price (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“strike price”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) at a specified date (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“expiration date”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The writer (seller) of the call option receives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, and the buyer exercises the option, the writer (seller) of the call option will have to either sell the stock at the strike price to the buyer or pay the buyer the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may end up worthless and the writer (seller) of the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In exchange for additional income in the form of a premium, the Fund will sell a call option on each of the stocks in the Index. If the value of a stock on the expiration date of the option is below the strike price, the option will not be exercised by the buyer and will expire. If the value of a stock on the expiration date is above the strike price, then the option finished “in the money.” Then, if the buyer exercises the option, the Fund either sells the stock at the strike price to the buyer or pays the buyer the difference between the strike price and the current market price of the stock. There may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital and make the Fund less tax-efficient than other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">ETFs. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Covered Calls are written (sold) by the Index generally on the third Friday of each month with an expiration typically on the third Friday of the following month and a strike price as close as possible to the closing price of the underlying Aristocrat Stock at the time the Covered Call is written. The Index employs a “partial covered call strategy,” meaning that Covered Calls will be typically written on a notional value less than the total value of each underlying Aristocrat Stock, such that the short position in each call option is “covered” by a portion of the corresponding Aristocrat Stock held by the Index, however, the notional value of the Covered Calls will not exceed 100% of the value of each underlying Aristocrat Stock. The Index is a hypothetical portfolio of options and equity securities. As such, the Index cannot actually buy or sell an option or equity security, but the Index reflects the value of such transactions as if the Index could actually engage in them. The Fund intends to replicate the options positions expressed by the Index by writing a series of short (written) call options on each of the Aristocrat Stocks. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The exact amount of Covered Calls written is based on a calculation designed to result in the Fund generating income from (i) dividends from the Aristocrat Stocks and (ii) premiums from writing Covered Calls that is 8% higher annually than the total </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">dividend yield of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index constituents. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">While the Fund generally intends to replicate the Index, the Fund may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-advisor believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions) or in options with slightly different strike prices or expiration dates than the options components of the Index to maximize the Fund’s liquidity by utilizing a broader range of options, while maintaining the overall risk, return, and other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">characteristics of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity portion of the Index is rebalanced quarterly and reconstituted annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Fund’s strategy may involve frequently buying and selling portfolio securities. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026, the equity component of the Index was composed of 36 securities. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026, the Fund had significant investments in consumer staples companies and industrials companies, although </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund's investments will change as the Index changes and, as a result, the Fund may </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">have significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">a jurisdiction, investment sector or industry or group of industries that it may not have had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. As of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026, the equity component of the Index was composed of 36 securities. As of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026, the Fund had significant investments in consumer staples companies and industrials companies, although </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER STAPLES COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Consumer staples companies provide products directly to the consumer that are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">typically considered non-discretionary items based on consumer purchasing habits. Such products include food, beverages, household items and tobacco. Companies providing these products may be affected by the regulation of various product components and production methods, new laws, regulations or litigation, marketing campaigns, competitive pricing and other factors affecting consumer demand. Changes in the worldwide economy, demographics, consumer preferences, consumer spending, exploration and production spending may adversely affect these companies, as well as natural and man-made </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">disasters, political, social or labor unrest, world events and economic conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVERED CALL STRATEGY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The writer of a covered call option forgoes any profit from increases in the market value </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the underlying security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss if the underlying security declines in value. The premiums received from the options may not be sufficient to offset any losses sustained on the underlying stocks over time. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">more likely to exercise the option, which may negatively affect the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">therefore, amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests</span><span style="font-family:Arial;font-size:9.00pt;"> and to which it has exposure. Equity securities prices fluctuate for several reasons, including changes in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or </span><span style="font-family:Arial;font-size:9.00pt;">they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in the securities of large capitalization companies. Large </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies also tends to trail the overall market during different market cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's </span><span style="font-family:Arial;font-size:9.00pt;">investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities </span><span style="font-family:Arial;font-size:9.00pt;">at a loss in order to settle an option position, which could result in the distribution of premium </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from that option position being classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">order to settle an option position, which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s sub-advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s sub-advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset value and the bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s covered call strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">income and to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. There may be times the Fund needs to sell securities in order to settle an option position, which could result in the distribution of premium from that option position </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">being classified as a return of capital and make the Fund less tax-efficient than other ETFs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result of a reorganization that occurred on March 1, 2021 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Reorganization"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), the Fund acquired all of the assets, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to the liabilities, of Cboe Vest S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dividend Aristocrats Target Income ETF, a series of ETF Series Solutions (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Predecessor Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Pursuant to the Reorganization, the Fund adopted the performance of the Predecessor Fund. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Predecessor Fund had substantially similar investment objectives, strategies and policies, portfolio management team and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the Reorganization.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of the Index, a market index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities </span><span style="font-family:Arial;font-size:9.00pt;">market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of the Index, a market index and a broad-based </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities </span><span style="font-family:Arial;font-size:9.00pt;">market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest S&amp;P 500</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Dividend Aristocrats Target Income ETF</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">13.06%</span><span style="font-family:Arial;font-size:9.00pt;">December 30, 2022</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-9.50%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2022</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1306 2022-12-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0950 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0658 0.0705 0.0849 2018-03-26 0.0320 0.0451 0.0634 0.0408 0.0442 0.0586 0.0700 0.0776 0.0925 0.0728 0.0804 0.0966 0.1788 0.1442 0.1481 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Limited Duration Investment Grade Corporate ETF (FSIG)</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Limited Duration Investment Grade Corporate ETF’s (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) primary investment objective is to deliver current income.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0044 0.0000 0.0000 0.0044 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 45 141 246 555 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">36%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.36 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. Corporate debt securities may have fixed or floating </span><span style="font-family:Arial;font-size:9.00pt;">interest rates. The corporate debt securities in which the Fund may invest may include senior loans and covenant-lite loans. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">At least 80% of the Fund’s net assets will be invested in corporate debt securities that are, at the time of purchase, investment grade (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“NRSRO”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) rating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">such securities, or if unrated, debt securities determined by the Fund’s investment advisor to be of comparable quality. In the case of a split rating between one or more of the NRSROs, the Fund will consider the highest rating. For an unrated security </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to be considered investment grade, the Fund’s investment advisor will consider, at the time of purchase, whether such security is of comparable quality based on fundamental credit analysis of the unrated security and comparable securities that are rated by an NRSRO.</span><span style="font-family:Arial;font-size:9.00pt;"> Additionally, for newly-issued debt securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment philosophy of the Fund's investment advisor is based on the belief that deep fundamental credit analysis performed by a highly experienced credit team, within a risk managed framework, will generate higher absolute and risk-adjusted returns within investment grade debt strategies. This investment philosophy is expressed by the Fund's investment advisor through an investment process that combines rigorous bottom-up fundamental credit analysis and disciplined portfolio construction. Risk management is a critical component of the entire process and is embedded in both the fundamental credit </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">analysis and portfolio construction. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The fundamental credit analysis of the Fund's investment advisor involves the evaluation of the macro-economy, industry trends, consistency of cash flows, valuation and management quality, among other considerations. The investment process favors companies that produce relatively stable cash flows through an economic cycle, companies that have valuations supportive of the debt balances and companies that have management teams with a sound track record. The key considerations of portfolio construction include yield curve management, relative value, portfolio diversification, issuer liquidity and continuous </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">monitoring. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to construct a portfolio that has a weighted average duration of +/- one year of the Bloomberg U.S. Corporate 1-5 Year Index. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. The Fund’s investment advisor will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size of the position. In performing this duration calculation, the Fund’s investment advisor will utilize </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">third-party models. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund intends to invest primarily in investment grade corporate debt securities, the Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities of any credit quality, including senior loans and other debt securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the Fund’s investment advisor to be of comparable quality to rated investment grade securities. To the extent the Fund purchases or sells securities in delayed settlement transactions </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">(e.g.,</span><span style="font-family:Arial;font-size:9.00pt;"> on a when-issued basis), the Fund will do so pursuant to Rule 18f-4 under the 1940 Act. The Fund may </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invest in U.S. government securities, municipal securities, non-U.S. securities, money market or short term securities, collateralized loan obligations (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"CLOs"</span><span style="font-family:Arial;font-size:9.00pt;">), floating rate securities, fixed-to floating rate securities and companies with various </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund's investments will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> invest more than 25% of Fund assets) in the industries </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or group of industries comprising the financial sector.</span><span style="font-family:Arial;font-size:9.00pt;"> To the extent the Fund invests a significant portion of its assets in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">given jurisdiction, investment sector or industry or group of industries, the Fund may be exposed to the risks associated with </span><span style="font-family:Arial;font-size:9.00pt;">that jurisdiction, investment sector or industry or group of industries.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund's investments will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> invest more than 25% of Fund assets) in the industries </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or group of industries comprising the financial sector.</span><span style="font-family:Arial;font-size:9.00pt;"> To the extent the Fund invests a significant portion of its assets in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">given jurisdiction, investment sector or industry or group of industries, the Fund may be exposed to the risks associated with </span><span style="font-family:Arial;font-size:9.00pt;">that jurisdiction, investment sector or industry or group of industries.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CLO RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> CLOs bear many of the same risks as other forms of asset-backed securities, including credit risk, interest rate risk, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">liquidity risk and valuation risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk, expected maturity, priority of payment and yield. CLOs may experience substantial losses</span><span style="font-family:Arial;font-size:9.00pt;">. Losses on underlying loans are typically borne first by the holders of subordinate tranches. Investment in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, </span><span style="font-family:Arial;font-size:9.00pt;">when the asset class broadly </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">declines,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">or during periods</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of market anticipation of defaults and investor aversion to CLO securities as a class. Certain CLO </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">tranches may at times be "payment-in-kind" assets, where interest is paid through the issuance of additional debt rather than </span><span style="font-family:Arial;font-size:9.00pt;">cash, which could have negative effects on the performance of a CLO tranche.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVENANT-LITE LOANS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Substantially all of the senior loans in which the Fund invests are expected to be covenant-lite </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">loans. Covenant-lite loans contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Fund’s ability to reprice credit risk associated with the borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such investments is increased, especially during a downturn in the credit cycle.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FIXED-TO-FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fixed-to-floating rate securities are securities that have an initial term with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a fixed dividend rate and following this initial term bear a floating dividend rate. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although floating rate preferred securities can be less sensitive to interest rate risk than fixed-rate preferred securities, they are subject to the risks applicable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to preferred securities more generally.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE DEBT INSTRUMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in floating rate debt instruments are subject to the same risks as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. Floating rate debt instruments include debt securities issued by corporate and governmental entities, as well as bank loans. Floating rate debt instruments are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. Most commonly, the coupon rate of a floating rate debt instrument is set at the level of a widely followed interest rate, plus a fixed spread. As a result, the coupon on floating rate debt instrument will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the instrument. A floating rate debt instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, floating rate debt instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate debt instruments may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate. To the extent the Fund invests in floating rate loans, such instruments may be subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. It is possible that the collateral securing a floating rate loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, floating rate loans may not be considered “securities” under federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">anti-fraud protections of the federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MONEY MARKET/SHORT-TERM SECURITIES RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">To the extent that the Fund invests in money market or short-term </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities, the Fund may be subject to certain risks associated with such investments. An investment in a money market fund or short-term securities is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. It is possible for the Fund to lose money by investing in money market funds. A money market fund may not achieve its investment objective. Changes in government regulations may affect the value of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an investment in a money market fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MUNICIPAL SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">due. The values of municipal securities that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. In addition, income from municipal securities held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. Due to the COVID-19 pandemic, the risks of the municipal securities market have been magnified. The costs associated with combating the pandemic and the negative impact on tax revenues has adversely affected the financial condition of many states and political subdivisions. These risks may also adversely affect several sectors of the municipal bond market, such as airports, toll roads, hospitals and colleges, among many others. The full impact of the COVID-19 pandemic on state and political subdivisions’ ability to make payments on debt obligations is impossible to predict, but could negatively impact the value of bonds, the ability of state and political subdivisions to make payments when due and the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SENIOR LOAN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Senior loans represent debt obligations of corporate borrowers, that are typically senior to other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">obligations of the borrower and generally secured by a lien on all or some portion of the assets of the borrower. Senior loans may be investment grade or below investment grade. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, “covenant-lite loans”) that would typically be included in a traditional loan agreement and general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Senior loans are also subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding senior loans. If the Fund holds a senior loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. Although senior loans are generally secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be readily liquidated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. As such, the secondary market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days) which may cause the Fund to be unable to realize the full value of its investment. Lastly, senior loans may not be considered “securities,” and the Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general market or economic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may purchase securities on a when-issued, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">TBA, delayed delivery or forward commitment basis. In such a transaction, the purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed delivery or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, expenses </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Limited Duration Investment Grade Corporate ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.23%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-3.44%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2022</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0423 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0344 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0665 0.0299 2021-11-17 0.0464 0.0134 0.0394 0.0156 0.0681 0.0287 0.0730 0.0002 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Rising Dividend Achievers Target Income ETF (RDVI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Rising Dividend Achievers Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0000 0.0075 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 77 240 417 930 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">106%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.06 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Rising Dividend Achievers</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="font-family:Arial;font-size:9.00pt;">) and by utilizing an “option strategy” </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">consisting of writing (selling) U.S. exchange-traded call options on the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index or exchange-traded funds that track </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Underlying ETFs"</span><span style="font-family:Arial;font-size:9.00pt;">). Under normal market conditions, the Fund will invest at least 80% of its net </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure </span><span style="font-family:Arial;font-size:9.00pt;">to dividend-paying securities. Vest Financial, LLC is the Fund’s investment sub-advisor (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="font-family:Arial;font-size:9.00pt;"> or the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from stock dividends and option premiums at an annual rate that is approximately 8.0% (before fees and expenses) over the current annual dividend yield of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund also seeks a secondary objective of generating capital appreciation based on the price returns of the equity securities held by the Fund. The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield for 2025 was 1.15%. However, that is not indicative of what </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield may be in the future. It is expected that the Fund will distribute dividends and income </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">While the Fund seeks to make distributions that are above the current </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">annual dividend yield of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, there is no guarantee that the Fund's distribution target will be achieved. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index or the Index. Capital appreciation on the securities held by the Fund may be less </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">than the capital appreciation of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index, and the total return </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">performance of the Fund may be less than the total return performance of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity securities held by the Fund will be selected by the portfolio managers from the common stocks and depositary receipts in the Index. The Index measures the performance of a selection of securities that have increased their dividend value over the previous three year and five year annual periods. The Index includes </span><span style="font-family:Arial;font-size:9.00pt;">securities selected on criteria including, but not </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">limited to, five year dollar dividend increase, current dividend yield and payout ratio. The constituents and individual security weighting of the equity portfolio will be actively managed by the portfolio managers in order to seek to achieve the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">investment objectives and strategy. The Fund may invest in companies with various market capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. The call options sold by the Fund on the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are anticipated to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cash settled European style options that can only be exercised at the expiration date. These call options will give the purchaser the right to receive from the seller (the Fund) a cash payment at the option expiration date equal to any positive difference between the value of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index at the contract expiration and the strike price. In the event the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">appreciates above the strike price as of the expiration date of the written option and the buyer exercises the option, the Fund as the writer (seller) of the call option will have to pay the difference between the value of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index and the strike </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price (which loss is partially offset by the premium initially received). In such a scenario the Fund may need to sell some of the equity securities it holds to make this payment. In the event the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index declines in value, the call option may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">end up worthless and the Fund as the writer (seller) of the call option retains the premium. The call options sold by the Fund on an Underlying ETF are anticipated to be physically settled American style options which are exercisable any time prior to the expiration date. In the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In such a scenario the Fund may need to sell some of the equity securities it holds to fund the purchase of the shares of the Underlying ETF it would deliver. In the event the Underlying ETF declines in value, the call </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">option may end up worthless and the Fund as the writer (seller) of the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each week, the Fund compares the dividend income of the equity securities held by the Fund against the Fund’s target distribution and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the price appreciation of the stocks held by the Fund. The call options written by the Fund will have expirations of less than 30 days, and will be typically written at-the-money. An at-the-money call option has a strike price that is approximately equal to the price of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or Underlying ETF at the time the call option is sold. The Fund's strategy may involve frequently buying and selling portfolio securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index may perform differently than options on an ETF that tracks the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index due to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors. Options may also involve the use of leverage, which could result </span><span style="font-family:Arial;font-size:9.00pt;">in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;">including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities at a loss </span><span style="font-family:Arial;font-size:9.00pt;">in order to settle an option position, which could result in the distribution of premium from that option position being </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in order to settle an option position, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s portfolio is composed of both equity securities and written call options. Because </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the equity securities held by the Fund are securities contained in the Index and the options are written on the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or ETFs that track the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, the Fund's investments are not correlated, meaning their performance is independent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of one another. Market events may impact one position held by the Fund more than the other position and the returns from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's investments in equity securities and written call options may not move in the same direction as one another.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISKS ASSOCIATED WITH INVESTMENT IN OPTIONS.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest a portion of its assets in options on indexes. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The treatment of such derivatives may, in part, be based upon informal guidance issued by the Internal Revenue Service a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">number of years ago. Although the Fund believes that the Fund is treating such derivatives consistently with current tax law, if the Internal Revenue Service were to disagree, the Fund could lose its status as a </span><span style="font-family:Arial;font-size:9.00pt;">“regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest a portion of its assets in certain options on an Underlying ETF that may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="font-family:Arial;font-size:9.00pt;">gains or losses. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the Shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objectives and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify Shareholders of the implications of that failure. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund has sold call Options that reference property that may vary in value similarly to the property held by the Fund. If the property held and the Options sold are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the trust </span><span style="font-family:Arial;font-size:9.00pt;">than investing directly in the referenced asset. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may be required to mark some of its positions to market on an annual basis. The sold call options are exchange traded options. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment could cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund </span><span style="font-family:Arial;font-size:9.00pt;">distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of the Index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of the Index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest Rising Dividend Achievers Target Income ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">11.96%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-2.38%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1196 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0238 2024-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1797 0.1900 2022-10-19 0.1409 0.1499 0.1057 0.1303 0.1960 0.2111 0.1788 0.2303 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Energy Income Partners Strategy ETF (EIPX)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;">The FT Energy Income Partners Strategy ETF’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to seek risk-adjusted total return.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0095 0.0000 0.0000 0.0095 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 97 303 525 1166 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">38%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its net assets (plus any borrowing for investment purposes) in a portfolio of equity securities in the broader energy market (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Energy </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">Companies”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Energy Companies include companies in the Global Industry Classification Standard (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“GICS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) energy sector, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies in the GICs utility sector (excluding water utilities), or companies in any other GICS sectors that derive at least 50% of their revenues or profits from exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, petrochemicals, electricity, coal, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, carbon, carbon dioxide, carbon dioxide and fugitive methane mitigation and management, as well as electric transmission, distribution, storage and system reliability support. Energy Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from the above, all of which are selected by Energy Income Partners, LLC, the Fund’s investment sub-advisor (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Energy Income Partners” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). These companies may include publicly traded master limited partnerships or limited liability companies taxed as partnerships (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“MLPs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and MLP affiliates. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s portfolio will be selected based upon the Sub-Advisor’s belief that a professionally managed portfolio of Energy Companies offers an attractive balance of income and growth through a combination of dividends and capital appreciation. The Sub-Advisor believes that rapid changes to the energy system driven by innovations like shale, renewable energy and storage, government policies relating to sustainability for companies, and investment funds have created a wider range of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">opportunities in the energy sector than in the past. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In selecting the Fund’s portfolio, the Sub-Advisor focuses primarily on a company’s yield, growth, and valuation. In evaluating yield, the Sub-Advisor seeks companies with stable cash flows and higher-than-average dividend payout ratios or companies with cyclical cash flows that have lower and more sustainable dividend payout ratios. In evaluating growth, the Sub-advisor focuses on increasing per share earnings and cash flow, with a belief that free cash flow can drive reinvestment or share repurchase, each of which can drive per share growth. Finally, in evaluating a company’s valuation, the Sub-advisor seeks companies that have the potential to experience positive changes in value, where business restructuring, changes in management or asset mix, or changes in government policy may positively impact investor perception about a company’s future. Through the analysis described above, and use of rigorous investment research and analytical tools applied to stock selection and portfolio construction, the Sub-Advisor selects companies for the Fund’s portfolio that it believes have the best </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potential to achieve the Fund’s investment objective. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may invest in U.S. and non-U.S. companies, including depositary receipts and investments that are denominated in U.S. or non-U.S. currencies, with various market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in energy companies and utility companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in a jurisdiction, investment sector or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026.</span><span style="font-family:Arial;font-size:9.00pt;">To the extent the Fund invests a significant portion of its assets in a given jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or group of industries</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or group of industries</span><span style="font-family:Arial;font-size:9.00pt;">. While the Fund may invest in equity securities of MLPs, the Fund will limit its investment in MLPs, or other companies taxed as partnerships in order to comply with applicable tax diversification rules. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, the Fund had significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in energy companies and utility companies, although this may change from time to time. </span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in a jurisdiction, investment sector or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold investments that are denominated in non-U.S. currencies, or in securities that provide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The success of energy companies is cyclical and highly dependent on energy prices. The market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, changes in international politics, policies of the Organization of Petroleum Exporting Countries (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">OPEC</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), energy supply and demand, capital expenditures on exploration and production of energy sources, exchange </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Governmental regulation may affect the profitability of these companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">terrorism, political strife or natural disasters.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ENERGY INFRASTRUCTURE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Energy infrastructure companies, including MLPs and utility companies, are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">subject to risks specific to the energy and energy-related industries. This includes but is not limited to: fluctuations in commodity prices impacting the volume of energy commodities transported, processed, stored or distributed; reductions in volumes of natural gas or other energy commodities being available for transporting, processing, storing or distributing; slowdowns in new construction and acquisitions limiting growth potential; reduced demand for oil, natural gas and petroleum products, particularly for a sustained period of time; depletion of natural gas reserves or other commodities; rising interest rates resulting in higher costs of capital, increased operating costs; counterparties to contracts defaulting or going bankrupt; and an inability to execute acquisitions or expansion projects in a cost-</span><span style="font-family:Arial;font-size:9.00pt;">effective manner; extreme weather events and environmental hazards; </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and threats of attack by terrorists on energy assets. Energy infrastructure companies may also face counterparty risk, such that long-term contracts may be declared void if the counterparty to those contracts enters bankruptcy proceedings. In addition, energy infrastructure companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Energy infrastructure companies that own interstate pipelines are subject to regulation by U.S. Federal Energy Regulatory Commission (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"FERC"</span><span style="font-family:Arial;font-size:9.00pt;">) with respect to the tariff rates they may charge </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for transportation services. An adverse determination by FERC with respect to the tariff rates of such a company could have a material adverse effect on its business, financial condition, results of operations and cash flows and its ability to pay cash distributions or dividends. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy infrastructure companies. Natural disasters, </span><span style="font-family:Arial;font-size:9.00pt;">such as hurricanes in the Gulf of Mexico, also may impact the energy infrastructure companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies in the utility sector are subject to the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations, and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for these companies. Such issuers have </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">been experiencing certain of these problems in varying degrees. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Certain energy infrastructure companies are involved in the production of electrical equipment and components. General risks of these companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, the companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">product liability and e-commerce initiatives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner's right to require unit-holders to sell their common units at an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">undesirable time or price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MLP TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s ability to meet its investment objective relies in part upon the level of taxable income it receives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from the MLPs in which it invests, a factor over which the Fund has no control. The benefit the Fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income at the applicable corporate tax rate. This would have the effect of reducing the amount of cash available for distribution by an MLP and could result in a significant reduction in the value of the Fund’s investment. The classification of an MLP as a corporation for U. S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from an MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">previously issued. See "Deferred Tax Liability Risk."</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the Investment Act of 1940, as amended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"1940 Act"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and be highly invested in certain issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UTILITY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Utility companies include companies producing or providing gas, electricity or water. These </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations, volatile interest rates and energy conservation may negatively affect utility companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Energy Income Partners Strategy ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">9.11%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2024</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-0.71%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0911 2024-03-31 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0071 2025-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1145 0.1342 2022-11-02 0.0999 0.1189 0.0676 0.0977 0.1479 0.0705 0.2109 0.2162 0.1788 0.2266 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest DJIA</span><span style="font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:12.60pt;font-weight:bold;"> Dogs 10 Target Income ETF (DOGG)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest DJIA</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Dogs 10 Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0000 0.0075 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 77 240 417 930 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">803%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 8.03 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its objectives by investing primarily in common stocks, exchange-traded options (including FLexible EXchange options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"FLEX Options"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">)) and short-term U.S. Treasury securities. The Fund seeks to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">provide exposure to the "Dogs of the Dow," the ten highest dividend-yielding stocks in the Dow Jones Industrial Average (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"DJIA"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">on an annual basis. The Fund will purchase securities comprising the Dogs of the Dow and gain synthetic exposure to the price movements of the securities comprising the Dogs of the Dow through the use of a combination of puts, calls and U.S. Treasury securities (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Synthetic Replication"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), as described in greater detail below. The Fund will invest at least 80% of its net assets </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(plus any borrowings for investment purposes) in securities comprising the "Dogs of the Dow" or in options contracts that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">utilize "Dogs of the Dow" constituents as the reference asset. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Vest"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Sub-Advisor"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Through its investments in securities comprising the Dogs of the Dow and portfolio of investments that reference the Dogs of the Dow, the Fund seeks to provide exposure to a concentrated portfolio of large-capitalization U.S. equity securities while providing a consistent level of income that, when annualized, is approximately 8% (before fees and expenses) above the annualized yield of the DJIA (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Target Income Level"</span><span style="font-family:Arial;font-size:9.00pt;">). The DJIA annual dividend yield for 2025 was1.58%. However, that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is not indicative of what the DJIA annual dividend yield may be in the future. The yield of the DJIA is calculated as constituent dividend distributions divided by the DJIA index value. The yield of the Fund is calculated by dividing the sum of the Fund's distributions paid or declared by its net asset value. In seeking to achieve its objectives, the Fund will generally purchase the common stocks comprising the ten Dogs of the Dow and purchase or sell exchange-traded options contracts (including FLEX Options) on such common stocks. Each week, the Sub-Advisor looks forward to the projected 12-month dividend yield on the DJIA and adds 8.0% to it to compute the Target Income Level. The Sub-Advisor then determines the projected 12-month dividend yield of its portfolio of securities and then computes the difference between the Target Income Level and the projected dividend yield of its securities portfolio. The Sub-Advisor then divides that difference by 52 weeks to determine the level of </span><span style="font-family:Arial;font-size:9.00pt;">premium needed from the sale of call options for that particular week. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">When the Fund sells call options as a means to generate income to achieve the Target Income Level, the Fund will employ a covered call strategy that seeks to sell call options having a strike price roughly equal to the value of each equity security held by the Fund (such options are said to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“at-the-money”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) on some or all of the equity securities purchased by the Fund. This </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">strategy effectively converts a portion of the upside price return growth of the equity securities into current income. By doing so, the Fund is giving up full participation potential in any equity security gains of covered securities in exchange for call option premiums. The call options written by the Fund will be exchange-traded and will typically be written close to at-the-money. Such options will generally have expirations of less than 30 days and will be held to or close to expiration. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in a portion of the growth potential from the price appreciation of the equity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities held by the Fund. The Fund intends to make monthly dividend payments to shareholders. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">When utilizing Synthetic Replication, the Fund may utilize FLEX Options. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contracts. In general, an option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset at a specified price (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"strike price"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Along with holding the securities comprising the Dogs of the Dow, the Fund will gain exposure to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price movements of the securities comprising the Dogs of the Dow through the use of the Synthetic Replication. The Fund utilizes Synthetic Replication to help maintain its tax status as a regulated investment company. The Synthetic Replication is achieved through the combination of a purchasing a call and selling a put generally at the same strike price which synthetically creates the upside and downside participation in the price returns of the Dogs of the Dow. The Fund will gain exposure to increases in value experienced by the equity securities through the purchase of call options. As a buyer of these options, the Fund pays a premium to the seller of the options. The Fund will gain exposure to decreases in value experienced by the equity securities through the sale of put options. As the seller of these options, the Fund receives a premium from the buyer of the options. In combination, the purchased call and sold put options generally provide exposure to price returns of the common </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">stocks both on the upside and downside. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The DJIA is composed of 30 securities issued by blue-chip U.S. companies covering all industries, with the exception of transportation and utilities (as of the date of this prospectus). Inclusion in the DJIA is not governed by quantitative rules but rather is based on the following criteria: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the company is not a utility or in the transportation business; (ii) the company has </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a premier reputation in its field; (iii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the company has a history of successful growth; (iv) there is wide interest in the company </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">among individual and institutional investors; and (v)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the company should be incorporated and headquartered in the United </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">States. Exposure to each of the ten securities is equally weighted and generally rebalanced back to an equal weight on a quarterly basis. The ten securities included in the Fund will be selected on an annual basis in January and are held until the Fund’s portfolio is reconstituted the following January. In the event that one of the selected securities is delisted, the Fund will undergo a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">mid-period rebalance and reconstitution which may impact the income target the Fund seeks to provide. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to the equity securities and exchange-traded options described above, the Fund will invest in short-term U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Treasury securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">While the Fund seeks to make distributions that are above the current annual dividend yield of the DJIA or the Dogs of the Dow, there is no guarantee that the Fund's distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the DJIA or the Dogs of the Dow. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the DJIA and can be expected to be less than the Dogs of the Dow, and the total return performance of the Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">be less than the total return performance of the DJIA or the Dogs of the Dow. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund had significant investments in consumer discretionary companies, consumer staples companies and health care companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investment sector or industry or group of industries that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction, investment sector or industry or group of industries, the Fund </span><span style="font-family:Arial;font-size:9.00pt;">may be exposed to the risks associated with that jurisdiction, investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;">As of January 30, 2026, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund had significant investments in consumer discretionary companies, consumer staples companies and health care companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder and the American style options sold by the Fund may be exercised at any time before the option expiration date. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">under certain circumstances, effect a portion of its creations and redemptions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that </span><span style="font-family:Arial;font-size:9.00pt;">distribute portfolio securities in-kind.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER DISCRETIONARY COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Consumer discretionary companies, such as retailers, media companies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also </span><span style="font-family:Arial;font-size:9.00pt;">affect the demand for, and success of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER STAPLES COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Consumer staples companies provide products directly to the consumer that are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">typically considered non-discretionary items based on consumer purchasing habits. Such products include food, beverages, household items and tobacco. Companies providing these products may be affected by the regulation of various product components and production methods, new laws, regulations or litigation, marketing campaigns, competitive pricing and other factors affecting consumer demand. Changes in the worldwide economy, demographics, consumer preferences, consumer spending, exploration and production spending may adversely affect these companies, as well as natural and man-made </span><span style="font-family:Arial;font-size:9.00pt;">disasters, political, social or labor unrest, world events and economic conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> If the Fund enters into transactions involving a counterparty, those transactions are subject to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the Fund's options positions. As a result, the ability of the Fund to meet its objectives depends on the OCC being able to meet its obligations. In the unlikely event that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVERED CALL STRATEGY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to write call options. The writer of a covered call option forgoes any profit </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retains the risk of loss if the underlying security declines in value. The premiums received from the options may not be sufficient to offset any losses sustained on the underlying stocks over time. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. 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. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objectives. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objectives. Additionally, 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 the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other exchange-traded options, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">non-customized options or other securities.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HEALTH CARE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Health care companies, such as companies providing medical and healthcare goods and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Health care companies are also subject to competitive forces that may result </span><span style="font-family:Arial;font-size:9.00pt;">in price discounting, may be thinly capitalized and susceptible to product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities. The Fund's strategy may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">provide the level of income sought by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and there may at times not be a liquid secondary market for certain options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PUT OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to sell put options. The use of put options involves risks different from those associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with ordinary portfolio securities transactions and depends on the ability of the Fund’s portfolio managers to forecast market movements correctly. As the seller (writer) of a put option, the Fund will lose money if the value of the reference index or security falls below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. As the purchaser of a put option, the Fund will generally only exercise the option if the value of the reference index or security falls below the strike price. If the value of the reference index or security does not fall below the level of the strike price, the option is likely to expire worthless. When writing a put option, the Fund will have no control over the exercise of the option by the option holder and the American style options sold by the Fund may be exercised at any time before the option expiration date. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the put option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund’s ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Options may also involve the use of leverage, which could result in greater price volatility than other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated investment company” (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). If, in any year, the Fund fails </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to qualify as a </span><span style="font-family:Arial;font-size:9.00pt;">RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The Fund intends to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">treat any income it may derive from the FLEX Options as "qualifying income" under the provisions of the Code applicable to RICs. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the referenced asset as the issuer of the FLEX Options, which may allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the referenced asset is not appropriately the issuer of the FLEX Options, </span><span style="font-family:Arial;font-size:9.00pt;">the Fund may lose its own status as a RIC if tax positions reflected by such options are large enough.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest DJIA Dogs 10 Target Income ETF</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">11.65%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-6.87%</span><span style="font-family:Arial;font-size:9.00pt;">December 31, 2024</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1165 2025-03-31 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0687 2024-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1931 0.1128 2023-04-26 0.1504 0.0722 0.1127 0.0684 0.1492 0.1685 0.1788 0.2327 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Intermediate Government Opportunities ETF (MGOV)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The First Trust Intermediate Government Opportunities ETF seeks to maximize long-term total return.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0000 0.0000 0.0049 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 50 157 274 616 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">230%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 2.30 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of debt securities issued or guaranteed by the U.S. government (including U.S. Treasury bonds, notes and bills), its agencies or government-sponsored entities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Government Securities"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund's investments in Government </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Securities include publicly-issued U.S. Treasury securities and mortgage-related securities such as pass-through securities, collateralized mortgage obligations (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"CMOs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and commercial mortgage-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"CMBS"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund may also invest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“ETFs”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) that principally invest in Government Securities as well as futures contracts, options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">swap agreements that utilize Government Securities as their reference asset. Such ETFs and derivatives (using their market values) count towards the 80% investment requirement set forth above. As discussed in more detail below, the Fund may purchase mortgage-related securities in “to-be-announced” transactions (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“TBA Transactions”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), including mortgage dollar rolls, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which also count toward the 80% investment requirement set forth above. The Fund may invest in fixed or floating rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the portfolio managers will manage the Fund’s portfolio to have a weighted average effective duration of three to eight years. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. The Fund’s portfolio managers will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size of the position. In performing this duration calculation, the Fund’s portfolio managers will utilize </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">third-party models. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In managing the Fund’s portfolio, the Fund’s portfolio managers utilize a top-down, bottom-up analytical investment process. The portfolio managers will first conduct a top-down review of available mortgage-backed and U.S. Treasury securities to determine position weights based on its evaluation of market fundamentals. The portfolio managers then perform a bottom-up analysis of individual securities to determine in which asset types the portfolio will be over, neutral and underweight. Based upon this process, the Fund's portfolio managers decide when to buy and sell securities. The portfolio managers analyze the Fund’s holdings on a systematic basis to monitor any changes in security and portfolio performance, in addition to looking </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">for meaningful changes in risk factors. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s investments in mortgage-related securities may include investments structured as “pass-through” securities, CMOs and CMBS. The Fund's investments in mortgage-related securities will primarily be in securities issued or guaranteed by the U.S. government, its agencies (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). The Fund may purchase government-sponsored mortgage-related securities in TBA Transactions, including mortgage dollar rolls. In a TBA Transaction, a seller and buyer of securities agree upon a price for delivering a given volume of securities at a specified future date. The characteristic feature of a TBA Transaction is that the actual identity of the securities to be delivered at settlement is not specified on the trade date. Instead, participants agree upon only the general parameters of the securities to be delivered, including issuer, maturity, coupon, price, par amount and settlement date. Generally, two days prior to the settlement date, the seller provides the buyer with the identity of the securities it intends to deliver on the settlement date. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In addition to its investment in securities issued or guaranteed by the U.S. government, its agencies and government-sponsored entities, the Fund may invest up to 20% of its net assets in other types of debt securities, including privately-issued, non-agency sponsored asset-backed securities, non-agency sponsored residential mortgage-backed securities (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“RMBS”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), non-agency </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">sponsored CMBS and cash and cash equivalents. However, U.S. Treasury bonds, notes and bills are not counted toward this 20% investment limitation. Cash set aside or otherwise used for margin or collateral purposes is not included within this 20% limitation. Further, the Fund may enter into short sales as part of its overall portfolio management strategy, or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in short sales with respect to more than 30% of the value of its total assets. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in securities of any credit quality, including securities that are below investment grade. Below investment grade securities are those that, at the time of purchase, are rated lower than “BBB</span><span style="font-family:Arial;font-size:9.00pt;margin-left:2.5pt;">–” by S&amp;P Global </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Ratings, or lower than “Baa3” by Moody’s Investors Service, Inc., or comparably rated by another nationally recognized statistical rating organization (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"NRSRO"</span><span style="font-family:Arial;font-size:9.00pt;">) or, if unrated, determined by the Advisor to be of comparable credit quality. High yield debt </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">securities that are rated below investment grade are commonly referred to as “junk” debt. In the case of a split rating between one or more of the </span><span style="font-family:Arial;font-size:9.00pt;">NRSROs, the Fund will consider the highest rating. Additionally, for newly-issued securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASSET-BACKED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asset-backed securities are debt securities typically created by buying and pooling loans </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or other receivables other than mortgage loans and creating securities backed by those similar type assets. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. These securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Under certain market conditions, the Fund may invest in ETFs. The Fund’s investment in shares of ETFs subjects it </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Floating rate securities are structured so that the security’s coupon rate fluctuates based </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. A floating rate security’s coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the level of the reference rate which would decrease the value of the security.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FUTURES CONTRACTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Futures contracts are typically exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Fund is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. In the event no secondary market exists for a particular contract, it might not be possible to effect closing transactions, and the Fund will be unable to terminate the derivative. If the Fund uses futures contracts for hedging purposes, there is a risk of imperfect correlation between movements in the prices of the derivatives and movements in the securities or index underlying the derivatives or movements in the prices of the Fund's investments that are the subject of such hedge. The prices of futures contracts may not correlate perfectly with movements </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the securities or index underlying them.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund has exposure to instruments subjecting them to leverage risk. Leverage may result in losses that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mortgage-related securities are subject to the same risks as investments in other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-AGENCY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in asset-backed or mortgage-backed securities offered by non-governmental </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, such as commercial banks, savings and loans, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. There are no direct or indirect government or agency guarantees of payments in loan pools created by non-government issuers. Securities issued by non-government issuers are subject to the credit risks of the borrowers for the underlying assets. An unexpectedly high rate of defaults on the loan pool by the borrowers for the underlying asset may adversely affect the value of a non-agency security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of pools that include subprime loans. Non-agency securities are typically traded “over-the-counter” rather than on a securities exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, the non-agency mortgage-related securities held by the Fund may be particularly difficult to value because of the complexities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">involved in assessing the value of the underlying loans and the value of these securities can change dramatically over time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and there may at times not be a liquid secondary market for certain options.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OTC DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may utilize derivatives that are traded over-the-counter, or “OTC.” In general, OTC derivatives </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to the same risks as derivatives generally, as described throughout. However, because OTC derivatives do not trade on an exchange, the parties to an OTC derivative face heightened levels of counterparty risk, liquidity risk and valuation risk. To the extent that the Fund utilizes OTC derivatives, its counterparty risk will be higher if it only trades with a single or small number of counterparties. The secondary market for OTC derivatives may not be as deep as for other instruments and such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">instruments may experience periods of illiquidity. In addition, some OTC derivatives may be complex and difficult to value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SHORT SALES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In connection with a short sale of a security or other instrument, the Fund is subject to the risk that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SWAP AGREEMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Swap agreements may involve greater risks than direct investment in securities as they may be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">leveraged and are subject to credit risk, counterparty risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VOLATILITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">short periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may purchase securities on a when-issued, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to-be-announced (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"TBA"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), delayed delivery or forward commitment basis. In such a transaction, the purchase price of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed delivery or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expenses or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Intermediate Government Opportunities ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.69%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-3.55%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2024</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0569 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0355 2024-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0835 0.0582 2023-08-02 0.0617 0.0379 0.0490 0.0357 0.0687 0.0467 0.0730 0.0533 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG)</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Intermediate Duration Investment Grade Corporate ETF</span><span style="font-family:Arial;font-size:9.00pt;">’s (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="font-family:Arial;font-size:9.00pt;">) investment objective is to deliver current income and long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0000 0.0000 0.0049 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 50 157 274 616 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">31%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade corporate debt securities. Corporate debt securities are debt obligations issued by businesses to finance their operations. Notes, bonds, loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary differences being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. Corporate debt securities may have fixed or floating interest rates. The corporate debt securities in which the Fund may invest also include senior loans, substantially all of which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are expected to be covenant-lite loans. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">At least 80% of the Fund’s net assets will be invested in corporate debt securities that are, at the time of purchase, investment grade (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, rated Baa3/BBB- or above) by at least one nationally recognized statistical rating organization (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“NRSRO”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) rating </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">such securities, or if unrated, debt securities determined by the Fund’s investment advisor to be of comparable quality. In the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">case of a split rating between one or more of the NRSROs, the Fund will consider the highest rating. For an unrated security to be considered investment grade, the Fund’s investment advisor will consider, at the time of purchase, whether such security is of comparable quality based on fundamental credit analysis of the unrated security and comparable securities that are rated by an NRSRO.</span><span style="font-family:Arial;font-size:9.00pt;"> Additionally, for newly-issued debt securities, the Fund may consider an expected rating provided by an NRSRO as if it were a final rating. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The investment philosophy of the Fund’s investment advisor is based on the belief that deep fundamental credit analysis performed by a highly experienced credit team, within a risk managed framework, will generate higher absolute and risk-adjusted returns within investment grade debt strategies. This investment philosophy is expressed by the Fund’s investment advisor through an investment process that combines rigorous bottom-up fundamental credit analysis and disciplined portfolio construction. Risk management is a critical component of the entire process and is embedded in both the fundamental credit </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">analysis and portfolio construction. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund's investment advisor's fundamental credit analysis involves the evaluation of the macro-economy, industry trends, consistency of company cash flows and valuation and management quality, among other considerations. The investment process favors companies that produce relatively stable cash flows through an economic cycle, companies that have valuations supportive of the debt balances and companies that have management teams with a sound track record. The Fund's investment advisor's key considerations of portfolio construction include yield curve management (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, monitoring macro factors that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">drive interest rates), relative value assessments (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, an internal process of evaluating investment opportunities on a relative basis), portfolio diversification, issuer liquidity and continuous monitoring. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund seeks to construct a portfolio that has a dollar weighted average duration of +/- 1.5 years of the Bloomberg U.S. Credit Corp 5-10 Year Index. Duration measures the price sensitivity of a debt security (or portfolio of debt securities) to relative changes in interest rates. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. The Fund’s investment advisor will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size of the position. In performing this duration calculation, the Fund’s investment advisor will utilize </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">third-party models. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Securities in the portfolio may be sold for several reasons, including, but not limited to, meeting cash needs of the Fund, deterioration in the fundamental credit quality of an issuer or a change in the relative attractiveness (relative value) of a security. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Although the Fund intends to invest primarily in investment grade corporate debt securities, the Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in debt securities of any credit quality, including senior loans and other debt securities that are below investment grade (also known as high yield securities, or commonly referred to as “junk” bonds), or unrated securities that have not been judged by the Fund’s investment advisor to be of comparable quality to rated investment grade securities, U.S. Treasury securities, securities issued by agencies of the U.S. government, taxable municipal securities, non-U.S. dollar denominated corporate debt, cash equivalents, futures contracts and options contracts. To the extent the Fund purchases or sells securities in delayed settlement transactions (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, on a when-issued basis), the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund will do so pursuant to Rule 18f-4 under the 1940 Act. The Fund's active trading strategy may lead to higher levels of portfolio turnover. The Fund may also invest in non-U.S. securities, mortgage-related securities, fixed-to-floating rate securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and companies with various market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;">Over time, the Fund may have significant investments in a jurisdiction, investment sector or industry or group of industries </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that it may not have had as of January</span><span style="font-family:Arial;font-size:9.00pt;"> 30, 2026. To the extent the Fund invests a significant portion of its assets in a given </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund had significant investments in financial companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund’s income.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COVENANT-LITE LOANS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Substantially all of the senior loans in which the Fund invests are expected to be covenant-lite </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">loans. Covenant-lite loans contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Fund’s ability to reprice credit risk associated with the borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">such investments is increased, especially during a downturn in the credit cycle.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RATING AGENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Credit ratings are determined by credit rating agencies such as S&amp;P Global Ratings, Moody’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investors Services, Inc. and Fitch Inc., and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. First Trust makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the creditworthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect those securities’ perceived or actual credit risk, as well as the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CREDIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuer’s ability or unwillingness to make such payments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EXTENSION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FIXED-TO-FLOATING RATE SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fixed-to-floating rate securities are securities that have an initial term with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">a fixed dividend rate and following this initial term bear a floating dividend rate. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although floating rate preferred securities can be less sensitive to interest rate risk than fixed-rate preferred securities, they are subject to the risks applicable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to preferred securities more generally.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLOATING RATE DEBT INSTRUMENTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in floating rate debt instruments are subject to the same risks as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. Floating rate debt instruments include debt securities issued by corporate and governmental entities, as well as bank loans. Floating rate debt instruments are structured so that the security’s coupon rate fluctuates based upon the level of a reference rate. Most commonly, the coupon rate of a floating rate debt instrument is set at the level of a widely followed interest rate, plus a fixed spread. As a result, the coupon on floating rate debt instrument will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the instrument. A floating rate debt instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, floating rate debt instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate debt instruments may also contain terms that impose a maximum coupon rate the issuer will pay, regardless of the level of the reference rate. To the extent the Fund invests in floating rate loans, such instruments may be subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities. It is possible that the collateral securing a floating rate loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, floating rate loans may not be considered “securities” under federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">anti-fraud protections of the federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INCOME RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTEREST RATE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. Higher sensitivity to interest rates is generally correlated with higher levels of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">volatility and, therefore, greater risk. As the value of a debt security changes over time, so will its duration.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MORTGAGE-RELATED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mortgage-related securities are subject to the same risks as investments in other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. The incidence of borrower defaults or delinquencies may rise significantly during financial downturns and could adversely affect the value of mortgage-related securities held by the Fund. Events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events that result in broad and simultaneous financial hardships for individuals and businesses could have a significant negative impact on the value of mortgage-related securities. Mortgage-related securities are particularly sensitive to prepayment risk and extension risk, given that mortgage loans generally allow borrowers to refinance. In periods of declining interest rates, borrowers may be more apt to prepay their mortgage sooner than expected. This can reduce the returns to the security holder as the amount of interest related to the price may be reduced while the proceeds may have to be reinvested at lower prevailing interest rates. This is prepayment risk. In periods of rising interest rates, borrowers may be less likely to refinance than expected thus extending the cash flows of the security such that there is increased downward price sensitivity to interest rate changes. This is extension risk. As the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-related securities. Along with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">prepayment risk, mortgage-related securities are significantly affected by interest rate risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MUNICIPAL SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">due. The values of municipal securities that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. In addition, income from municipal securities held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. Due to the COVID-19 pandemic, the risks of the municipal securities market have been magnified. The costs associated with combating the pandemic and the negative impact on tax revenues has adversely affected the financial condition of many states and political subdivisions. These risks may also adversely affect several sectors of the municipal bond market, such as airports, toll roads, hospitals and colleges, among many others. The full impact of the COVID-19 pandemic on state and political subdivisions’ ability to make payments on debt obligations is impossible to predict, but could negatively impact the value of bonds, the ability of state and political subdivisions to make payments when due and the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREPAYMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SENIOR LOAN RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Senior loans represent debt obligations of corporate borrowers, that are typically senior to other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">obligations of the borrower and generally secured by a lien on all or some portion of the assets of the borrower. Senior loans may be investment grade or below investment grade. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, “covenant-lite loans”) that would typically be included in a traditional loan agreement and general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Senior loans are also subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding senior loans. If the Fund holds a senior loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. Although senior loans are generally secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be readily liquidated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell its position in a senior loan and which may make it difficult to accurately value senior loans. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. As such, the secondary market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days) which may cause the Fund to be unable to realize the full value of its investment. Lastly, senior loans may not be considered “securities,” and the Fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general market or economic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing services that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Advisor were to change its valuation policies, or if the Fund were to change pricing services, or if a pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s net asset value. Additionally, pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. In addition, the value of the debt securities in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. Net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">WHEN-ISSUED, TBA AND DELAYED DELIVERY TRANSACTIONS RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund may purchase securities on a when-issued, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to-be-announced (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"TBA"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), delayed delivery or forward commitment basis. In such a transaction, the purchase price of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities on a when-issued, TBA, delayed delivery or forward commitment basis may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a when-issued, TBA, delayed delivery or forward commitment transaction would expose the Fund to possible losses because of an adverse market action, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expenses or delays in connection with the purchase or sale of the pools specified in such transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Intermediate Duration Investment Grade Corporate ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.77%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-2.95%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2024</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0577 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0295 2024-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0852 0.0711 2023-08-02 0.0647 0.0515 0.0506 0.0461 0.0958 0.0779 0.0730 0.0533 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest SMID Rising Dividend Achievers Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0000 0.0000 0.0085 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">122%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.22 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq US Small-Mid Cap Rising Dividend Achievers</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="font-family:Arial;font-size:9.00pt;">) and by utilizing </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">an “option strategy” consisting of writing (selling) U.S. exchange-traded call options on the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange-traded funds that track the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Underlying ETFs"</span><span style="font-family:Arial;font-size:9.00pt;">). Under normal market conditions, the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of small- and/or mid-capitalization companies. The Fund defines small- and/or mid-capitalization companies as those that are Index constituents at the time of investment. As of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026, the market capitalization range of companies within the portfolio was $1.32 billion to $51.05 billion. Vest Financial, LLC is the Fund’s investment sub-advisor (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="font-family:Arial;font-size:9.00pt;"> or the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from stock dividends and option premiums at an annual rate that is approximately 8.0% (before fees and expenses) over the current annual dividend yield of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund also seeks a secondary objective of generating capital appreciation. The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for </span><span style="font-family:Arial;font-size:9.00pt;">2025 was 1.29%. However, that is not indicative of what the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield may be in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">future. It is expected that the Fund will distribute dividends and income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">While the Fund seeks to make distributions that are above the current annual dividend yield of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">there is no guarantee that the Fund's distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index or </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">the Index. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index, and the total return performance of the Fund may be less than the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">total return performance of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index. In the event the value of the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF, as applicable) exceeds the strike price of the call options, the capital </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">appreciation on such securities is expected to be less than the capital appreciation of the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or the Underlying ETF, as applicable). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity securities held by the Fund will be selected by the portfolio managers from the common stocks and depositary receipts in the Index. The Index is designed to measure the performance of a selection of securities that have increased their dividend value over the previous three year and five year annual periods. The Index includes </span><span style="font-family:Arial;font-size:9.00pt;">securities selected on criteria </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including, but not limited to, five year dollar dividend increase, current dividend yield and payout ratio. The constituents and individual security weighting of the equity portfolio will be actively managed by the portfolio managers in order to seek to </span><span style="font-family:Arial;font-size:9.00pt;">achieve the Fund’s investment objectives and strategy. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. The call options sold by the Fund on the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are anticipated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to be cash settled European style options that can only be exercised at the expiration date. These call options will give the purchaser the right to receive from the seller (the Fund) a cash payment at the option expiration date equal to any positive difference between the value of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index at the contract expiration and the strike price. In the event the Russell </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index appreciates above the strike price as of the expiration date of the written option and the buyer exercises the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">option, the Fund as the writer (seller) of the call option will have to pay the difference between the value of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index and the strike price (which loss is partially offset by the premium initially received). In such a scenario the Fund will need to sell some of the equity securities it holds to make this payment. In the event the Russel 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> declines in value, the call </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">option may end up worthless and the Fund as the writer (seller) of the call option retains the premium. The call options sold by the Fund on an Underlying ETF are anticipated to be physically settled American style options which are exercisable any time prior to the expiration date. In the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In such a scenario the Fund will need to sell some of the securities it holds to fund the purchase of the shares of the Underlying ETF it would deliver. In the event the Underlying ETF declines in value, the call </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">option may end up worthless and the Fund as the writer (seller) of the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each week, the Fund compares the dividend income of the equity securities held by the Fund against the Fund’s target distribution and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the price appreciation of the stocks held by the Fund. The call options written by the Fund will have expirations of less than 30 days, and will be typically written at-the-money. An at-the-money call option has a strike price that is approximately equal to the price of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or Underlying ETF at the time the call option is sold. The Fund's strategy may involve frequently buying and selling portfolio securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in financial companies and industrials companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction, investment </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">sector or industry or group of industries</span><span style="font-family:Arial;font-size:9.00pt;"> that it may not have had as of January 30, 2026. To the extent the Fund invests a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant portion of its assets in a given jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in financial companies and industrials companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index may perform differently than options on an ETF that tracks the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">due to differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors. Options may also involve the use of leverage, which could </span><span style="font-family:Arial;font-size:9.00pt;">result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests</span><span style="font-family:Arial;font-size:9.00pt;"> and to which it has exposure. Equity securities prices fluctuate for several reasons, including changes in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or </span><span style="font-family:Arial;font-size:9.00pt;">they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities </span><span style="font-family:Arial;font-size:9.00pt;">at a loss in order to settle an option position, which could result in the distribution of premium </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from that option position being classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">order to settle an option position, which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s portfolio is composed of both equity securities and written call options. Because </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the equity securities held by the Fund are securities contained in the Index and the options are written on the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index or ETFs that track the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, the Fund's investments are not correlated, meaning their performance is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">independent of one another. Market events may impact one position held by the Fund more than the other position and the returns from the Fund's investments in equity securities and written call options may not move in the same direction as one </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">another.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small and/or mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to greater market risk than larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISKS ASSOCIATED WITH INVESTMENT IN OPTIONS.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a portion of its assets in options on indexes. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The treatment of such derivatives may, in part, be based upon informal guidance issued by the Internal Revenue Service a number of years ago. Although the Fund believes that the Fund is treating such derivatives consistently with current tax law, if the Internal Revenue Service were to disagree, the Fund could lose its status as a </span><span style="font-family:Arial;font-size:9.00pt;">“regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest a portion of its assets in certain options on an Underlying ETF that may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="font-family:Arial;font-size:9.00pt;">gains or losses. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the Shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objectives and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify Shareholders of the implications of that failure. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund has sold call Options that reference property that may vary in value similarly to the property held by the Fund. If the property held and the Options sold are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the trust </span><span style="font-family:Arial;font-size:9.00pt;">than investing directly in the referenced asset. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may be required to mark some of its positions to market on an annual basis. The sold call options are exchange traded options. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment could cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund </span><span style="font-family:Arial;font-size:9.00pt;">distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index, a broad-based securities market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">index and </span><span style="font-family:Arial;font-size:9.00pt;">the Index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index, a broad-based securities market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">index and </span><span style="font-family:Arial;font-size:9.00pt;">the Index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest SMID Rising Dividend Achievers Target Income ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">8.46%</span><span style="font-family:Arial;font-size:9.00pt;">September 30, 2024</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-5.27%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.0846 2024-09-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0527 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0878 0.1245 2023-08-09 0.0506 0.0858 0.0506 0.0784 0.1281 0.1266 0.1715 0.2047 0.0913 0.1327 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Technology Dividend Target Income ETF (TDVI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Technology Dividend Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0000 0.0075 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 77 240 417 930 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">44%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities contained in the Nasdaq Technology Dividend</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="font-family:Arial;font-size:9.00pt;">) and by utilizing an “option strategy” </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index and/or the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange-traded funds that track the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"Underlying ETFs"</span><span style="font-family:Arial;font-size:9.00pt;">). Under normal market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying securities and/or investments that provide exposure to dividend-paying securities of technology companies (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:9.00pt;">, securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">classified under the Technology Industry or Telecommunications Industry as defined by the Industry Classification Benchmark </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">ICB</span><span style="font-family:Arial;font-size:9.00pt;">)). Vest Financial, LLC is the Fund’s investment sub-advisor (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="font-family:Arial;font-size:9.00pt;"> or the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from stock dividends and option premiums at an annual rate that is approximately 8.0% (before fees and expenses) over the current annual dividend yield of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund also seeks a secondary objective of generating capital appreciation. The Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for </span><span style="font-family:Arial;font-size:9.00pt;">2025 was 0.64%. However, that is not indicative of what the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield may be in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">future. It is expected that the Fund will distribute dividends and income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">While the Fund seeks to make distributions that are above the current annual dividend yield of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">there is no guarantee that the Fund's distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index or the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index, and the total return performance of the Fund may be less </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">than the total return performance of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index. In the event the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">value of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF, as applicable) exceeds the strike price of the call options, the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">capital appreciation on such securities is expected to be less than the capital appreciation of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or the Underlying ETF, as applicable). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity securities held by the Fund will be selected by the portfolio managers from the common stocks and depositary receipts in the Index. The Index is designed to provide access to a diversified portfolio of technology companies with a history of paying dividends while exhibiting the characteristics to continue to do so in the future. The Index includes 100 U.S. exchange-traded equity securities, including securities issued by non-U.S. companies that trade on U.S. securities exchanges in the form of depositary receipts. The constituents and individual security weighting of the equity portfolio will be actively managed by the portfolio managers in order to seek to achieve the Fund’s investment objectives and strategy. The Fund may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">invest in companies with various market capitalizations. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. The call options sold by the Fund on the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index and/or the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are anticipated to be cash settled European style options that can only be exercised at the expiration date. These </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">call options will give the purchaser the right to receive from the seller (the Fund) a cash payment at the option expiration date equal to any positive difference between the value of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, as applicable, at the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">contract expiration and the strike price. In the event the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, as applicable, appreciates </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price as of the expiration date of the written option and the buyer exercises the option, the Fund as the writer (seller) of the call option will have to pay the difference between the value of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">as applicable, and the strike price (which loss is partially offset by the premium initially received). In such a scenario the Fund will need to sell some of the equity securities it holds to make this payment. In the event the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, as applicable, declines in value, the call option may end up worthless and the Fund as the writer (seller) of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">call option retains the premium. The call options sold by the Fund on an Underlying ETF are anticipated to be physically settled American style options which are exercisable any time prior to the expiration date. In the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In such a scenario the Fund will need to sell some of the equity securities it holds to fund the purchase of the shares of the Underlying ETF it would deliver. In the event the Underlying ETF declines in value, the call option may end up worthless and the Fund as the writer (seller) of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each week, the Fund compares the dividend income of the equity securities held by the Fund against the Fund’s target distribution and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the price appreciation of the stocks held by the Fund. The call options written by the Fund will have expirations of less than 30 days, and will be typically written at-the-money. An at-the-money call option has a strike price that is approximately equal to the price of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index, as applicable, or Underlying ETF at the time the call option is sold. The Fund's strategy may involve frequently buying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and selling portfolio securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction, investment sector </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or group of industries</span><span style="font-family:Arial;font-size:9.00pt;"> that it may not have had as of January 30, 2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">investment sector or industry or group of industries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index, as applicable, may perform differently than options on an ETF </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">that tracks the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index, as applicable, due to differences in the performance of the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses </span><span style="font-family:Arial;font-size:9.00pt;">and other factors. Options may also involve the use of leverage, which could result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i) the risk that the value of the underlying assets may go up or down; (ii) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (iii) the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset; (v) the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value; (vi) the risk of loss caused by the unenforceability of a party’s obligations under the derivative; and (vii) the risk that a disruption in the financial markets will cause difficulties for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">therefore, amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests</span><span style="font-family:Arial;font-size:9.00pt;"> and to which it has exposure. Equity securities prices fluctuate for several reasons, including changes in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or </span><span style="font-family:Arial;font-size:9.00pt;">they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities </span><span style="font-family:Arial;font-size:9.00pt;">at a loss in order to settle an option position, which could result in the distribution of premium </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from that option position being classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">order to settle an option position, which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s portfolio is composed of both equity securities and written call options. Because </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the equity securities held by the Fund are securities contained in the Index and the options are written on the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index and/or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or ETFs that track the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, the Fund's investments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are not correlated, meaning their performance is independent of one another. Market events may impact one position held by the Fund more than the other position and the returns from the Fund's investments in equity securities and written call </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">options may not move in the same direction as one another.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALLER COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may invest in the securities of small and/or mid capitalization companies. Small and/or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISKS ASSOCIATED WITH INVESTMENT IN OPTIONS.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a portion of its assets in options on indexes. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The treatment of such derivatives may, in part, be based upon informal guidance issued by the Internal Revenue Service a number of years ago. Although the Fund believes that the Fund is treating such derivatives consistently with current tax law, if the Internal Revenue Service were to disagree, the Fund could lose its status as a </span><span style="font-family:Arial;font-size:9.00pt;">“regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest a portion of its assets in certain options on an Underlying ETF that may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="font-family:Arial;font-size:9.00pt;">gains or losses. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the Shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objectives and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify Shareholders of the implications of that failure. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund has sold call Options that reference property that may vary in value similarly to the property held by the Fund. If the property held and the Options sold are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the trust </span><span style="font-family:Arial;font-size:9.00pt;">than investing directly in the referenced asset. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may be required to mark some of its positions to market on an annual basis. The sold call options are exchange traded options. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment could cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index, a broad-based securities market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">index and </span><span style="font-family:Arial;font-size:9.00pt;">the Index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 and since inception compared to those of a market index, a broad-based securities market </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">index and </span><span style="font-family:Arial;font-size:9.00pt;">the Index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest Technology Dividend Target Income ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">22.07%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-5.45%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2207 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0545 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2441 0.2479 2023-08-09 0.2040 0.2074 0.1422 0.1742 0.2102 0.2493 0.1788 0.2118 0.2595 0.2689 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Dow Jones Internet &amp; Target Income ETF (FDND)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Dow Jones Internet &amp; Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0000 0.0075 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 77 240 417 930 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">42%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities intended to track the Dow Jones Internet Composite Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and by utilizing an “option strategy” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">consisting of writing (selling) U.S. exchange-traded call options on the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, or exchange-traded funds that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">track the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Underlying ETFs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index is developed, maintained and sponsored by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Indices (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Index Provider"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">borrowings for investment purposes) in securities and/or investments that provide exposure to securities of Internet Companies (as defined below by the Index Provider) and securities intended to provide income to the Fund in the form of option premiums. "Internet Companies" are companies that generate at least 50% of sales or revenue from the Internet, and belong to either the “Internet Commerce” sector (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, online retail, search, financial services, investment products, social media, advertising, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and travel platforms, and internet radio) or the “Internet Services” sector (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, various services performed via the internet, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cloud computing, enterprise software, networking capabilities, website creation tools, and digital marketing platforms). For </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">purposes of the Fund's 80% investment policy described above, companies included in the Index will be considered Internet </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Companies. Vest Financial LLC is the Fund’s investment sub-advisor (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from stock dividends and option premiums at an annual rate that is approximately 8.0% (before fees and expenses) over the current annual dividend yield of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund also seeks a secondary objective of generating capital appreciation. The Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">for </span><span style="font-family:Arial;font-size:9.00pt;">2025 was 0.64%. However, that is not indicative of what the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield may be in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">future. It is expected that the Fund will distribute dividends and income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">While the Fund seeks to make distributions that are above the current annual dividend yield of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">there is no guarantee that the Fund's distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index or the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Index. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index, and the total return performance of the Fund may be less </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">than the total return performance of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index. In the event the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">value of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF, as applicable) exceeds the strike price of the call options, the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">capital appreciation on such securities is expected to be less than the capital appreciation of the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or the Underlying ETF, as applicable). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity securities held by the Fund will be selected by the portfolio managers with the goal of tracking the Index. The Index is designed to provide access to a diversified portfolio of the largest and most actively-traded equity securities of U.S. Internet Companies. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Index seeks to include 40 U.S. exchange-traded equity securities. The constituents and individual security </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">weighting of the equity portfolio will be actively managed by the portfolio managers with the goal of tracking the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. The call options sold by the Fund on the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are anticipated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to be cash settled European style options that can only be exercised at the expiration date. These call options will give the purchaser the right to receive from the seller (the Fund) a cash payment at the option expiration date equal to any positive difference between the value of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index at the contract expiration and the strike price. In the event the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index appreciates above the strike price as of the expiration date of the written option and the buyer exercises </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the option, the Fund as the writer (seller) of the call option will have to pay the difference between the value of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index and the strike price (which loss is partially offset by the premium initially received). In such a scenario the Fund will need to sell some of the equity securities it holds to make this payment. In the event the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index declines in value, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">call option may end up worthless and the Fund as the writer (seller) of the call option retains the premium. The call options sold by the Fund on an Underlying ETF are anticipated to be physically settled American style options which are exercisable any time prior to the expiration date. In the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In such a scenario the Fund will need to sell some of the equity securities it holds to fund the purchase of the shares of the Underlying ETF it would deliver. In the event the Underlying ETF declines in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value, the call option may end up worthless and the Fund as the writer (seller) of the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each week, the Fund compares the dividend income of the equity securities held by the Fund against the Fund’s target distribution and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the price appreciation of the stocks held by the Fund. The call options written by the Fund will have expirations of less than 30 days, and will be typically written at-the-money. An at-the-money call option has a strike price that is approximately equal to the price of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">ETF at the time the call option is sold. The Fund's strategy may involve frequently buying and selling portfolio securities. There may be times when the Fund needs to sell securities when it would not otherwise do so in order to modify its portfolio to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">achieve its investment objectives or generate proceeds to settle an option position. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in communication services, consumer discretionary companies and </span><span style="font-family:Arial;font-size:9.00pt;">information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">have significant investments in a jurisdiction, investment sector or industry or group of industries that it may not have had as of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction, investment </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction, investment sector or industry or group of industries. The Fund will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> invest more than 25% of Fund assets) in an industry or a group of industries to the extent that the Index is so concentrated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in communication services, consumer discretionary companies and </span><span style="font-family:Arial;font-size:9.00pt;">information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index may perform differently than options on an ETF that tracks the Nasdaq-100</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">due to differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors. Options may also involve the use of leverage, which could </span><span style="font-family:Arial;font-size:9.00pt;">result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COMMUNICATION SERVICES COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Communication services companies may be subject to specific risks </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">associated with legislative or regulatory changes, adverse market conditions, intellectual property use and/or increased competition. Communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s profitability. While all companies may be susceptible to network security breaches, certain communication services companies may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CONSUMER DISCRETIONARY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Consumer discretionary companies, such as retailers, media companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">affect the demand for, and success of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the underlying assets may go up or down; (ii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that the counterparty to a derivative transaction may not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its contractual obligations; (iii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the derivative may not correlate perfectly with the underlying asset; (v)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that a derivative instrument cannot </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">be sold, closed out or replaced quickly at or very close to its fundamental value; (vi)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk of loss caused by the unenforceability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of a party’s obligations under the derivative; and (vii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that a disruption in the financial markets will cause difficulties </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a monthly basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Return of capital distributions do not represent income or gains generated by the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">even though a portion of the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests</span><span style="font-family:Arial;font-size:9.00pt;"> and to which it has exposure. Equity securities prices fluctuate for several reasons, including changes in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or </span><span style="font-family:Arial;font-size:9.00pt;">they may occur in only a particular country, company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country,state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by it, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund’s returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may be more greatly influenced by the returns of the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is, in part, to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. If the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions</span><span style="font-family:Arial;font-size:9.00pt;">. The prices of options are volatile and are influenced by, among other things, actual and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities </span><span style="font-family:Arial;font-size:9.00pt;">at a loss in order to settle an option position, which could result in the distribution of premium </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from that option position being classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">order to settle an option position, which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s portfolio is composed of both equity securities and written call options. Because </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the equity securities held by the Fund are securities contained in the Index and the options are written on the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index or ETFs that track the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, the Fund's investments are not correlated, meaning their performance is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">independent of one another. Market events may impact one position held by the Fund more than the other position and the returns from the Fund's investments in equity securities and written call options may not move in the same direction as one </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">another.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISKS ASSOCIATED WITH INVESTMENT IN OPTIONS.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a portion of its assets in options on indexes. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The treatment of such derivatives may, in part, be based upon informal guidance issued by the Internal Revenue Service a number of years ago. Although the Fund believes that the Fund is treating such derivatives consistently with current tax law, if the Internal Revenue Service were to disagree, the Fund could lose its status as a </span><span style="font-family:Arial;font-size:9.00pt;">“regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest a portion of its assets in certain options on an Underlying ETF that may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="font-family:Arial;font-size:9.00pt;">gains or losses. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the Shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objectives and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify Shareholders of the implications of that failure. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund has sold call Options that reference property that may vary in value similarly to the property held by the Fund. If the property held and the Options sold are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the trust </span><span style="font-family:Arial;font-size:9.00pt;">than investing directly in the referenced asset. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may be required to mark some of its positions to market on an annual basis. The sold call options are exchange traded options. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment could cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund </span><span style="font-family:Arial;font-size:9.00pt;">distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’</span><span style="font-family:Arial;font-size:9.00pt;">s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value for years 1, 5,</span><span style="font-family:Arial;font-size:9.00pt;"> 10 and since inception compared to those of the Index and a broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’</span><span style="font-family:Arial;font-size:9.00pt;">s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value for years 1, 5,</span><span style="font-family:Arial;font-size:9.00pt;"> 10 and since inception compared to those of the Index and a broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">FT Vest Dow Jones Internet &amp; Target Income ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="font-family:Arial;font-size:9.00pt;">During the period shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">19.44%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-7.68%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2025</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1944 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.0768 2025-03-31 <span style="font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0943 0.1445 2024-03-20 0.0593 0.1083 0.0554 0.0948 0.1115 0.1677 0.1788 0.1788 <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest High Yield &amp; Target Income ETF (HYTI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest High Yield &amp; Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period February</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">12,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through October</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Options”</span><span style="font-family:Arial;font-size:9.00pt;">), on the iShares</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> iBoxx</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;line-height:9.84pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">$ High Yield Corporate Bond ETF (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="font-family:Arial;font-size:9.00pt;">). Under </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to high yield securities or income producing securities. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s investment sub-advisor is Vest </span><span style="font-family:Arial;font-size:9.00pt;">Financial LLC (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="font-family:Arial;font-size:9.00pt;"> or the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from the FLEX Option Discount (described below), U.S. Treasury securities and option premiums at an annual rate that is approximately 5.0% (before fees and expenses) over the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">current annual income yield of the Underlying ETF. The Fund also seeks a secondary objective of providing capital appreciation. The Underlying ETF trailing 12-month annual income yield as of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026 was 5.68%. However, that is not indicative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of what the Underlying ETF annual income yield may be in the future. It is expected that the Fund will distribute income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">While the Fund seeks to make distributions that are above the current annual </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">income yield of the Underlying ETF, there is no guarantee that the Fund’s distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Underlying ETF. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Underlying ETF, and the total return performance of the Fund may be less than the total return performance of the Underlying ETF. In the event the value of the Underlying ETF exceeds the strike price of the call options, the capital </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">appreciation on such securities is expected to be less than the capital appreciation of the Underlying ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide long exposure to the Underlying ETF through the use of FLEX Options contracts that reference the Underlying ETF. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contracts. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">An investment in the Fund is not an investment in an index or in the securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">that make up the Underlying ETF. As such, the Fund only has synthetic exposure to the Underlying ETF. The Fund is subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">to all potential losses if the Underlying ETF loses value which may not be offset by the income received by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The long portion of the Fund’s portfolio consists of synthetic exposure to the Underlying ETF, which measures the performance of the largest and most actively traded high yield bonds of U.S. companies. The FLEX Options will have an expiration date of one year or less and will be rolled to maintain exposure to the Underlying ETF. The Fund’s synthetic exposure to the return of the Underlying ETF is achieved through a possible combination of purchased call options and short-term U.S. Treasury securities, which together are intended to provide exposure to the Underlying ETF. Since the synthetic exposure of the Underlying ETF forgoes the income produced by the Underlying ETF, the FLEX Options are priced at a discount roughly equal to the annualized yield of the Underlying ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Option Discount”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The FLEX Option Discount will accrete to par over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the course of the option period, meaning as the FLEX Options approach their expiration date and the U.S. Treasury securities approach their maturity date, the value of the FLEX Options and U.S. Treasury securities will increase until it converges with its par value, which is the amount ultimately paid to the Fund. The FLEX Option Discount will permit the Fund to purchase a laddered portfolio of short-term U.S. Treasury securities, the income from which will be distributed to investors throughout </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the year. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to reach its income target of 5.0% (before fees &amp; expenses) over the Underlying ETF annual income yield from purchasing U.S. Treasury securities using cash roughly equal to the FLEX Option Discount and the premiums collected by selling weekly call options on the Underlying ETF. A premium is the income received by an investor who sells an option contract to another party. When the Fund sells a call option on the Underlying ETF (as discussed below), the option is “uncovered” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the Fund does not own the underlying security), therefore the Fund may be required to acquire shares of the Underlying ETF in order to satisfy its obligation on the call option, which could result in additional costs to the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The call options sold by the Fund on the Underlying ETF are anticipated to be either cash settled and/or physically settled European style FLEX Options or physically settled American style exchange-traded options. The European style FLEX Options are exercisable at the strike price only on the FLEX Option expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to either deliver a cash payment based upon the difference between the Underlying ETF’s value and the strike price or deliver shares of the Underlying ETF at the strike price. The physically settled American style exchange-traded options are exercisable any time prior to the expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In the event the Underlying ETF declines in value, the call options may end up worthless and the Fund as the writer (seller) of the call options retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s partial call selling strategy seeks to convert a portion of the growth potential of the Fund into current income. Each week, the Fund compares the FLEX Option Discount on the synthetic exposure to the Underlying ETF against the Fund’s distribution target and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of call options with the discount from the purchased deep in-the-money call options, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the Underlying ETF. The call options written by the Fund will generally have expirations of approximately one week, and will be typically written “at-the-money.” An at-the-money call option has a strike price that is approximately equal to the price of reference asset at the time the call option is sold. The Fund’s strategy may involve frequently buying and selling portfolio securities. For additional </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">information on the Fund's portfolio holdings, including investment terms, investment functions and the expected target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">maturity for each component, see "Additional Information on the Fund's Investment Objectives and Strategies.” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. BlackRock Fund Advisors serves as the Underlying ETF’s investment adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g., </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated June </span><span style="font-family:Arial;font-size:9.00pt;">27, 2025,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as amended (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">HYG</span><span style="font-family:Arial;font-size:9.00pt;">” refers to the Underlying ETF; other defined terms have been modified). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">HYG seeks to track the investment results of the Markit iBoxx</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> USD Liquid High Yield Index (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Underlying Index</span><span style="font-family:Arial;font-size:9.00pt;">”), which </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">is a rules-based index consisting of U.S. dollar-denominated, high yield (as determined by Markit Indices Limited (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Index Provider</span><span style="font-family:Arial;font-size:9.00pt;">” or “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Markit</span><span style="font-family:Arial;font-size:9.00pt;">”)) corporate bonds for sale in the U.S. The Underlying Index is designed to provide a broad </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">representation of the U.S. dollar denominated liquid high yield corporate bond market. The Underlying Index is a modified market-value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the Underlying Index. As of February </span><span style="font-family:Arial;font-size:9.00pt;">28, 2025, the Underlying Index included approximately 1,226 constituents. As of February 28, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services industry or sector. The components of the Underlying Index are likely to change over time. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">Bonds in the Underlying Index are selected from the universe of eligible bonds in the Markit iBoxx USD Corporate Bond Index using defined rules. As of the date of this prospectus, the bonds eligible for inclusion in the Underlying Index include U.S. dollar-denominated high yield corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by Markit; (ii) have an average rating of sub-investment grade (ratings from Fitch Ratings, Inc. (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Fitch</span><span style="font-family:Arial;font-size:9.00pt;">”), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">Moody’s Investors Service, Inc. (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Moody’s</span><span style="font-family:Arial;font-size:9.00pt;">”) or Standard &amp; Poor’s</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Global Ratings, a subsidiary of S&amp;P Global (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">S&amp;P Global </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0.00%;">Ratings</span><span style="font-family:Arial;font-size:9.00pt;">”) are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">from issuers with at least $1 billion outstanding face value; (iv) have at least $400 million of outstanding face value; (v)</span><span style="font-family:Arial;font-size:9.00pt;"> have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">an original maturity date of less than 15 years; (vi) have at least one year to maturity; and (vii) have at least one year and </span><span style="font-family:Arial;font-size:9.00pt;">6 months to maturity for new index insertions… </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">HYG will invest at least 80% of its assets in the component securities of the Underlying Index, and HYG will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help HYG track the Underlying Index. HYG will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help HYG track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help HYG track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. HYG seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index before fees and expenses of HYG. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">HYG may lend securities representing up to one-third of the value of HYG’s total assets (including the value of any collateral </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">received).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Underlying ETF may perform differently than options on the reference index due to differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the reference index, expenses and other factors. Options may also involve the </span><span style="font-family:Arial;font-size:9.00pt;">use of leverage, which could result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has</span><span style="font-family:Arial;font-size:9.00pt;"> begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the distribution effectively represents a return of the purchase price.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. 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. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment </span><span style="font-family:Arial;font-size:9.00pt;">objectives. Less liquidity in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment </span><span style="font-family:Arial;font-size:9.00pt;">objectives. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The FLEX Options held by the Fund will be exercisable at the strike price only on their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The FLEX Options are also subject to correlation risk, meaning the value of the FLEX Options does not increase or decrease at the same rate as the Underlying ETF (although they generally move in the same direction) or its underlying securities. The value of the FLEX Options prior to the expiration date may vary because of factors other than the value of the Underlying ETF, such as interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, a change in the actual and perceived volatility of the stock market and the Underlying ETF and the remaining time to expiration. FLEX Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the FLEX Options will require more reliance on the investment adviser’s judgment than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the FLEX Options which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HIGH YIELD SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High yield securities, or “junk” bonds, are subject to greater market fluctuations, are less liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and provide a greater risk of loss than investment grade securities, and therefore, are considered to be highly speculative. In general, high yield securities may have a greater risk of default than other types of securities and could cause income and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">principal losses for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities at a loss </span><span style="font-family:Arial;font-size:9.00pt;">in order to settle an option position, which could result in the distribution of premium from that option position being </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in order to settle an option position, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). If,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">in any year, the Fund</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">fails </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to qualify as a RIC</span><span style="font-family:Arial;font-size:9.00pt;"> under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The Fund intends to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">treat any income it may derive from the FLEX Options as "qualifying income"</span><span style="font-family:Arial;font-size:9.00pt;"> under the provisions of the Code applicable to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">RICs</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">In addition, based upon language in the legislative history,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the Fund intends to treat the issuer of the referenced asset </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as the issuer of the FLEX Options,</span><span style="font-family:Arial;font-size:9.00pt;"> which may allow the Fund to qualify for special rules in the RIC diversification requirements. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the </span><span style="font-family:Arial;font-size:9.00pt;">income is not qualifying income or the issuer</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of the referenced asset is not appropriately the issuer</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of the FLEX Options, the Fund may lose its own status</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as a RIC if</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">tax positions reflected by such options are large enough.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks of owning shares of an ETF as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to absence of an active market risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Investment Grade &amp; Target Income ETF (LQTI)</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Investment Grade &amp; Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period February</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">12,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through October</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Options”</span><span style="font-family:Arial;font-size:9.00pt;">), on the iShares</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> iBoxx</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;line-height:9.84pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">$ Investment Grade Corporate Bond ETF (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to investment grade securities</span><span style="font-family:Arial;font-size:9.00pt;"> or income producing securities. For purposes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of compliance with this investment policy, derivative contracts will be valued at their notional value. The Fund’s investment </span><span style="font-family:Arial;font-size:9.00pt;">sub-advisor is Vest Financial LLC (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="font-family:Arial;font-size:9.00pt;"> or the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from the FLEX Option Discount (described below), U.S. Treasury securities and option premiums at an annual rate that is approximately 5.0% (before fees and expenses) over the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">current annual income yield of the Underlying ETF. The Fund also seeks a secondary objective of providing capital appreciation. The Underlying ETF trailing 12-month annual income yield as of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026 was 4.47%. However, that is not indicative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of what the Underlying ETF annual income yield may be in the future. It is expected that the Fund will distribute income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">While the Fund seeks to make distributions that are above the current annual </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">income yield of the Underlying ETF, there is no guarantee that the Fund’s distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Underlying ETF. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Underlying ETF, and the total return performance of the Fund may be less than the total return performance of the Underlying ETF. In the event the value of the Underlying ETF exceeds the strike price of the call options, the capital </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">appreciation on such securities is expected to be less than the capital appreciation of the Underlying ETF. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide long exposure to the Underlying ETF through the use of FLEX Options contracts that reference the Underlying ETF. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contracts. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">An investment in the Fund is not an investment in an index or in the securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">that make up the Underlying ETF. As such, the Fund only has synthetic exposure to the Underlying ETF. The Fund is subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">to all potential losses if the Underlying ETF loses value which may not be offset by the income received by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The long portion of the Fund’s portfolio consists of synthetic exposure to the Underlying ETF, which measures the performance of the largest and most actively traded investment grade securities of U.S. companies. The FLEX Options will have an expiration date of one year or less and will be rolled to maintain exposure to the Underlying ETF. The Fund’s synthetic exposure to the return of the Underlying ETF is achieved through a possible combination of purchased call options and short-term U.S. Treasury securities, which together are intended to provide exposure to the Underlying ETF. Since the synthetic exposure of the Underlying ETF forgoes the income produced by the Underlying ETF, the FLEX Options are priced at a discount roughly equal to the annualized yield of the Underlying ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Option Discount”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The FLEX Option Discount will accrete to par over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the course of the option period, meaning as the FLEX Options approach their expiration date and the U.S. Treasury securities approach their maturity date, the value of the FLEX Options and U.S. Treasury securities will increase until it converges with its par value, which is the amount ultimately paid to the Fund. The FLEX Option Discount will permit the Fund to purchase a laddered portfolio of short-term U.S. Treasury securities, the income from which will be distributed to investors throughout </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the year. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to reach its income target of 5.0% (before fees &amp; expenses) over the Underlying ETF annual income yield from purchasing U.S. Treasury securities using cash roughly equal to the FLEX Option Discount and the premiums collected by selling weekly call options on the Underlying ETF. A premium is the income received by an investor who sells an option contract to another party. When the Fund sells a call option on the Underlying ETF (as discussed below), the option is “uncovered” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the Fund does not own the underlying security), therefore the Fund may be required to acquire shares of the Underlying ETF in order to satisfy its obligation on the call option, which could result in additional costs to the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The call options sold by the Fund on the Underlying ETF are anticipated to be either cash settled and/or physically settled European style FLEX Options or physically settled American style exchange-traded options. The European style FLEX Options are exercisable at the strike price only on the FLEX Option expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to either deliver a cash payment based upon the difference between the Underlying ETF’s value and the strike price or deliver shares of the Underlying ETF at the strike price. The physically settled American style exchange-traded options are exercisable any time prior to the expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In the event the Underlying ETF declines in value, the call options may end up worthless and the Fund as the writer (seller) of the call options retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s partial call selling strategy seeks to convert a portion of the growth potential of the Fund into current income. Each week, the Fund compares the FLEX Option Discount on the synthetic exposure to the Underlying ETF against the Fund’s distribution target and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of call options with the discount from the purchased deep in-the-money call options, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the Underlying ETF. The call options written by the Fund will generally have expirations of approximately one week, and will be typically written “at-the-money.” An at-the-money call option has a strike price that is approximately equal to the price of reference asset at the time the call option is sold. The Fund’s strategy may involve frequently buying and selling portfolio securities. For additional </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">information on the Fund's portfolio holdings, including investment terms, investment functions and the expected target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">maturity for each component, see "Additional Information on the Fund's Investment Objectives and Strategies.” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds. BlackRock Fund Advisors serves as the Underlying ETF’s investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated June </span><span style="font-family:Arial;font-size:9.00pt;">27, 2025,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as amended (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">LQD</span><span style="font-family:Arial;font-size:9.00pt;">” refers to the Underlying ETF; other defined terms have been modified). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">LQD seeks to track the investment results of the Markit iBoxx</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> USD Liquid Investment Grade Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying Index”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">which is a rules</span><span style="font-family:Arial;font-size:9.00pt;">-based index consisting of U.S. dollar-denominated, investment-grade (as determined by Markit Indices </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">Limited (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”</span><span style="font-family:Arial;font-size:9.00pt;"> or </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Markit”</span><span style="font-family:Arial;font-size:9.00pt;">)) corporate bonds for sale in the U.S. The Underlying Index is designed to provide </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">a broad representation of the U.S. dollar-denominated liquid investment</span><span style="font-family:Arial;font-size:9.00pt;">-grade corporate bond market. The Underlying </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">Index is a modified market value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the Underlying Index. As of February </span><span style="font-family:Arial;font-size:9.00pt;">28, 2025, the Underlying Index included approximately 2,888 constituents. As </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">of February </span><span style="font-family:Arial;font-size:9.00pt;">28, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services and financials industries or sectors. The components of the Underlying Index are likely to change over time. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The Underlying Index is a subset of the Markit iBoxx USD Corporate Bond Index, which as of February </span><span style="font-family:Arial;font-size:9.00pt;">28, 2025 is an </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">index of </span><span style="font-family:Arial;font-size:9.00pt;">8,368 investment-grade bonds. Bonds in the Underlying Index are selected from the universe of eligible bonds </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">in the Markit iBoxx USD Corporate Bond Index using defined rules. As of the date of this prospectus (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Prospectus</span><span style="font-family:Arial;font-size:9.00pt;">”), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">the bonds eligible for inclusion in the Underlying Index consist of U.S. dollar-denominated corporate bonds that: (i)</span><span style="font-family:Arial;font-size:9.00pt;"> are </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">issued by companies domiciled in countries classified as developed markets by Markit; (ii) have an average rating of investment grade (ratings from Fitch Ratings, Inc., Moody’s Investors Service, Inc. or Standard &amp; Poor’s</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Global Ratings, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">a subsidiary of S&amp;P Global (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">S&amp;P Global Ratings</span><span style="font-family:Arial;font-size:9.00pt;">”) are considered; if more than one agency provides a rating, the average </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">rating is attached to the bond); (iii) are from issuers with at least $2 billion outstanding face value; (iv) have at least $750 million of outstanding face value; (v) have at least three years to maturity; and (vi) have at least three years and </span><span style="font-family:Arial;font-size:9.00pt;">6 months to maturity for new index insertions… </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">LQD </span><span style="font-family:Arial;font-size:9.00pt;">will invest at least 80% of its assets in the component securities of the Underlying Index, and LQD will invest at least </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help LQD track the Underlying Index. LQD will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help LQD track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help LQD track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. LQD seeks to track the investment results of the Underlying </span><span style="font-family:Arial;font-size:9.00pt;">Index before fees and expenses of LQD. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">LQD may lend securities representing up to one-third of the value of LQD’s total assets (including the value of any collateral </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">received).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Underlying ETF may perform differently than options on the reference index due to differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the reference index, expenses and other factors. Options may also involve the </span><span style="font-family:Arial;font-size:9.00pt;">use of leverage, which could result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. 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. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, 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 the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The FLEX Options held by the Fund will be exercisable at the strike price only on their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The FLEX Options are also subject to correlation risk, meaning the value of the FLEX Options does not increase or decrease at the same rate as the Underlying ETF (although they generally move in the same direction) or its underlying securities. The value of the FLEX Options prior to the expiration date may vary because of factors other than the value of the Underlying ETF, such as interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, a change in the actual and perceived volatility of the stock market and the Underlying ETF and the remaining time to expiration. FLEX Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the FLEX Options will require more reliance on the investment adviser’s judgment than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the FLEX Options which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities at a loss </span><span style="font-family:Arial;font-size:9.00pt;">in order to settle an option position, which could result in the distribution of premium from that option position being </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in order to settle an option position, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). If,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">in any year, the the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. The Fund intends </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to treat any income it may derive from the FLEX Options as "qualifying income"</span><span style="font-family:Arial;font-size:9.00pt;"> under the provisions of the Code applicable </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to RICs</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">In addition, based upon language in the legislative history, the the Fund intends to treat the issuer of the referenced </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">asset as the issuer of the FLEX Options,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which may allow the the Fund to qualify for special rules in the RIC diversification </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">requirements</span><span style="font-family:Arial;font-size:9.00pt;">. If the income is not qualifying income or the issuer</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of the referenced asset is not appropriately the issuer</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">of the FLEX Options, the the Fund may lose its own status</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as a RIC if</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">tax positions reflected by such options are large enough.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks of owning shares of an ETF as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to absence of an active market risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest 20+ Year Treasury &amp; Target Income ETF (LTTI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest 20+ Year Treasury &amp; Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0000 0.0000 0.0065 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 66 208 362 810 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period February</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">12,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through October</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">0%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing in U.S. Treasury securities and utilizing an option strategy consisting of purchasing and writing (selling) U.S. exchange-traded call options, including Flexible Exchange options (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Options”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), on the iShares</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> 20+ Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying ETF”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Under normal market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to U.S. Treasury securities. For purposes of compliance with this investment policy, derivative contracts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">will be valued at their notional value. The Fund’s investment sub-advisor is Vest Financial LLC (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from the FLEX Option Discount (described below), U.S. Treasury securities and option premiums at an annual rate that is approximately 5.0% (before fees and expenses) over the current annual income yield of the Underlying ETF. The Fund also seeks a secondary objective of providing capital appreciation. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF trailing 12-month annual income yield as of January </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026 was 4.43%. However, that is not indicative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of what the Underlying ETF annual income yield may be in the future. It is expected that the Fund will distribute income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">While the Fund seeks to make distributions that are above the current annual </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">income yield of the Underlying ETF, there is no guarantee that the Fund’s distribution target will be achieved. The Advisor will periodically assess whether the Fund’s distribution target remains reasonable as market conditions change. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the Underlying ETF. Capital appreciation on the securities held by the Fund may be less than the capital appreciation of the Underlying ETF, and the total return performance of the Fund may be less than the total return performance of the Underlying ETF. In the event the value of the Underlying ETF exceeds the strike price of the call options, the capital </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">appreciation on such securities is expected to be less than the capital appreciation of the Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to provide long exposure to the Underlying ETF through the use of FLEX Options contracts that reference the Underlying ETF. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates that are otherwise standardized in typical listed options contracts. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">An investment in the Fund is not an investment in an index or in the securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">that make up the Underlying ETF. As such, the Fund only has synthetic exposure to the Underlying ETF. The Fund is subject </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">to all potential losses if the Underlying ETF loses value which may not be offset by the income received by the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The long portion of the Fund’s portfolio consists of synthetic exposure to the Underlying ETF, which measures the performance of U.S. Treasury bonds with remaining maturities greater than twenty years. The FLEX Options will have an expiration date of one year or less and will be rolled to maintain exposure to the Underlying ETF. The Fund’s synthetic exposure to the return of the Underlying ETF is achieved through a possible combination of purchased call options and short-term U.S. Treasury securities, which together are intended to provide exposure to the Underlying ETF. Since the synthetic exposure of the Underlying ETF forgoes the income produced by the Underlying ETF, the FLEX Options are priced at a discount roughly equal to the annualized yield of the Underlying ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“FLEX Option Discount”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The FLEX Option Discount will accrete to par over </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the course of the option period, meaning as the FLEX Options approach their expiration date and the U.S. Treasury securities approach their maturity date, the value of the FLEX Options and U.S. Treasury securities will increase until it converges with its par value, which is the amount ultimately paid to the Fund. The FLEX Option Discount will permit the Fund to purchase a laddered portfolio of short-term U.S. Treasury securities, the income from which will be distributed to investors throughout </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the year. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund seeks to reach its income target of 5.0% (before fees &amp; expenses) over the Underlying ETF annual income yield from purchasing U.S. Treasury securities using cash roughly equal to the FLEX Option Discount and the premiums collected by selling weekly call options on the Underlying ETF. A premium is the income received by an investor who sells an option contract to another party. When the Fund sells a call option on the Underlying ETF (as discussed below), the option is “uncovered” (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the Fund does not own the underlying security), therefore the Fund may be required to acquire shares of the Underlying ETF in order to satisfy its obligation on the call option, which could result in additional costs to the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The call options sold by the Fund on the Underlying ETF are anticipated to be either cash settled and/or physically settled European style FLEX Options or physically settled American style exchange-traded options. The European style FLEX Options are exercisable at the strike price only on the FLEX Option expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to either deliver a cash payment based upon the difference between the Underlying ETF’s value and the strike price or deliver shares of the Underlying ETF at the strike price. The physically settled American style exchange-traded options are exercisable any time prior to the expiration date, and in the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In the event the Underlying ETF declines in value, the call options may end up worthless and the Fund as the writer (seller) of the call options retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s partial call selling strategy seeks to convert a portion of the growth potential of the Fund into current income. Each week, the Fund compares the FLEX Option Discount on the synthetic exposure to the Underlying ETF against the Fund’s distribution target and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of call options with the discount from the purchased deep in-the-money call options, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the Underlying ETF. The call options written by the Fund will generally have expirations of approximately one week, and will be typically written “at-the-money.” An at-the-money call option has a strike price that is approximately equal to the price of reference asset at the time the call option is sold. The Fund’s strategy may involve frequently buying and selling portfolio securities. For additional information on the Fund's portfolio holdings, including investment terms, investment functions and the expected target </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">maturity for each component, see "Additional Information on the Fund's Investment Objectives and Strategies.” </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">The Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Underlying ETF is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. BlackRock Fund Advisors serves as the Underlying ETF’s investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">e.g.,</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the Underlying ETF’s annual reports) to obtain an understanding of the Underlying ETF’s business and financial prospects. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated June </span><span style="font-family:Arial;font-size:9.00pt;">27, 2025,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as amended (“</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">TLT</span><span style="font-family:Arial;font-size:9.00pt;">” refers to the Underlying ETF; other defined terms have been modified). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">TLT seeks to track the investment results of the ICE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> U.S. Treasury 20+ Year Bond Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Underlying Index”</span><span style="font-family:Arial;font-size:9.00pt;">), which </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than or equal </span><span style="font-family:Arial;font-size:9.00pt;">to twenty years. As of February 28, 2025, there were 40 issues in the Underlying Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the “</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">Fed</span><span style="font-family:Arial;font-size:9.00pt;">”). In addition, the securities in the Underlying Index must be fixed-rate and denominated in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">U.S. dollars. Excluded from the Underlying Index are inflation</span><span style="font-family:Arial;font-size:9.00pt;">-linked securities, Treasury bills, cash management bills, any </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.00%;">government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is market value weighted, and the securities in the Underlying Index </span><span style="font-family:Arial;font-size:9.00pt;">are updated on the last calendar day of each month. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">TLT will invest at least 80% of its assets in the component securities of the Underlying Index, and TLT will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help TLT track the Underlying Index. TLT will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help TLT track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. TLT seeks to track the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment results of the Underlying Index before fees and expenses of TLT. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.00%;">TLT may lend securities representing up to one-third of the value of TLT’s total assets (including the value of any collateral </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">received).</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. As the purchaser of a call option, the Fund will generally only exercise the option if the value of the reference index or security rises above the strike price. If the value of the reference index or security does not rise above the level of the strike price, the option is likely to expire worthless. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the Underlying ETF may perform differently than options on the reference index due to differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the reference index, expenses and other factors. Options may also involve the </span><span style="font-family:Arial;font-size:9.00pt;">use of leverage, which could result in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund intends to effect a portion of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. A Fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">securities in-kind.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes</span><span style="font-family:Arial;font-size:9.00pt;">, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including the imposition of tariffs,</span><span style="font-family:Arial;font-size:9.00pt;"> and other matters. For example, the United States has imposed trade barriers and restrictions </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEBT SECURITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.</span><span style="font-family:Arial;font-size:9.00pt;"> Debt securities held by the Fund may be subject to amendments, waivers, or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange offers that modify their terms. These transactions may be initiated by borrowers to address financial stress and may include exchanges of existing debt securities for new instruments with different priority, collateral, or economic characteristics. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Participation in, or exclusion from, such transactions could result in the Fund holding debt that is structurally or contractually </span><span style="font-family:Arial;font-size:9.00pt;">subordinated, less liquid, or of lower market value than prior to the transaction.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a regular basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the distribution effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">investing directly in securities. The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease. 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. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. Additionally, 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 the value of your investment. The trading in FLEX Options may be less deep and liquid than the market for certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchange-traded options, non-customized options or other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FLEX OPTIONS VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The FLEX Options held by the Fund will be exercisable at the strike price only on their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The FLEX Options are also subject to correlation risk, meaning the value of the FLEX Options does not increase or decrease at the same rate as the Underlying ETF (although they generally move in the same direction) or its underlying securities. The value of the FLEX Options prior to the expiration date may vary because of factors other than the value of the Underlying ETF, such as interest rate changes, changing supply and demand, decreased liquidity </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the FLEX Options, a change in the actual and perceived volatility of the stock market and the Underlying ETF and the remaining time to expiration. FLEX Option prices may also be highly volatile and may fluctuate substantially during a short period of time. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund's investment adviser (employing the fair value procedures approved by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. Under those circumstances, the value of the FLEX Options will require more reliance on the investment adviser’s judgment than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the FLEX Options which could impact the value paid for shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities at a loss </span><span style="font-family:Arial;font-size:9.00pt;">in order to settle an option position, which could result in the distribution of premium from that option position being </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">classified as a return of capital</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Other times, the Fund may need to sell securities at a gain in order to settle an option position, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which could result in the Fund being required to make additional distributions</span><span style="font-family:Arial;font-size:9.00pt;">. Either result could cause an investor’s returns to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">SPECIAL TAX RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund intends to qualify as a “regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). If,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">in any year, the Fund</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">fails </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to qualify as a RIC</span><span style="font-family:Arial;font-size:9.00pt;"> under the applicable tax laws, the Fund would be taxed</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">as an ordinary corporation. The Fund intends to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">treat any income it may derive from the FLEX Options as </span><span style="font-family:Arial;font-size:9.00pt;">"qualifying income"</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">under the provisions of the Code applicable to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">RICs</span><span style="font-family:Arial;font-size:9.00pt;">. In addition,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">based upon language in the legislative history,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the Fund intends to treat the issuer of the referenced asset </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">as the issuer of the FLEX Options,</span><span style="font-family:Arial;font-size:9.00pt;"> which may allow the Fund to qualify for special rules in the RIC diversification requirements. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">If the income is not qualifying income or the issuer of the referenced asset is not appropriately the issuer of the FLEX Options</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund may lose its own status as a RIC if tax</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">positions reflected by such options are large enough.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNDERLYING ETF RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risks of owning shares of an ETF as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to absence of an active market risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. GOVERNMENT SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> U.S. government securities are subject to interest rate risk but generally do not involve </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issues or errors by pricing services or other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">FT Vest Growth Strength &amp; Target Income ETF (FGSI)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objectives</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The FT Vest Growth Strength &amp; Target Income ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Fund"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks to provide investors with current income with a secondary objective of providing capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0000 0.0000 0.0085 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </span><span style="font-family:Arial;font-size:9.00pt;">During the fiscal period June</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">25,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">2025</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(inception)</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">through October</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">31, 2025, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">60%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Under normal market conditions, the Fund will pursue its investment objectives by investing primarily in U.S. exchange-traded equity securities intended to track The Growth Strength</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and by utilizing an “option strategy” consisting </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of writing (selling) U.S. exchange-traded call options on the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, or exchange-traded funds that track the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Underlying ETFs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Fund will not directly invest in the Underlying ETFs. The Index is developed, maintained </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"Index Provider"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). Under normal market conditions, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its net assets (plus any borrowings for investment purposes) in securities and/or investments that provide exposure to securities of Growth Strength Companies (as defined below by the Index Provider) and investments intended to provide income to the Fund in the form of option premiums. “Growth Strength Companies” are those companies with strong balance sheets, a high degree of liquidity, the ability to generate earnings and cash flow growth and a record of financial strength and profit growth. For purposes of the Fund’s 80% investment policy described above, companies included in the Index will be considered Growth </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Strength Companies. Additionally, the notional value of the derivatives will be used for purposes of compliance with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">80% investment policy. Vest Financial LLC is the Fund’s investment sub-advisor (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Vest”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> or the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Sub-Advisor”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In furtherance of its objectives, the Fund seeks to make distributions from stock dividends and option premiums at an annual rate that is approximately 8.0% (before fees and expenses) over the current annual dividend yield of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund also seeks a secondary objective of generating capital appreciation. The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield for 2025 was 1.15%. However, that is not indicative of what the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index annual dividend yield may be in the future. It </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is expected that the Fund will distribute dividends and income from premiums to shareholders on a monthly basis. </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">While the </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Fund seeks to make distributions that are above the current annual dividend yield of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index, there is no </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">guarantee that the Fund's distribution target will be achieved. The Fund does not seek to achieve any specific level of total return performance compared with the total return performance of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index or the Index. Capital </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">appreciation on the securities held by the Fund may be less than the capital appreciation of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">Underlying ETF) and the Index, and the total return performance of the Fund may be less than the total return performance of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or an Underlying ETF) and the Index. In the event the value of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">(or an Underlying ETF, as applicable) exceeds the strike price of the call options, the capital appreciation on such securities </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">is expected to be less than the capital appreciation of the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;"> Index (or the Underlying ETF, as applicable). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The equity securities held by the Fund will be selected by the portfolio managers with the goal of tracking the Index. The Index is designed to provide exposure to well-capitalized companies with strong market positions. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">The Index seeks to include 50 </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">U.S. exchange-traded equity securities. The constituents and individual security weighting of the equity portfolio will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">be actively managed by the portfolio managers with the goal of tracking the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek additional cash flow in the form of premiums on the options. A premium is the income received by an investor who sells an option contract to another party. The call options sold by the Fund on the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index are anticipated to be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">cash settled European style options that can only be exercised at the expiration date. These call options will give the purchaser the right to receive from the seller (the Fund) a cash payment at the option expiration date equal to any positive difference between the value of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index at the contract expiration and the strike price. In the event the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">appreciates above the strike price as of the expiration date of the written option and the buyer exercises the option, the Fund as the writer (seller) of the call option will have to pay the difference between the value of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index and the strike </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price (which loss is partially offset by the premium initially received). In such a scenario the Fund will need to sell some of the equity securities it holds to make this payment. In the event the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index declines in value, the call option may end </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">up worthless and the Fund as the writer (seller) of the call option retains the premium. The call options sold by the Fund on an Underlying ETF are anticipated to be physically settled American style options which are exercisable any time prior to the expiration date. In the event the purchaser exercises these call options, the Fund is obligated to deliver shares of the Underlying ETF at the strike price. In such a scenario the Fund will need to sell some of the equity securities it holds to fund the purchase of the shares of the Underlying ETF it would deliver. In the event the Underlying ETF declines in value, the call option may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">end up worthless and the Fund as the writer (seller) of the call option retains the premium. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Each week, the Fund compares the dividend income of the equity securities held by the Fund against the Fund’s target distribution and looks to bridge that difference with the premiums that come from selling call options. By combining premiums collected from the sale of calls with the dividend income of the equity securities, the Fund seeks to increase total income for investors while still participating in some of the growth potential from the price appreciation of the stocks held by the Fund. The call options written by the Fund will have expirations of less than 30 days, and will be typically written at-the-money. An at-the-money call option has a strike price that is approximately equal to the price of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index or Underlying ETF </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">at the time the call option is sold. The Fund's strategy may involve frequently buying and selling portfolio securities. There may be times when the Fund needs to sell securities when it would not otherwise do so in order to modify its portfolio to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">achieve its investment objectives or generate proceeds to settle an option position. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will seek to reduce or eliminate the portion of its distributions that are characterized as return of capital for tax purposes. Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. In order to reduce or eliminate the portion of the distribution characterized as return of capital, the Fund may engage in transactions designed to generate earnings and profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shareholders. Additionally, such transactions may cause the Fund to incur additional brokerage costs. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in information technology companies, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> Over time, the Fund may have significant investments in a jurisdiction, investment sector </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or industry or group of industries that it may not have had as of </span><span style="font-family:Arial;font-size:9.00pt;">January</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">30, 2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction, investment sector or industry or group of industries, the Fund may be exposed to the risks associated with that jurisdiction, investment sector or industry or group of industries. The Fund will be concentrated (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.,</span><span style="font-family:Arial;font-size:9.00pt;"> invest more than 25% of Fund assets) in an industry or a group of industries to the extent that the Index is so concentrated. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“1940 Act”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">As of January 30, 2026, the Fund expects to have significant investments in information technology companies, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ABSENCE OF AN ACTIVE MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">active market for Fund shares due to a limited number of market makers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund’s shares. Additionally, only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CALL OPTIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The use of call options involves risks different from those associated with ordinary portfolio securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions</span><span style="font-family:Arial;font-size:9.00pt;">. As the seller (writer) of a call option, the Fund will lose money if the value of the reference index or security rises </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">above the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option. When writing a call option, the Fund will have no control over the exercise of the option by the option holder. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security or index, price volatility, currency exchange rates, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their reference index or security and there may at times not be a liquid secondary market for certain options. Additionally, the options on the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index may perform differently than options on an ETF that tracks the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Index due to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">differences in the performance of the Underlying ETF itself due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses and other factors. Options may also involve the use of leverage, which could result </span><span style="font-family:Arial;font-size:9.00pt;">in greater price volatility than other securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">COUNTERPARTY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, financial difficulties, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, 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 have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity </span><span style="font-family:Arial;font-size:9.00pt;">of the Fund’s portfolio investments and could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DERIVATIVES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing directly in securities and other traditional investments. These risks include or may include: (i)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the underlying assets may go up or down; (ii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that the counterparty to a derivative transaction may not fulfill </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">its contractual obligations; (iii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk of mispricing or improper valuation of a derivative; (iv) the risk that changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">value of the derivative may not correlate perfectly with the underlying asset; (v)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that a derivative instrument cannot </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">be sold, closed out or replaced quickly at or very close to its fundamental value; (vi)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk of loss caused by the unenforceability </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of a party’s obligations under the derivative; and (vii)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> the risk that a disruption in the financial markets will cause difficulties </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">for all market participants. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">amplify the effects of market volatility on share price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DISTRIBUTION TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund currently expects to make distributions on a monthly basis. While the Fund will normally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. This occurs because while the distribution consisted of the premium received from the sale of the call option, the Fund later sold securities to generate proceeds to settle that call option. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">effectively represents a return of the purchase price.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DIVIDENDS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">that invest without consideration of an issuer’s track record of paying dividends. Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets </span><span style="font-family:Arial;font-size:9.00pt;">in a single asset class or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index, for a variety of reasons including changes in the prices of individual securities held by it, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund’s returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may be more greatly influenced by the returns of the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is, in part, to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. If the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFORMATION TECHNOLOGY COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Information technology companies produce and provide hardware, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">and may be adversely affected by the loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LEVERAGE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">an asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Certain Fund investments may trade in limited volume, or lack an active trading market. Accordingly, the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">investments and may be subject to wide fluctuations in market value.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MANAGEMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the Fund's annual distribution rate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may fall.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-DIVERSIFICATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">issuers.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, </span><span style="font-family:Arial;font-size:9.00pt;">counterparties or other third-parties, failed </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The use of options involves investment strategies and risks different from those associated with ordinary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. There may be times the Fund needs to sell securities at a loss in order to settle an option position, which could result in the distribution of premium from that option position being classified as a return of capital. Other times, the Fund may need to sell securities at a gain in order to settle an option position, which could result in the Fund being required to make additional distributions. Either result could cause an investor’s returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to vary from expectations.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s portfolio is composed of both equity securities and written call options. Because </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the equity securities held by the Fund are securities contained in the Index and the options are written on the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or ETFs that track the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index, the Fund's investments are not correlated, meaning their performance is independent </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of one another. Market events may impact one position held by the Fund more than the other position and the returns from </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the Fund's investments in equity securities and written call options may not move in the same direction as one another.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SIGNIFICANT EXPOSURE RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> To the extent that the Fund invests a significant percentage of its assets in a single asset class </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fund that is more broadly diversified.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX CHARACTERIZATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> From time to time, the Fund may engage in transactions designed to generate earnings and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">profits by undertaking taxable sales of assets. The desired result of such transactions would be to change the tax character of certain distributions from the Fund from return of capital to taxable dividends, thus accelerating the tax liability for current shareholders. For investors wishing to minimize current tax liabilities, having distributions be characterized as return of capital may be considered desirable as this characterization defers tax liability on such distributions. Accordingly, an investment in the Fund may not be appropriate for those investors who are seeking to minimize current tax liabilities or are seeking investments in funds that utilize tax deferral investment strategies. Transactions undertaken solely for income recharacterization purposes may be ignored, and taxpayers undertaking such transactions may be subject to substantial penalties. The Fund will take the position that it has a substantial business purpose for such transactions and is not subject to such penalties, but the IRS may disagree. If such penalties are imposed on the Fund, it may reduce shareholders’ returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">on investment.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISKS ASSOCIATED WITH INVESTMENT IN OPTIONS.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund may invest a portion of its assets in options on indexes. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The treatment of such derivatives may, in part, be based upon informal guidance issued by the Internal Revenue Service a number of years ago. Although the Fund believes that the Fund is treating such derivatives consistently with current tax law, if the Internal Revenue Service were to disagree, the Fund could lose its status as a </span><span style="font-family:Arial;font-size:9.00pt;">“regulated investment company”</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">(</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RIC”</span><span style="font-family:Arial;font-size:9.00pt;">). </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may also invest a portion of its assets in certain options on an Underlying ETF that may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">gains or losses. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the Shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objectives and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify Shareholders of the implications of that failure. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund has sold call Options that reference property that may vary in value similarly to the property held by the Fund. If the property held and the Options sold are determined to be straddles (offsetting positions), the amount of long-term capital gain available for distribution as a capital gain dividend may be reduced. Because of the loss of long-term capital gains from portfolio investments, in some factual circumstances investors could have a lower after-tax return from investing in the trust </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">than investing directly in the referenced asset. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund may be required to mark some of its positions to market on an annual basis. The sold call options are exchange traded options. Under the Code, certain types of options are required to be treated as if they were sold at the end of each year. Such treatment could cause the Fund to have taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. Depending upon the circumstances, some assets may need to be sold to fund the required distributions. This process of recognizing deemed income and selling assets to fund </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">distributions may accelerate the time at which Shareholders receive cash but may reduce the overall return on funds employed.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Performance</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund does not have performance information available for a full calendar year.</span> The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.95%. See the Fund’s Statement of Additional Information for more information on the breakpoints. The Blended Benchmark consists of the following two indices: 50% of the PHLX Utility Sector Index, which is a market capitalization-weighted index composed of geographically diverse public U.S. utility stocks; and 50% of the Alerian MLP Total Return Index which is a float-adjusted, capitalization-weighted composite of the 27 most prominent energy MLPs. Other Expenses include margin interest expense and interest on investments sold short. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Pursuant to a contractual agreement between the Trust, on behalf of the Fund, and First Trust Advisors L.P. ("First Trust"), the Fund’s investment advisor, First Trust agrees to offset acquired fund fees and expenses attributable to the Fund from its investment in other investment companies managed by First Trust, by reducing the management fees otherwise payable to First Trust by the Fund pursuant to the Management Agreement by the proportional amount of the Fund’s acquired fund fees and expenses. This contractual agreement shall continue until the earlier of (i) its termination at the direction of the Trust’s Board of Trustees or (ii) upon the termination of the Fund’s management agreement with First Trust, however, it is expected to remain in place for no less than one year from the date of this prospectus. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”).The Fund's contractual management fee absent any breakpoints is 0.75%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) exceed 0.87% of its average daily net assets per year (the “Expense Cap”) at least through March 1, 2027. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after March 1, 2027 upon 60 days’ written notice. The Blended Index is comprised of the Bloomberg US Aggregate Bond Index (70%) and the ICE BofA U.S. High Yield Constrained Index (30%). Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.65%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. Pursuant to a contractual agreement between the Trust, on behalf of the Fund, and First Trust Advisors, L.P., the Fund’s investment advisor, the management fees paid to the Fund’s investment advisor will be reduced by the proportional amount of the Fund’s acquired Fund fees and expenses that are attributed to the Fund’s investment in shares of other investment companies advised by the Fund’s investment advisor. This contractual agreement shall continue until the earliest of (i) June 30, 2027, (ii) its termination at the direction of the Board of Trustees or (iii) upon the termination of the investment management agreement by and between the Fund, the Trust and the Fund’s investment advisor. The management fee paid to First Trust Advisors L.P., the Fund’s investment advisor, may be reduced at certain levels of Fund net assets (“breakpoints”). The Fund's contractual management fee absent any breakpoints is 0.75%. See the Fund’s Statement of Additional Information for more information on the breakpoints. Expenses have been restated to reflect the current fiscal year. “Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.