[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_97":98},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","f05dnrcsmz56sivn5ik1x61bt","revision",2,"title","First Trust 推出 FT 13256：SPY期权缓冲型投资信托","originalTitle","FT 13256 (0002144046) (Filer)","summary","First Trust Portfolios L.P.于2026年10月21日推出FT 13256单位投资信托，投资于SPDR S&P 500 ETF（SPY）的FLEX期权，初始存入日为2026年10月21日，强制终止日为2028年1月14日。","reason","该产品为结构性收益型单位投资信托，通过SPY期权提供有限下行保护与上行封顶，但费用较高且存在本金损失风险，适合风险承受能力较强的投资者。","source",{"_12":88,"_89":90,"_9":91,"_92":42,"_93":94,"_95":96},"links",{"_85":86,"_78":87},"publishedAt","2026-10-21T17:14:19.000Z","discoveredAt","2026-10-21T17:45:54.607Z","timelineAt","category","paper","tags",[83,84],"stockSymbols",[],"score",63,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fdRf_1S9Vfeo",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1e56567d-1576-4528-a1f1-a9202a716e5d","First Trust SPY期权缓冲型信托发行",{"_73":74,"_16":75},"

注册编号 333-298253

1940 年法案第 811-05903 号

证券交易委员会

华盛顿特区 20549

表格 S-6 的第 1 次修正

根据 1933 年证券法对在 N-8B-2 表格上注册的单位投资信托证券进行注册

A.信托的准确名称：

FT 13256

B.存款人名称：

FIRST TRUST PORTFOLIOS L.P.

C.存款人主要执行办公室的完整地址：

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.服务代理人的名称和完整地址：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	副本发送至：

JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	320 South Canal Street
Suite 400	27 楼
Wheaton, Illinois 60187	Chicago, Illinois 60606

E.拟注册的证券名称和金额：

根据 1940 年投资公司法（经修订）下的规则 24f-2，无限数量的单位。

F.拟向公众出售的近似日期：

在注册声明生效后尽快进行。

|X|

如果拟议本文件将于 2026 年 10 月 21 日下午 2:00 根据规则 487 生效，请勾选此框。

________________________________

Vest Large Cap Deep Buffered 30 投资组合，第 66 系列

FT 13256

FT\n13256 是一个单位投资信托的系列，即 FT 系列。FT 13256 包含一个名为 Vest Large Cap Deep Buffered\n30 投资组合，第 66 系列（“信托”）的单一投资组合。该信托投资于 FLexible EXchange^® 期权（“FLEX\n期权”或“证券”）和现金。该信托旨在参与 State Street^®\nSPDR^® S&P 500^® ETF 信托（“SPY”或“基础 ETF”）的正价格回报，最高上限为 13.45%\n（在适用的销售费用和组织成本之前），10.94%（在通过传统经纪账户购买单位的销售费用和组织成本之后）和 12.46%（在通过“包装费”\n账户购买单位的销售费用和组织成本之后），同时寻求在信托成立（2026 年 10 月 21 日）至信托终止\n日期（2028 年 1 月 14 日）（“结果期间”）内，对基础 ETF 损失的前 30% 提供缓冲（在适用的销售费用和组织成本之前）（“结果”）。缓冲应用后的回报将减少 -2.21%（通过传统经纪账户购买的单位）和 -0.87%（通过“包装费”账户购买的单位）。\n该信托旨在实现规定的“结果”，但无法保证“结果期间”的“结果”能够实现。投资于该信托可能会损失部分或全部资金。

本招股说明书中描述的“结果”是专门设计的，仅适用于您在“结果期间”第一天持有单位并继续在该期间最后一天持有单位的情况。 如果您在“结果期间”结束前卖出或赎回您的单位，您可能根据信托的当前价值获得非常不同的回报。

THE\nSECURITIES AND EXCHANGE COMMISSION (“SEC”) HAS NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY\nOF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

$\"\"$

800–621–1675

这份说明书的日期是2026年10月21日

\n \n \n

重要信息摘要			3
费用表			4
独立注册公共会计师事务所的报告			5
净资产声明			6
投资表			7
FT系列			9
投资组合			10
假设性示例			15
风险因素			19
适合投资的人群			26
公开发行			26
单位分配			28
发起人的利润			29
二级市场			29
我们如何购买单位			29
费用和收费			29
税务状态			30
退休计划			33
单位持有人的权利			33
分配			33
赎回您的单位			34
从信托中移除证券			35
修改或终止契约			35
关于Vest Financial LLC、发起人和受托人的信息			36
其他信息			37

\n \n \n

重要信息摘要（未经审计）

重要信息摘要

Vest大型深度缓冲30投资组合，系列66
FT 13256

在初始存款初始日期的营业开始时—2026年10月21日

\t发起人：\tFirst Trust Portfolios L.P.
\n\t受托人：\tThe Bank of New York Mellon

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

初始单位数量（1）\t\t		15,423
每单位的信托未分割权益（1）\t\t		1/15,423
公开发行价格：
公开发行价格每单位（2）\t	$	10.226
每单位初始销售费用（3）\t		(.138	)
每单位证券发行价格评估（4）\t		\t 10.088
每单位赎回价格（5）\t		\t 10.088
每单位创建和开发费用（3）（5）\t\t		(.050	)
每单位组织费用（5）\t\t		(.038	)
每单位净资产价值（5）\t\t	$	10.000
首次结算日期\t\t\t		\t2026年10月22日
强制终止日期（6）\t\t		\t2028年1月14日

\n \n \n \n \n \n \n \n \n \n

现金CUSIP编号\t	\t30346G 666
费用账户CUSIP编号\t	\t30346G 674
交易代码\t\t	\tFHVSRX

(1)

在初始评估时间（如下文脚注4中定义）的初始存款日期，我们可能会调整信托的单位数量，使每单位的净资产价值大约等于10.00美元。如果我们进行此类调整，每单位的未分割权益将与上述金额不同。

(2)

上述公开发行价格反映了初始存款日期前一天的证券价值。您为单位支付的价格将基于您购买单位的评估时间的估值。

(3)

您将支付每单位公开发行价格1.85%的最大销售费用（相当于投资净额的1.88%），其中包括初始销售费用和创建及开发费用。投资者不会因代表用于支付信托组织费用和创建及开发费用的现金存款部分的单位而被收取销售费用。

(4)

每个FLEX期权通常根据最近的销售价格进行估值，如“公开发行—证券的价值”中讨论的那样。在初始存款日期，用于确定单位购买、销售或赎回价格的评估时间为东部时间下午2:30（“初始评估时间”。在初始存款日期之后，评估将在纽约证券交易所（“NYSE”）交易结束时进行（通常为东部时间下午4:00），在该交易所开放的每一天（“评估时间”）。

(5)

单位净资产值反映了创建和开发费用以及预计组织成本的扣除，这些费用将在初始发行期结束时从信托资产中扣除。单位赎回价格不反映此类创建和开发费用和预计组织成本的扣除。请参见“赎回您的单位”。

(6)

请参见“修改或终止契约”。

\n \n \n

费用表 (未经审计)

费用表

此费用表描述了您在购买和持有信托单位时可能直接或间接支付的费用。请参见“公开发行”和“费用和收费”。尽管信托的期限约为15个月，并且是单位投资信托而非共同基金，但此信息使您可以进行费用比较。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		金额每单位
单位持有人销售费用（占公开报价的百分比）
最大销售费用
初始销售费用\t	1.36	%(a)	$	.138
创建和开发费用\t	0.49	%(b)	$	.050
最大销售费用（包括创建和开发费用）\t	1.85	%	$	.188
组织费用（占公开报价的百分比）
预计组织费用\t	.372	%(c)	$	.0380
预计年度信托运营费用^(d)
(占平均净资产的百分比)
组合监督、会计、行政和评估费用\t	.077	%	$	.0080
受托人费用和其他运营费用\t\t	.155	%(e)	$	.0160
总计\t	.232	%	$	.0240

示例

此示例旨在帮助您比较在信托中投资与在其他投资产品中投资的成本。该示例假设您在所示期间内向信托投资10,000美元。该示例还假设您的投资每年有5%的回报，并且信托的运营费用保持不变。该示例不考虑某些经纪商/交易商可能对处理赎回请求收取的交易费用。尽管您的实际费用可能有所不同，但根据这些假设，如果您在每个期间结束时卖出或赎回您的单位，您的费用将是：

\n \n \n \n \n \n \n

1年	15个月
$250	$256

如果您在每个期间结束时持有而非卖出您的单位，该示例不会有所不同。

(a)

“交易性销售费用”完全由初始销售费用组成，在购买时扣除。初始销售费用实际上等于最大销售费用1.85%与任何剩余创建和开发费用金额之间的差额。投资者不会因其单位中代表用于支付信托组织费用和创建及开发费用的现金部分而被收取销售费用。

(b)

创建和开发费用是对发起人创建和开发信托的补偿。创建和开发费用是在初始发行期结束时收取的每单位0.050美元的费用，预计将在初始存款日一天后结束。如果您支付的单位价格超过每单位10.226美元，创建和开发费用将低于0.49%；如果您支付的单位价格低于每单位10.226美元，创建和开发费用将超过0.49%。如果您在初始发行期之后购买单位，您将不会被收取创建和开发费用。

(c)

预计的组织费用，包括一次性许可费，将在初始发行期结束时从信托的资产中扣除。预计的组织费用是按每单位固定金额计算的，作为平均净资产的百分比，将随时间变化。

(d)

此处列出的每项费用都是按每单位固定金额计算的，作为平均净资产的百分比，将随时间变化。

(e)

其他运营费用不包括经纪费用和其他组合交易费用。在某些情况下，信托可能会产生上述未列明的额外费用。参见“费用和收费”。

\n \n \n

独立
\n 注册公共会计公司的报告

独立注册公共会计\n 公司的报告

致单位持有人\n和发起人，First Trust Portfolios L.P., FT 13256

关于净资产的声明\n的意见

我们审计了附带的净资产声明，包括FT 13256的投资组合清单，包括Vest\nLarge Cap Deep Buffered 30 Portfolio, Series 66 （“信托”），FT Series的一个系列，截至2026年10月21日（存款初始日期）开始营业时，以及相关附注。我们认为，净资产声明在所有重大方面公允地反映了截至2026年10月21日（存款初始日期）信托的财务状况，符合美国通用会计原则。

意见基础

本净资产声明的责任在于信托的发起人。我们的责任是根据我们的审计，对本净资产声明发表意见。我们是一家在美国公共公司会计监督委员会（PCAOB）注册的公共会计公司，并根据美国联邦证券法以及证券交易委员会和PCAOB的相关规则和法规，要求我们与信托保持独立。

我们按照PCAOB的标准进行了审计。这些标准要求我们计划和执行审计，以获得关于净资产声明是否不存在重大错报的合理保证，无论错报是由于错误还是舞弊所致。信托不要求进行，我们也未被委托对其财务报告内部控制进行审计。作为我们审计的一部分，我们需了解财务报告内部控制，但并非为了对信托的财务报告内部控制的有效性发表意见。因此，我们不发表此类意见。

我们的审计包括执行程序以评估净资产表的重大错报风险，无论该风险是由于错误还是舞弊造成的，并执行应对这些风险的程序。此类程序包括根据测试基础检查与净资产表中金额和披露有关的证据。我们的审计还包括评估所使用的会计原则和受托人做出的重大估计，以及评估净资产表的整体呈现。我们的程序包括与经纪商确认以及确认由摩根大通银行（The Bank of New York Mellon）作为受托人持有的不可撤销信用证，该信用证已存入信托，用于购买证券，如净资产表中所示，截至2026年10月21日业务开始时，通过与受托人的通信进行确认。我们认为，我们的审计为我们的意见提供了合理的依据。

/s/ 德勤会计师事务所

芝加哥，伊利诺伊州
\n2026年10月21日

自2001年以来，我们一直担任由First Trust Portfolios L.P.发起的一个或多个投资公司的审计师。

\n \n \n

净资产表

Vest 大盘深度缓冲 30 投资组合，第 66 系列
\nFT 13256

在初始存款日—2026年10月21日业务开始时

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

净资产
以购买 FLEX 期权的合同表示的证券投资（1）（2）（3）\t	$	161,030
现金（2）\t		1,820
减去已发行 FLEX 期权的负债（1）（3）\t\t\t		(7,262	)
减去向发起人报销组织费用的负债（4）\t		(586	)
减去创建和开发费用的负债（5）\t		(771	)
净资产\t	$	154,231
已发行单位数\t		15,423
每单位净资产价值（6）\t		$\t10.00
净资产分析
投资者成本（7）\t	$	157,724
减去最大销售费用（7）\t		(2,907	)
减去向发起人预计报销的组织费用（7）\t		(586	)
净资产\t	$	154,231

净资产表注释

该信托根据《1940年投资公司法》注册为单位投资信托。发起人负责按照美国普遍接受的会计原则编制财务报表，这些原则要求发起人做出影响此处报告金额的估计和假设。实际结果可能与这些估计不同。该信托计划在其初始财政年度及以后遵守适用于监管投资公司的国内税收法规定，因此，将不会对分配给单位持有人的应税收入（包括已实现的资本利得）缴纳联邦所得税。

(1)

该信托投资于购买和发行的 FLEX 期权组合。在“投资明细表”下列出的购买 FLEX 期权的总成本以及发行 FLEX 期权的负债均基于其总底层价值。证券以等于其市场价值的价格存入，该市场价值由发起人确定。该信托的强制终止日期为2028年1月14日。

(2)

由摩根大通银行发行的不可撤销信用证，其中约30万美元已分配给该信托，已作为抵押品存入受托人，覆盖根据其购买合同购买证券所需的金额161,030美元和现金1,820美元。现金包含在信托中，以支付信托的组织费用、创建和开发费用以及信托的年度运营费用。

(3)

信托将签订期权合约，该合约赋予期权购买者在期权到期日以预定行权价格购买证券的权利，但没有义务。信托也将签订期权合约，该合约赋予期权购买者在期权到期日以预定价格将证券出售给信托的权利，但没有义务。期权购买者为行使期权的权利向期权卖方支付溢价。如果期权购买者选择行使期权，期权卖方有义务按照约定价格出售或购买合约所涉及的证券。作为期权合约的卖方，信托不承担信用风险，但承担市场风险，因为如果期权被行使，信托有义务根据期权合约条款进行支付。

(4)

公开发行价格的一部分包括足以补偿发起人所有或部分设立信托成本的金额。这些成本估计为每单位0.0380美元。在初始发行期结束时，将从受托人维护的账户中支付一笔款项，以满足投资者对发起人的义务。如果信托的实际组织成本超过估计金额，只有添加到公开发行价格中的估计组织成本才会被补偿给发起人，并从信托资产中扣除。

(5)

创建和开发费用（每单位0.050美元）将在初始发行期结束时，由信托代表单位持有人从信托资产中支付。如果单位在初始发行期结束前被赎回，则不会从收益中扣除该费用。

(6)

每单位的净资产价值（四舍五入到最近的分）是通过将信托的净资产除以流通单位数量计算得出的。该数值包括组织成本和创建和开发费用，这些费用仅对初始发行期结束时流通的单位进行评估。

(7)

投资者在信托中的总成本（不包括用于支付信托组织成本和创建和开发费用的现金金额）包括按每单位公开发行价格的1.85%计算的最大销售费用（相当于投资净额的1.88%），假设没有根据“公开发行”中规定的销售费用减免。

\n \n \n

投资组合一览表

Vest Large\nCap Deep Buffered 30 Portfolio, Series 66
\nFT 13256

在初始存款日——2026年10月21日的营业开始时

			百分比			市场
	行权价		合计	数量		每份价值
	每		发行	FLEX		FLEX
描述	份额		价格	合约		期权（3）	价值（3）
FLexible EXchange^® Options（“FLEX期权”）”：
购买的期权（1）（2）：
对 State Street^® SPDR^® S&P 500^® ETF Trust的看涨期权， 2028年1月14日到期\t	$	0.01			98.91	%		2	$	76,274.00	$	152,548
对 State Street^® SPDR^® S&P 500^® ETF Trust的看跌期权， 2028年1月14日到期\t		771.15			5.50	%		2		4,241.00		8,482
购买的期权总成本（$161,030）：\t					104.41	%					$	161,030
卖出的期权（1）（2）：\t
对 State Street^® SPDR^® S&P 500^® ETF Trust的看涨期权， 2028年1月14日到期\t		874.87			(3.62	)%		2		2,790.00		(5,580	)
行权价为 State Street^® SPDR^® S&P 500^® ETF Trust 的认沽期权，\n到期日为 2028 年 1 月 14 日\t		539.81			(1.09	)%		2		841.00		(1,682	)
已卖出期权总金额（收入，$7,262）：\t					(4.71	)%					$	(7,262	)
其他净资产和负债\t					0.30	%					$	463
净资产\t					100.00	%					$	154,231

(1)

所有证券均以购买此类证券的常规方式合同表示，这些合同由存放在受托人处的不可撤销信用证作为担保。发起人于 2026 年 10 月 21 日与证券签订了购买合同。此类购买合同预计将在一个营业日内结算。

(2)

每个 FLEX 期权合约赋予持有人（即购买者）在 2028 年 1 月 14 日的 FLEX 期权到期日以 FLEX 期权的行权价乘以 100 的价格购买（看涨期权）或出售（看跌期权）100 股 State Street^® SPDR^®\nS&P 500^® ETF Trust 的权利。初始存款日的 FLEX 期权名义价值如下：

买入\n期权：

\t看涨\n期权 on SPY\t$154,230
\n\t看跌\n期权 on SPY\t$154,230

卖出\n期权：

\t看跌\n期权 on SPY\t$154,230
\n\t看涨\n期权 on SPY\t$154,230

(3)

信托中证券的成本或收益代表了所购证券的总基础价值，通常根据可获得且适当的最后报价销售价格确定。在初始存款日，证券的价值将基于代表信托的证券执行的具体交易价格。如果特定交易日没有发生交易，或发起人认为市场报价不可用或不适当（例如，由于交易不频繁或交易量稀薄），发起人将根据其善意决定证券的公允价值，自行决定。为了确定证券的公允价值，如果可行，发起人将从独立第三方提供的模型价格开始，该模型使用标准期权估值变量和计算的专有算法。如果通过典型第三方来源无法获得这些价值，发起人将自行生成基于模型的证券估值，并使用更活跃交易的可比上市期权的当前市场报价。证券的估值已由发起人确定。根据财务会计准则委员会会计准则汇编820（“ASC 820”），“公允价值计量”，公允价值定义为信托在及时交易中出售投资或向独立买方转让期权负债时将收到的价格或支付的价格，该交易发生在投资的主要或最有利市场。ASC 820建立了一个三层体系，以最大化使用可观察的市场数据并最小化使用不可观察的输入，并为披露目的建立公允价值计量的分类。输入广泛指市场参与者在定价资产或负债时使用的假设，包括用于衡量公允价值的技术或定价模型以及估值技术中的风险。输入可以是可观察的或不可观察的。可观察输入是指反映市场参与者在定价资产或负债时使用的假设的输入，这些假设基于来自报告实体以外的来源的市场数据。不可观察输入是指可能反映报告实体自身关于市场参与者在定价资产或负债时使用的假设的假设的输入，这些假设基于在特定情况下可用的最佳信息。输入的三层体系在三个广泛级别中总结：第1级表示活跃市场中相同投资的报价；第2级表示基于其他重要可观察输入的公允价值（包括活跃市场中类似投资的报价、非活跃市场中相同或类似投资的报价、对于投资而言可观察的其他输入（例如，常见报价间隔的利率和收益率曲线、波动率、提前还款速度、损失严重性、信用风险和违约率）或通过相关性或其他方式由可观察市场数据推导或佐证的输入）；第3级表示基于重大不可观察输入的公允价值（包括信托在确定投资公允价值时的自身假设）。信托购买期权的161,030美元和卖出期权的-7,262美元被归类为第2级，其在存款日的估值是基于期权执行的具体交易价格。证券对发起人的成本以及发起人的损失（即证券对发起人的成本与证券对信托的成本之间的差额）分别为153,808美元和40美元。

\n \n \n

FT 系列

FT 系列的定义。

我们，First Trust Portfolios L.P.（“发起人”），创建了数百个类似但独立的单位投资信托系列，我们将其命名为 FT 系列。本说明书涉及的系列 FT 13256 包含一个名为 Vest Large Cap Deep Buffered 30 Portfolio，系列 66 的单一投资组合。

该信托根据纽约州法律，通过一份信托协议（“契约”）于存款初始日期设立。该协议由发起人 First Trust Portfolios L.P.、纽约银行摩根大通作为受托人以及 First Trust Advisors L.P. 作为投资组合主管签署，规定了信托的运作。

您可以通过拨打发起人电话 800–621–1675，部门代码 2，获取有关该产品性质、结构和风险的更多具体信息。

我们如何创建信托。

在存款初始日期，我们将一组 FLEX 期权和现金存入受托人处，随后受托人向我们交付了代表我们以单位（“单位”）形式拥有信托的所有权文件。

在存款初始日期之后，我们可能会向信托存入额外的证券或现金（包括信用证或等值物），并附有购买更多证券的指示，以创建可供出售的新单位。如果我们创建额外的单位，我们将尽最大努力保持初始存款日期证券之间的百分比关系（如“投资组合清单”中所述），并根据任何证券的销售、赎回或清算，或任何股票分割或影响证券发行人的合并或其他类似事件进行调整。

由于证券的价格每天都会波动，信托中证券的市值比例也会每天变化。由于向信托中存入额外的证券或现金，每个单位所代表的证券比例不会发生变化。如果我们存入现金，您和新投资者可能会经历投资稀释。这是因为证券价格在现金存入和购买证券之间会波动，而且信托会支付相关的经纪费用。为了减少这种稀释，信托会尽量在评估时间和评估价格附近购买证券。当信托为满足赎回请求而出售证券时，您也可能经历投资稀释，因为证券通常在收到赎回请求后才被出售。由于信托会支付与满足赎回和转换请求相关的证券出售的经纪费用，频繁的赎回和转换活动可能会导致更高的经纪费用。如果您的投资出现稀释，很可能您不会获得本说明书所述的假设收益。

受托人的一个关联方可能会收到这些经纪佣金，或者受托人可能会保留并支付我们（或我们的关联方）作为受托人的代理人来购买证券。如果我们或我们的一个关联方作为受托人的代理人，我们将受1940年投资公司法（经修订）（“1940法案”）下限制的约束。在担任代理人的过程中，我们可能会选择各种经纪交易商代表受托人执行证券交易，这可能包括销售受托人单位的经纪交易商。我们不会将受托人单位或其他由First Trust发起的产品的销售作为选择此类经纪交易商的因素。

我们无法保证受托人会保持其当前的规模和组成一段时间。在某些情况下，证券可能会定期出售以满足受托人的义务，满足赎回请求，并如“从受托人中移除证券”中所述，以保持受托人的良好投资性质，受托人收到的收益将用于满足受托人的义务或分配给单位持有人。然而，证券不会为了利用市场波动或预期增值或贬值率的变化而出售，或者如果它们不再符合最初选择它们的标准。您将无法处置或投票任何受托人中的证券。作为证券的持有人，受托人将投票证券，并且除“从受托人中移除证券”中所述外，将努力使证券尽可能以相同的方式和大致相同的一般比例进行投票，如同其他非此类受托人持有的证券。

我们或受托人不对任何证券的任何失败负责。然而，如果最初存入受托人的任何证券的购买合同失败，除非我们可以购买替代证券（“替代证券”），我们将退还您因失败合同而产生的购买价格和交易销售费用的相应部分。受托人获得的任何替代证券将与失败合同中的证券相同。

\n \n \n

投资组合

目标。

受托人旨在提供与底层ETF价格回报相匹配的回报，最高预设上行上限为13.45%（在适用的销售费用和组织成本之前），同时在2026年10月21日至2028年1月14日期间，为底层ETF损失的前30%提供缓冲（在适用的销售费用和组织成本之前）。在正常市场条件下，受托人将至少将其净资产的80%投资于提供对大型资本化公司敞口的投资。该投资组合集中（即，投资于提供对信息技术行业敞口的投资，占投资组合资产的25%或以上）。

投资组合。

该信托通过投资由购买和卖出的FLEX期权以及用于支付信托年度运营费用、创建和开发费用及组织成本的现金组成的组合来实现其目标。由于您投资的一部分以现金形式持有以支付这些费用，而上限和缓冲金额是独立于现金部分确定的，因此这些费用不会进一步减少本招股说明书披露的上限和缓冲金额。FLEX期权在芝加哥期权交易所（“CBOE”）上市，并由期权清算公司（“OCC”）提供担保。FLEX期权参考的底层ETF份额在纽约证券交易所的份额价格为771.15美元（“初始底层ETF水平”），当时FLEX期权被执行，并赋予或要求持有人在2028年1月14日（“FLEX期权到期日”）以FLEX期权的行权价购买或出售底层ETF的份额。FLEX期权均为欧式期权，这意味着它们只能在FLEX期权到期日以行权价行权。FLEX期权旨在到期日或之前清算，而不是行权，以避免信托收到底层ETF的份额或被要求交付底层ETF的份额。

FLEX期权旨在根据底层ETF的价格表现产生收益。请注意，信托的表现不会反映底层ETF支付的股息。底层ETF是一种交易所交易基金（“ETF”），旨在跟踪标普500^®指数（“底层指数”）的表现。底层指数由来自五百（500）家发行人的精选股票组成，所有这些股票都在全国性证券交易所上市，并涵盖广泛的主导行业。参见第14页的“底层ETF和底层指数”。该信托针对在信托成立时购买单位的单位持有人，这是单位唯一可售的一天，并持有至2028年1月14日，即信托的强制终止日，旨在实现每单位的百分比总回报，该回报相对于初始底层ETF水平的底层ETF价格任何百分比的上涨而增加，最高总回报为13.45%（在适用的销售费用和组织成本之前），10.94%（通过传统经纪账户购买单位的销售费用和组织成本之后）和12.46%（通过“包装费”账户购买单位的销售费用和组织成本之后）（“上限回报”），同时提供最多底层ETF下跌的前30%的下行“缓冲”保护（在适用的销售费用和组织成本之前）（“缓冲保护”）。应用缓冲后的收益将减少–2.21%（通过传统经纪账户购买的单位）和–0.87%（通过“包装费”账户购买的单位）。有关这些费用和开支的信息，请参见本招股说明书中的“费用表”。

Capped Return（上限回报）和Buffered Protection（缓冲保护）是基于信托的存续期，而不是年化收益率。如上所述的标的ETF的百分比涨跌，是指从初始存款日设定FLEX期权行权价到FLEX期权到期日收盘时，标的ETF的百分比涨跌。信托实现其投资目标的能力取决于单位持有人以等于其初始净资产价值（每单位10美元）的价格购买单位，并持有至信托的强制终止日。您能够购买单位的价格将基于初始存款日评估时间的单位估值，这将高于每单位10美元（初始存款日信托的单位净资产价值），因为信托的销售费用和组织成本将影响您的潜在回报。

信托可能无法实现本招股说明书中所述的假设回报。信托的表现可能受到多种因素的影响，包括但不限于赎回活动、投资稀释、异常经济事件、市场波动和FLEX期权流动性变化。赎回活动可能导致信托确认收入，信托必须分配这些收入以保持其RIC地位并避免惩罚性税。为进行这些分配而出售证券可能会影响信托的表现。信托的组合不进行管理。如果FLEX期权无法维持其适当比例，可能会对信托实现其投资目标或遵循其主要投资策略的能力产生重大影响。

示例市场情景。

信托旨在根据在信托初始存款日以初始净资产价值10美元每单位购买的单位，并持有至信托的强制终止日的标的ETF价格表现提供回报，具体如下：

•

标的ETF的价格上涨超过13.45%的上限回报。如果在FLEX期权到期日，标的ETF的价格相比信托成立时的价格上涨了13.45%或更多，信托旨在为单位持有人提供最高总回报13.45%（扣除适用的销售费用和组织成本前），10.94%（通过传统经纪账户购买的单位扣除销售费用和组织成本后）和12.46%（通过“综合费用账户”购买的单位扣除销售费用和组织成本后）。如果标的ETF的价格上涨超过上限回报，单位持有人将无法参与超出上限回报的收益。

•

底层ETF的价格在0%至13.45%的上限回报之间上涨。 如果在FLEX期权到期日，底层ETF的价格相比信托成立时的价格上涨了0%至13.45%，则信托旨在为单位持有人提供一个总回报，该回报大约与底层ETF价格的上涨百分比同步，最高可达13.45%（在扣除适用的销售费用和组织成本之前），10.94%（通过传统经纪账户购买的单位扣除销售费用和组织成本后）和12.46%（通过“套餐费”账户购买的单位扣除销售费用和组织成本后）。“,

•

底层ETF的价格在0%至30%之间下跌。 如果在FLEX期权到期日，底层ETF的价格相比信托成立时的价格下跌了0%至30%，则信托旨在为单位持有人提供一个“缓冲”的总回报，大约为0.00%（在扣除适用的销售费用和组织成本之前），–2.21%（通过传统经纪账户购买的单位扣除销售费用和组织成本后）和–0.87%（通过“套餐费”账户购买的单位扣除销售费用和组织成本后）。“,

•

底层ETF的价格下跌超过30%。 如果在FLEX期权到期日，底层ETF的价格相比信托成立时的价格下跌超过30%，则信托旨在为单位持有人提供一个损失，该损失比底层ETF的损失少30%（在扣除适用的销售费用和组织成本之前），最大损失约为–70.66%（通过传统经纪账户购买的单位扣除销售费用和组织成本后）和–70.26%（通过“套餐费”账户购买的单位扣除销售费用和组织成本后）（“最大损失”）。如果底层ETF的价格下跌超过30%，单位持有人仅能受到底层ETF前30%损失的保护。“,

假设的绩效回报图表

以下图表说明了信托在某些示例情况中旨在提供的假设回报。图表中的假设上限仅用于说明，实际上限可能不同。 该图表未考虑单位持有人支付的适用销售费用和组织成本，因此收益将因销售费用和组织成本而减少，损失将因销售费用和组织成本而增加。

$\"\"$

什么是FLEX期权？

信托的初始投资组合包括多种FLEX期权，包括购买的和卖出的看涨期权和看跌期权（如下文进一步所述）。FLEX期权都是欧式期权，这意味着它们只能在FLEX期权到期日按行权价行权。FLEX期权是通过全国证券交易所提供的定制化期权合约，由OCC（市场清算所）保证结算。FLEX期权在CBOE上市。FLEX期权为投资者提供了定制期权条款的能力，包括行权价格、行权方式（欧式期权与美式期权，美式期权可在到期日前任何时候行权）和到期日，同时在竞争性、透明的拍卖市场中实现价格发现，并避免场外期权头寸的对手方风险。

每份FLEX期权合约赋予持有者（即FLEX期权的购买者）以行权价乘以100的价格，在FLEX期权到期日市场收盘时购买（看涨期权）或出售（看跌期权）100份标的ETF的权利。信托的设计使得信托在卖出的FLEX期权上所欠的任何金额都将由购买的FLEX期权在到期时的赔付覆盖。因此，FLEX期权将被完全覆盖，在信托存续期间不需要额外的担保品。信托通过卖出的FLEX期权获得期权费，并通过购买的FLEX期权支付期权费。OCC以及FLEX期权上市的证券交易所不会在期权合约存续期间向卖出方或买入方收取持续费用。

OCC保证FLEX期权的每一对手方的履约，成为“每个卖方的买方和每个买方的卖方”，保护清算会员和期权交易者免受对手方风险。根据OCC证券委员会的决定，对于OCC章程和规则中规定的某些事件（统称为“公司行为”）可能对FLEX期权进行调整：某些股票股息或分配、股票拆分、反向股票拆分、认股权证发行、分配、重组、资本重组或与标的证券相关的重新分类，或标的证券发行人合并、合并、解散或清算。根据OCC章程，任何此类调整的性质和范围将由OCC证券委员会根据其在做出决定时所知的情况，基于其对投资者和公众利益的适当保护的判断来确定，考虑因素包括对受影响期权持有者和卖出方（或购买方和卖出方）的公平性、受影响期权市场的公平有序维护、解释和实践的一致性、行权结算程序的效率，以及与其他清算机构在标的权益交易清算和结算方面的协调。

上述有关FLEX期权和OCC的信息来源于OCC。与OCC签订的FLEX期权的描述和条款详见OCC的章程和规则，网址为www.optionsclearing.com，该内容不被视为本说明书的一部分，也不构成此处的引用内容。

该信托投资于价内购买的看涨期权、价外卖出的看涨期权、平值购买的看跌期权和价外卖出的看跌期权。以下讨论将描述每种类型的证券。

价内购买的看涨期权（“ITM购买看涨期权”）。 ITM购买看涨期权是信托购买的看涨期权，每份的行权价显著低于初始标的ETF水平。如果在FLEX期权到期日，标的ETF的价格小于或等于ITM购买看涨期权的行权价，ITM购买看涨期权将到期无净收益（即，ITM购买看涨期权将到期作废）。如果在FLEX期权到期日，标的ETF的价格高于行权价，那么ITM购买看涨期权旨在根据ITM购买看涨期权的行权价与FLEX期权到期日标的ETF价格之间的差额，为信托提供回报，该差额等于每单位收益金额10.000美元乘以（FLEX期权到期日标的ETF价格除以初始标的ETF水平）减去0.00%的数值。ITM购买看涨期权旨在为标的ETF提供大约一对一的敞口。

价外卖出的看涨期权（“OTM卖出看涨期权”）。 OTM卖出看涨期权是信托卖出的看涨期权，每份的行权价高于初始标的ETF水平。如果在FLEX期权到期日，标的ETF的价格小于或等于OTM卖出看涨期权的行权价，OTM卖出看涨期权将到期无净收益（即，OTM卖出看涨期权将到期作废）。如果在FLEX期权到期日，标的ETF的价格高于行权价，那么OTM卖出看涨期权旨在根据标的ETF价格超过OTM卖出看涨期权行权价的涨幅，为信托向OTM卖出看涨期权的购买者支付收益，该涨幅等于每单位收益金额10.000美元乘以两倍（FLEX期权到期日标的ETF价格除以初始标的ETF水平）减去113.45%的数值。OTM卖出看涨期权旨在为信托提供溢价，以抵消购买的FLEX期权的成本，并且也旨在将FLEX期权的涨幅限制在13.45%。

平价购买的看跌期权（“ATM购买的看跌期权”）。ATM购买的看跌期权是信托购买的看跌期权，每个期权的行权价等于初始标的ETF水平。如果在FLEX期权到期日标的ETF的价格大于或等于ATM购买的看跌期权的行权价，ATM购买的看跌期权将到期而不会向信托支付净收益（即，ATM购买的看跌期权将到期作废）。如果在FLEX期权到期日标的ETF的价格小于行权价，那么ATM购买的看跌期权旨在根据初始标的ETF水平与FLEX期权到期日标的ETF价格之间的下降幅度向信托提供收益，该收益等于每单位收益金额10.000美元乘以（100.00%减去（FLEX期权到期日标的ETF价格除以初始标的ETF水平））在FLEX期权到期日的数值。

价外卖出的看跌期权（“OTM卖出的看跌期权”）。OTM卖出的看跌期权是信托卖出的看跌期权，每个期权的行权价低于初始标的ETF水平。如果在FLEX期权到期日标的ETF的价格大于或等于OTM卖出的看跌期权的行权价，OTM卖出的看跌期权将到期而不会向信托支付净收益（即，OTM卖出的看跌期权将到期作废）。如果在FLEX期权到期日标的ETF的价格小于行权价，那么OTM卖出的看跌期权旨在使信托根据初始标的ETF水平与FLEX期权到期日标的ETF价格之间的下降幅度向OTM卖出的看跌期权的购买者支付收益，该收益等于每单位收益金额10.000美元乘以（70.00%减去（FLEX期权到期日标的ETF价格除以初始标的ETF水平））在FLEX期权到期日的数值。ATM购买的看跌期权与OTM卖出的看跌期权旨在抵消初始标的ETF水平与FLEX期权到期日标的ETF价格之间的下降幅度最多达30%。

标的ETF和标的指数。

道富证券^® SPDR^®\nS&P 500^® ETF信托（“标的ETF”）是一个交易所交易的单位投资信托，采用完全复制策略，这意味着它完全投资于构成S&P 500^®指数（“标的指数”）的证券。PDR Services, LLC（“PDR”）是标的ETF的发起人。标的ETF的投资目标是寻求在扣除费用前，一般与标的指数的价格和收益表现相对应。有关标的ETF的主要投资策略和风险的描述，请参见下文。您可以在https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY在线找到标的ETF的招募说明书和其他有关标的ETF的信息，包括附加信息声明和最近的股东报告。

以下关于底层ETF的信息来自其向美国证券交易委员会（SEC）提交的文件（文件编号33–46080）。建议您查阅底层ETF向SEC提交的文件以及其他公开信息（例如底层ETF的年度报告），以了解底层ETF的业务和财务前景。

以下关于底层ETF主要投资策略的描述直接摘自底层ETF于2026年1月26日发布的招募说明书（定义的术语已进行修改）。

“SPY旨在通过持有包含在指数中的普通股票（称为‘投资组合’）来实现其投资目标，SPY投资组合中每只股票的权重基本上与该股票在指数中的权重相对应。”

在SPY的招募说明书里，“投资组合证券”指的是SPY实际持有的构成SPY投资组合的普通股票，而“指数证券”指的是由指数提供商S&P Dow Jones Indices LLC（“S&P”）确定的包含在指数中的普通股票。在任何时间点，SPY的投资组合将尽可能多地包含指数证券。为了保持投资组合证券和指数证券的构成和权重之间的对应关系，State Street Global Advisors Trust Company（“受托人”）或其母公司State Street Bank and Trust Company（“SSBT”）会不时调整SPY的投资组合，以符合S&P对指数证券在指数中的身份和/或相对权重的定期调整。SPY的受托人或SSBT会汇总这些调整，并至少每月一次，或在指数发生重大调整时更频繁地对SPY的投资组合进行调整。

SPY在买卖证券（或“调仓”其投资组合）时可能会产生交易成本，例如经纪佣金。如果指数证券在指数中发生重大调整，这些交易成本可能会更高，这可能导致在SPY单位持有于应税账户时产生更高的税负。这些成本未反映在SPY的预计年度受托人普通运营费用中，会影响SPY的表现。在最近的财年中，SPY的投资组合调仓率是其投资组合平均价值的3%。SPY的投资组合调仓率不包括通过处理SPY单位的创建或赎回而收到或交付的证券。投资组合调仓将取决于指数的变化以及SPY信托协议的要求。...

尽管SPY可能在某一特定时间点不持有某些指数证券，但SPY通常会大量投资于指数证券，这应导致指数表现与SPY表现之间的紧密对应。...SPY 不持有或交易期货或互换，也不是商品基金。...

该指数包含五百（500）家精选公司，所有公司均在国家证券交易所上市，并涵盖广泛的主导行业。...自1968年以来，该指数一直是美国商务部领先指标清单的一部分，用于跟踪美国经济的关键领域。有关该指数的市场价值的最新信息可从市场信息服务中获得。该指数的确定、组成和计算不考虑SPY。

截至2026年10月19日，标的ETF在信息技术公司上有重大投资。

标准普尔^®、S&P^®和SPDR^®是标准普尔金融服务有限责任公司（S&P）的注册商标，这些商标已授权给标准普尔道琼斯指数有限责任公司（SPDJI），并由第一信托投资公司（First Trust Portfolios L.P.）根据某些用途进行分许可。该信托并非由道富银行^® SPDR^® S&P 500^® ETF信托、PDR、标准普尔^®或其关联公司赞助、认可、销售或推广。道富银行^® SPDR^® S&P 500^® ETF信托、PDR、标准普尔^®或其关联公司并未对信托或FLEX期权的描述和披露的合法性或适用性，或准确性或充分性进行审查。道富银行^® SPDR^® S&P 500^® ETF信托、PDR、标准普尔^®或其关联公司对投资信托或FLEX期权的适宜性，或通过信托或FLEX期权、单位持有人或其他个人或实体使用底层ETF所获得的结果，不作出任何明示或暗示的陈述或保证。道富银行^® SPDR^® S&P 500^® ETF信托、PDR、标准普尔^®或其关联公司与信托或FLEX期权的管理、行政、营销或交易无关，不承担任何责任。

标的ETF的份额可以直接投资，而无需支付与信托相关的费用和开支。有多种其他投资方式可以跟踪或参考标的指数。

您应意识到，本文中所述的预期结果可能无法实现。当然，与任何类似投资一样，无法保证信托的目标能够实现。请参阅“风险因素”部分，了解有关投资信托风险的讨论。

\n \n \n

假设性示例

以下示例说明了信托持有的FLEX期权的各种情景。与这些示例相关的假设可能不反映实际事件。您不应将任何示例视为对底层ETF、FLEX期权或信托单位预期表现的指示或保证。

这些示例并未试图展示实际信托表现的任何预测。这些示例仅用于说明FLEX期权的操作以及在某些情况下的收益或损失。下面显示的假设收益并未扣除信托的销售费用或运营成本。请注意，这些示例假设了大约13.45%的上限收益（在适用的销售费用和运营成本之前）以及对底层ETF损失的前30%的保护（在适用的销售费用和运营成本之前）。\n

示例1 - 底层ETF的FLEX期权到期日收盘价上涨40%\n

以下示例说明了如果底层ETF的FLEX期权到期日收盘价相对于初始底层ETF水平上涨40%，FLEX期权和信托持有的现金将如何表现。在这种情况下，对FLEX期权和信托持有的现金进行的1000.00美元投资将在信托的强制终止日提供大约1134.52美元的假设收益，包括：\n

•

通过实值买入看涨期权获得大约$1,399.98 的价值，\n

•

虚值卖出看跌期权或平值买入看跌期权未实现任何价值，因为它们都将到期作废，\n

•

虚值卖出看涨期权大约损失$265.50 的价值，以及

•

收到现金价值0.04美元。

在此示例中，通过Capped Return功能，对基础ETF增值的参与受到限制。因此，在信托期限内，对FLEX期权和信托持有的现金的投资不会从基础ETF的全部增值中受益。由于Capped Return功能，回报将低于直接投资于基础ETF的回报，而直接投资于基础ETF不会受到此类Capped Return的限制。在此示例中，对FLEX期权和信托持有的现金的回报不受缓冲保护功能或最大损失功能的影响。

在此示例中，用于支付信托年度运营费用的FLEX期权和现金投资的假设总回报约为13.45%。在这种情况下，对信托的投资总回报将低于13.45%，因为单位的价格将包含适用的销售费用和组织成本。您能够购买单位的价格将基于您购买单位当天评估时间的估值，该价格将高于每单位10美元，这将降低您的潜在回报。上述假设回报未反映任何销售费用或组织成本的扣除。

示例2 - FLEX期权到期日基础ETF的收盘价上涨5%

以下示例说明了当到期日收盘价相对于初始基础ETF水平上涨5%时，FLEX期权和信托持有的现金将如何表现。在此情景下，对FLEX期权和信托持有的现金的1000.00美元投资将在信托的强制终止日提供约1050.02美元的假设回报，包括：

•

从实值买入看涨期权中获得约1,049.98美元的价值，

•

在OTM认沽期权、ATM买入认沽期权或OTM认沽看涨期权方面没有实现任何价值，因为它们都会到期作废，

•

收到0.04美元的现金价值。

在这个例子中，对标的ETF的上行风险类似于直接投资于标的ETF的价格回报（不包括股息回报），因为标的ETF的表现没有超过封顶回报。在这个例子中，对FLEX期权和信托持有的现金的投资回报不受缓冲保护功能、最大损失功能或封顶回报功能的影响。

In this example, the hypothetical total return\non an investment in the FLEX Options and cash held by the Trust used to pay the Trust’s\nannual operating expenses, would be approximately 5.00%. The total return on an investment in the Trust under this scenario would be less\nthan 5.00% because the price of Units will include the applicable sales charges and organization costs. The price at which you will be\nable to purchase Units will be based on their valuation at the Evaluation Time on the date you purchase your Units, which will be higher\nthan $10 per Unit, which will reduce your potential returns. The hypothetical return above does not reflect the deduction of any sales\ncharges or organization costs.

Example 3 - FLEX Option Expiration Date closing price of\nthe Underlying ETF decreases by 5%

The following provides an example of how\nthe FLEX Options and cash held by the Trust would perform should the expiration date closing price represent a 5% decrease from the Initial\nUnderlying ETF Level. Under this scenario, a $1,000.00 investment in the FLEX Options and cash held by the Trust would provide a hypothetical\nreturn of approximately $1,000.02 on the Trust’s Mandatory Termination Date, consisting of:

•

receiving value of approximately $949.98 on the ITM Purchased Call Options,

•

receiving value of approximately $50.00 on the ATM Purchased Put Options,

•

no value being realized with respect to the OTM Written Put Options or OTM Written Call Options, as each would expire worthless, and

•

receiving cash value of $0.04.

In this example there are benefits from the\nBuffered Protection feature provided where the price of the Underlying ETF on the FLEX Option Expiration Date represents a decrease from\nthe Initial Underlying ETF Level, but by less than 30%. Because of the Buffered Protection feature, the Unit holder’s return would\nbe better than the price return (not including returns from dividends) from a direct investment in the Underlying ETF. In this example,\nreturn on an investment in the FLEX Options and cash held by the Trust is not affected by the Maximum Loss feature or Capped Return feature.

In this example, the hypothetical total return\non an investment in the FLEX Options and cash held by the Trust used to pay the Trust’s annual operating expenses, would be approximately\n0.00%. The total return on an investment in the Trust under this scenario would be less than 0.00% because the price of Units will include\nthe applicable sales charges and organization costs. The price at which you will be able to purchase Units will be based on their valuation\nat the Evaluation Time on the date you purchase your Units, which will be higher than $10 per Unit, which will reduce your potential returns.\nThe hypothetical return above does not reflect the deduction of any sales charges or organization costs.

Example 4 - FLEX Option Expiration Date closing price of\nthe Underlying ETF decreases by 50%

The following provides an example of how\nthe FLEX Options and cash held by the Trust would perform should the expiration date closing price represent a 50% decrease from the Initial\nUnderlying ETF Level. Under this scenario, a $1,000.00 investment in the FLEX Options and cash held by the Trust would provide a hypothetical\nreturn of approximately $800.01 on the Trust’s Mandatory Termination Date, consisting of:

•

receiving value of approximately $499.98 on the ITM Purchased Call Options,

•

receiving value of approximately $500.00 on the ATM Purchased Put Options,

•

no value being realized with respect to the OTM Written Call Options, as they would expire worthless,

•

losing value of approximately $200.01 on the OTM Written Put Options, and

•

receiving cash value of $0.04.

In this example, there is a loss less than\nthe loss that would have resulted from a direct investment in the Underlying ETF (not including returns from dividends). In this example,\nreturn on an investment in the FLEX Options and cash held by the Trust benefits from the Buffered Protection feature, and is not affected\nby the Maximum Loss feature or Capped Return feature.

In this example, the hypothetical loss on\na investment in the FLEX Options and cash held by the Trust used to pay the Trust’s annual operating expenses, would be approximately\n–20.00%. The total return on an investment in the Trust under this scenario would be less than –20.00% because the price of\nUnits will include the applicable sales charges and organization costs. The price at which you will be able to purchase Units will be\nbased on their valuation at the Evaluation Time on the date you purchase your Units, which will be higher than $10 per Unit, which will\nreduce your potential returns. The hypothetical return above does not reflect the deduction of any sales charges or organization costs.

Example 5 - FLEX Option Expiration Date closing price of\nthe Underlying ETF decreases by 95%

The following provides an example of how\nthe FLEX Options and cash held by the Trust would perform should the expiration date closing price represent a 95% decrease from the Initial\nUnderlying ETF Level. Under this scenario, a $1,000.00 investment in the FLEX Options and cash held by the Trust would provide a hypothetical\nreturn of approximately $350.03 on the Trust’s Mandatory Termination Date, consisting of:

•

receiving value of approximately $49.99 on the ITM Purchased Call Options,

•

receiving value of approximately $950.00 on the ATM Purchased Put Options,

•

no value being realized with respect to the OTM Written Call Options, as they would expire worthless,

•

losing value of approximately $650.00 on the OTM Written Put Options, and

•

receiving cash value of $0.04.

In this example, there are benefits from\nthe Buffered Protection feature and a loss less than the loss that would have resulted from a direct investment in the Underlying ETF\n(not including returns from dividends). In this example, return on an investment in the FLEX Options and cash held by the Trust is not\naffected by the Capped Return feature.

In this example, the hypothetical loss on\nan investment in the FLEX Options and cash held by the Trust used to pay the Trust’s annual operating expenses, would be approximately\n–65.00%. The total return on an investment in the Trust under this scenario would be less than –65.00% because the price\nof Units will include the applicable sales charges and organization costs. The price at which you will be able to purchase Units will\nbe based on their valuation at the Evaluation Time on the date you purchase your Units, which will be higher than $10 per Unit, which\nwill reduce your potential returns. The hypothetical return above does not reflect the deduction of any sales charges or organization\ncosts.

The return on Units redeemed prior to\nthe termination of the Trust will likely be less than the original Public Offering Price and the return that a Unit holder could expect\nif Units were held until the Trust’s termination. In addition, during the life of the Trust, the Unit value will not move proportionally\nwith changes in the value of the Underlying ETF. Any redemption of Units prior to the Trust’s termination could result in a substantial\nloss.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

TABLE OF HYPOTHETICAL SCENARIOS OF REDEMPTION AT MATURITY
Hypothetical \nUnderlying ETF \nReturn	Hypothetical Final Distribution on \nTrust Mandatory Termination Date \nper Unit*	Hypothetical Percentage \nGain or Loss to \nUnit Holders Based on Net Asset Value*	Hypothetical Percentage \nGain or Loss to \nUnit Holders in a Brokerage Account*	Hypothetical Percentage \nGain or Loss to \nUnit Holders in a “Wrap Fee” Account*
\t100.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t90.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t80.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t70.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t60.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t50.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t40.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t30.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t20.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t15.00%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t13.45%	\t$11.35	\t13.45%	\t10.94%	\t12.46%
\t10.00%	\t$11.00	\t10.00%	\t7.57%	\t9.04%
\t5.00%	\t$10.50	\t5.00%	\t2.68%	\t4.09%
\t0.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–5.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–10.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–15.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–20.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–30.00%	\t$10.00	\t0.00%	\t–2.21%	\t–0.87%
\t–40.00%	\t$9.00	\t–10.00%	\t–11.99%	\t–10.78%
\t–50.00%	\t$8.00	\t–20.00%	\t–21.77%	\t–20.70%
\t–60.00%	\t$7.00	\t–30.00%	\t–31.55%	\t–30.61%
\t–70.00%	\t$6.00	\t–40.00%	\t–41.33%	\t–40.52%
\t–80.00%	\t$5.00	\t–50.00%	\t–51.11%	\t–50.43%
\t–95.00%	\t$3.50	\t–65.00%	\t–65.77%	\t–65.30%
\t–100.00%	\t$3.00	\t–70.00%	\t–70.66%	\t–70.26%

*The amounts set forth above are after imposition of the Trust’s annual operating expenses.

These examples do not show the past performance\nof the Underlying ETF or any investment. These examples are for illustrative purposes only and are not intended to be indicative of future\nresults of the Underlying ETF, the FLEX Options or the Trust’s Units. You may realize a return that is lower than the intended returns\ndescribed above as a result of Units being redeemed prior to the Trust’s Mandatory Termination Date, purchasing Units at a price\nother than the initial net asset value of the Units on the Initial Date of Deposit, in the event that the FLEX Options are otherwise liquidated\nby the Trust prior to expiration, if there is a lack of liquidity for the FLEX Options during the life of the Trust or on the FLEX Option\nExpiration Date, if the Trust is unable to maintain the proportional relationship of the FLEX Options based on the number of FLEX Option\ncontracts in the Trust’s portfolio, if a Corporate Action (defined above) occurs with respect to the Underlying ETF, or as a result\nof increases in potential tax-related expenses and other expenses of the Trust above estimated levels.

\n \n \n

Risk Factors

Price Volatility Risk. As with any\ninvestment, we cannot guarantee that the performance of the Trust will be positive over any period of time, or that you won’t lose\nmoney. The Trust invests in FLEX Options. The value of the Trust’s Units will fluctuate with changes in the value of the FLEX Options.\nThe value of your Units may fall over time. Amounts available to distribute to Unit holders on the Trust’s Mandatory Termination\nDate will depend primarily on the performance of the FLEX Options and are not guaranteed. The Trust seeks to provide returns related to\nthe price performance of the Underlying ETF only, which does not include returns from distributions paid by the Underlying ETF. The Units,\non the Trust’s Mandatory Termination Date and at any other point in time, may be worth less than your original investment. In addition,\nduring the life of the Trust, the Unit value will not move proportionally with changes in the value of the Underlying ETF.

The Trust’s investment strategy has\nnot been designed to achieve its objective if Units are bought after the Trust’s Initial Date of Deposit or redeemed prior to the\nTrust’s Mandatory Termination Date. Because the Trust is not managed, the Trustee will not sell Securities in response to or in\nanticipation of market fluctuations, as is common in managed investments. Units of the Trust are not deposits of any bank and are not\ninsured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Underlying ETF Market Risk. The FLEX\nOptions represent indirect positions in the Underlying ETF and are subject to risks associated with changes in value as the price of the\nUnderlying ETF rises or falls. The investment in the FLEX Options includes the risk that their value may be affected by market risk related\nto the Underlying ETF, the Underlying Index and the value of the securities in the Underlying Index held by the Underlying ETF. Market\nrisk is the risk that the value of the securities will fluctuate. Market value fluctuates in response to various factors. These can include\nchanges in interest rates, inflation, the financial condition of a security’s issuer, perceptions of an issuer, ratings on a bond,\nor political or economic events affecting the issuer. While the FLEX Options are individually related to the Underlying ETF, the return\non the FLEX Options depends on the price of the Underlying ETF at the close of the NYSE on the FLEX Option Expiration Date and will be\nsubstantially determined by market conditions and the Underlying ETF and the value of the securities comprising the Underlying ETF as\nof such time.

Common Stocks Risk. The Underlying\nETF is an ETF that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance\nof the S&P 500^® Index. The value of the Underlying ETF will fluctuate over time based on changes in the value of the\nUnderlying Index and securities represented by the Underlying ETF, which are subject to risks associated with investments in common stocks.\nCommon stocks are subject to the risk that their prices will fall. Common stock prices fluctuate for several reasons including changes\nin investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as\nmarket volatility, or when political or economic events affecting the issuers occur. Common stock prices may also be particularly sensitive\nto rising interest rates, as the cost of capital rises and borrowing costs increase, negatively impacting issuers. Common stocks represent\na proportional share of ownership in a company. Shareholders of common stocks have rights to receive payments that are generally subordinate\nto those of creditors of, or holders of debt obligations or preferred stocks of, such issuers. Common stocks are structurally subordinated\nto preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s\nassets that have no value unless such assets are sufficient to cover all other claims.

Concentration Risk. When 25% or more\nof a trust’s portfolio is invested in securities that provide exposure to companies within a single sector, the trust is considered\nto be concentrated in that particular sector. A portfolio concentrated in one or more sectors may present more risks than a portfolio\nbroadly diversified over several sectors.

The Trust is concentrated in investments\nthat provide exposure to the information technology sector.

Information Technology. A significant\npercentage of the stocks held by the Underlying ETF are issued by information technology companies. Technology companies are generally\nsubject to the risks of rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing; frequent introduction\nof new or enhanced products; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards;\nand frequent new product introductions. Technology companies may be smaller and less experienced companies, with limited product lines,\nmarkets or financial resources. Technology company stocks have experienced extreme price and volume fluctuations that are often unrelated\nto their operating performance. Also, the stocks of many Internet companies have exceptionally high price to earnings ratios with little\nor no earnings histories.

Equity Investing Risk. Because the\nTrust holds FLEX Options that reference the Underlying ETF, the Trust has exposure to an investment in the Underlying ETF, which involves\nrisks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and\npolitical developments, changes in interest rates and perceived trends in securities prices.

An investment in the Underlying ETF is subject\nto the risks of any investment in a broadly based portfolio of common stocks, including the risk that the general level of stock prices\nmay decline, thereby adversely affecting the value of such investment. The value of securities may fluctuate in accordance with changes\nin the financial condition of the issuers of the securities, the value of common stocks generally and other factors. The identity and\nweighting of the securities change from time to time.

The financial condition of issuers of the\nsecurities may become impaired or the general condition of the stock market may deteriorate, either of which may cause a decrease in the\nvalue of the portfolio and thus in the value of units. Since the Underlying ETF is not actively managed, the adverse financial condition\nof an issuer will not result in its elimination from the portfolio unless such issuer is removed from the Index.

Common stocks are susceptible to general\nstock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.\nThese investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary\nand fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking\ncrises.

Holders of common stocks of any given issuer\nincur more risk than holders of preferred stocks and debt obligations of the issuer because the rights of common stockholders, as owners\nof the issuer, generally are subordinate to the rights of creditors of, or holders of debt obligations or preferred stocks issued by,\nsuch issuer. Further, unlike debt securities that typically have a stated principal amount payable at maturity, or preferred stocks that\ntypically have a liquidation preference and may have stated optional or mandatory redemption provisions, common stocks have neither a\nfixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.\nThe value of the portfolio will fluctuate over the entire life of the Trust.

Large Capitalization Companies Risk.\nThe securities held by the Underlying ETF are issued by large capitalization companies. The return on investment in stocks of large capitalization\ncompanies may be less than the return on investment in stocks of small and/or mid capitalization companies. Large capitalization companies\nmay also grow at a slower rate than the overall market.

Capped Upside Risk. The Trust’s\nstrategy seeks to provide returns that match those of the Underlying ETF for Units purchased on the Trust’s Initial Date of Deposit\nand held for the entire Outcome Period, subject to a pre-determined upside cap. If an investor does not hold its Units for the entire\nOutcome Period, the returns realized by that investor may not match those that the Trust seeks to achieve. If the Underlying ETF experiences\ngains during the Outcome Period, the Trust will not participate in those gains beyond the cap. If the anticipated return approaches the\ncap during the life of the Trust, some investors may choose to redeem early. Such behavior may impose increased costs on the Trust, reducing\nthe return to the remaining Unit holders.

Buffered Loss Risk. There can be\nno guarantee that the Trust will be successful in its strategy to buffer against Underlying ETF losses if the Underlying ETF decreases\nover the Outcome Period by 30% or less. A Unit holder may lose their entire investment. The Trust’s strategy seeks to deliver returns\nthat match the price return of the Underlying ETF (up to the cap), while covering the first 30% of downside losses, if Units are bought\non the day on which the Trust enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period.\nIn the event an investor sells or redeems Units prior to the expiration of the FLEX Options, the buffer that the Trust seeks to provide\nmay not be available.

Dilution Risk. If we deposit cash,\nyou and new investors may experience a dilution of your investment. This is because prices of Securities will fluctuate between the time\nof the cash deposit and the purchase of the Securities, and because the Trust pays the associated brokerage fees. To reduce this dilution,\nthe Trust will try to buy the Securities as close to the Evaluation Time and as close to the evaluation price as possible. You may also\nexperience a dilution of your investment when the Trust sells Securities to meet redemption requests. Because the Trust pays the brokerage\nfees associated with the sale of Securities to meet redemption and exchange requests, frequent redemption and exchange activity will likely\nresult in higher brokerage expenses. To the extent there is a dilution to your investment it is highly likely that you will not receive\nthe hypothetical returns set forth in this prospectus.

Outcome Period Risk. The Trust’s\ninvestment strategy is designed to deliver returns that match those of the Underlying ETF if Units are bought on the day on which the\nTrust enters into the FLEX Options (i.e., the first day of the Outcome Period) and held until those FLEX Options expire at the end of\nthe Outcome Period, subject to the predetermined upside return cap. In the event an investor purchases Units after the first day of the\nOutcome Period or sells or redeems Units prior to the end of the Outcome Period, the value of that investor’s investment in their\nUnits may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying\nETF up to the cap for the investor’s investment period.

FLEX Options Risk. Trading FLEX Options\ninvolves risks different from, or possibly greater than, the risks associated with investing directly in securities. The Trust may experience\nsubstantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options are\nlisted on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event\nthat trading in the FLEX Options is limited or absent, the value of the Trust’s FLEX Options may decrease. In a less liquid market\nfor the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a\ndiscounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value\nof the FLEX Options and Trust Units and result in the Trust being unable to achieve its investment objective. Less liquidity in the trading\nof the Trusts FLEX Options could have an impact on the prices paid or received by the Trust for the FLEX Options in connection with redemptions\nof the Trust’s Units. Depending on the nature of this impact to pricing, the Trust may be forced to pay more for redemptions than\nthe price at which it currently values the FLEX Options. Such overpayment could reduce the Trust’s ability to maintain the cap and\nbuffer. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly\nimpact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment. The\ntrading in FLEX Options may be less deep and liquid than the market for certain other exchange-traded options, non-customized options\nor other securities.

Transactions in FLEX Options are required\nto be centrally cleared. In a transaction involving FLEX Options, the Trust’s counterparty is the OCC, rather than a bank or broker.\nSince the Trust is not a member of the OCC and only members (“clearing members”) can participate directly in the OCC, the\nTrust will hold its FLEX Options through accounts at clearing members. Although clearing members guarantee performance of their clients’\nobligations to the OCC, there is a risk that the assets of the Trust might not be fully protected in the event of a clearing member’s\nbankruptcy, as the Trust would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing\nmember’s customers for the relevant account class. Additionally, the OCC may be unable or unwilling to perform its obligations under\nthe FLEX Options contracts.

FLEX Options Valuation Risk. The\nFLEX Options held by the Trust will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the\nvalue of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the\nFLEX Options does not increase or decrease at the same rate as the Underlying ETF (although they generally move in the same direction)\nor its underlying securities and FLEX Option prices may be highly volatile and may fluctuate substantially during a short period of time.\nThe value of the FLEX Options prior to the expiration date may vary because of factors other than the value of the Underlying ETF, such\nas interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, a change in the actual and perceived volatility\nof the stock market and the Underlying ETF and the remaining time to expiration. An increase in the value of the written FLEX Options\nreduces the value of your Units. As the value of the written FLEX Options increases, the written FLEX Options have a more negative impact\non the value of your Units. You should note that even if the value of the Underlying ETF does not change, if the value of a written FLEX\nOption increases (for example, based on increased volatility of the Underlying Index) your Units will lose value. After the premium is\nreceived on the written FLEX Options, the written FLEX Options will reduce the value of your Units.

During periods of reduced market liquidity\nor in the absence of readily available market quotations for the holdings of the Trust, the ability of the Sponsor to value the FLEX Options\nbased on their good faith determination of the fair value becomes more difficult and the judgment of the Sponsor may play a greater role\nin the valuation of the Trust’s holdings due to reduced availability of reliable objective pricing data. Consequently, while such\ndeterminations may be made in good faith, it may nevertheless be more difficult for the Trust to accurately assign a daily value and could\nresult in greater fluctuation in their valuations from one day to the next than if market quotations were used. Under those circumstances,\nthe value of the FLEX Options will require more reliance on the Sponsor’s judgment than that required for securities for which there\nis an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value\nof the Trust’s Units. There is no assurance that the Trust could sell or close out a portfolio position for the value established\nfor it at any time, and it is possible that the Trust would incur a loss because a portfolio position is sold or closed out at a discount\nto the valuation established by the Trust at that time. In addition, the Trust’s ability to value investments may be impacted by\ntechnological issues or errors by pricing services or other third-party service providers.

Investment in the Underlying ETF Risk.\nBecause the Trust holds FLEX Options that reference a fund, Unit holders are subject to the risk that the securities selected by the fund’s\ninvestment advisor will underperform the markets, the relevant indices or the securities selected by other funds. Further, the fund may\nin the future invest in other types of securities which involve risk which may differ from those set forth below. The fund referenced\nby the FLEX Options held by the Trust may invest a relatively high percentage of its assets in a limited number of issuers. As a result,\nthe fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience\nincreased volatility and be highly concentrated in certain issuers.

ETFs Risk. ETFs are investment pools\nthat hold other securities. The FLEX Options represent indirect positions in the Underlying ETF, which is an ETF, and are subject to risks\nassociated with changes in value of the Underlying ETF, such as the following:

•

Index Correlation and Tracking Error Risk. While the Underlying ETF is intended to track the performance of the Underlying\nIndex, the Underlying ETF’s returns may not match or achieve a high degree of correlation with the return of the Underlying Index.\nIndex correlation risk is the risk that the performance of an index-based ETF will vary from the actual performance of the fund’s\ntarget index, known as “tracking error.” This can happen due to transaction costs, market impact, corporate actions (such\nas mergers and spin-offs) and timing variances. In addition, it is possible that the Underlying ETF may not always fully replicate the\nsecurities contained in the Underlying Index.

•

Market Trading Risk. The Underlying ETF is structured as a unit investment trust registered under the 1940 Act. Unlike typical\nopen-end funds or unit investment trusts, ETFs generally do not sell or redeem their individual shares at net asset value. Shares of ETFs\nmay trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that the\nnet asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to time\nin response to various factors. ETFs generally sell and redeem shares in large blocks (often known as “Creation Units”). In\naddition, securities exchanges list ETF shares for trading, which allows investors to purchase and sell individual ETF shares at current\nmarket prices throughout the day. ETFs therefore possess characteristics of traditional open-end funds and unit investment trusts, which\nissue redeemable shares, and of corporate common stocks or closed-end funds, which generally issue shares that trade at negotiated prices\non securities exchanges and are not redeemable.

•

Passive Investment Risk. The Underlying ETF is a passively-managed index fund that seeks to replicate the performance and composition\nof the Underlying Index. As a result, the Underlying ETF will hold constituent securities of the Underlying Index regardless of the current\nor projected performance on a specific security or particular industry or market sector. Maintaining investments in the securities regardless\nof market conditions of the performance of individual securities could cause the Underlying ETF’s returns to be lower than if it\nemployed an active strategy.

Counterparty Risk. Trust transactions\ninvolving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Trust. Counterparty risk\nmay arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities\nand developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in\nsignificant financial loss to the Trust. The Trust may be unable to recover its investment from the counterparty or may obtain a limited\nrecovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result,\nthe ability of the Trust to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC\nbecomes insolvent or is otherwise unable to meet its settlement obligations, the Trust could suffer significant losses.

Tax Risk. The Trust intends to treat\nany income it may derive from the FLEX Options as “qualifying income” under the provisions of the Code applicable to regulated\ninvestment companies (“RICs”). In addition, based upon language in the legislative history, the Trust intends to treat the\nissuer of the FLEX Options as the referenced asset, which, assuming the referenced asset qualifies as a RIC, would allow the Trust to\nqualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the FLEX Options\nis not appropriately the referenced asset, the Trust could lose its own status as a RIC.

Regulated Investment Company Qualification\nRisk. To maintain its status as a RIC, the Trust must distribute at least 90% of its investment company taxable income and at least\n90% of its net tax-exempt interest income annually. In addition, to avoid a non-deductible excise tax, the Trust must distribute at least\n98% of its ordinary income and at least 98.2% of its capital gain net income. The Trust has entered into option agreements with the same\ncounterparty and taken the position that the option agreements are separate agreements. Under general tax principles, a regulated investment\ncompany would not accrue income on separate option agreements during the term of the agreements. However, if the agreements are treated\nas one agreement, the Trust might be required to accrue income currently during the term and make annual distributions of income. If the\nTrust is required to accrue income but does not distribute the income to the investors, the Trust may fail to qualify as a regulated investment\ncompany. In addition, if the agreements are treated as one agreement, the Trust may fail either or both of the RIC income and diversification\ntests. Separately, depending upon the circumstances, sales to fund redemptions could cause the Trust to recognize income that the Trust\nis required to distribute to maintain the Trust’s RIC status and avoid the excise tax. Funding such distributions could require\nadditional sales, which could require more distributions and affect the projected performance of the Trust. Alternatively, if the Trust\nonly makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance\nof the Trust. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist\nthe Trust in meeting its target outcome. If the Trust fails to qualify as a regulated investment company, it will be subject to tax as\na C corporation.

Section 1258 Risk. Section 1258 of\nthe Internal Revenue Code requires the gain from conversion transactions to be recharacterized as ordinary income. The Trust contains\na straddle, which would generally produce ordinary income or short term capital gain. When a transaction sold as producing capital gains\nfrom certain types of investments, including straddles that create a return tied to the time value of money, the transaction may be treated\nas a conversion transaction, and all gain from the transaction may be treated as ordinary income.

Early Trust Termination Risk. The\nTrustee has the power to terminate your Trust early in limited cases as described under “Amending or Terminating the Indenture”\nincluding if the value of the Securities owned by the Trust as shown by any evaluation is less than the lower of $2,000,000 or 20% of\nthe total value of Securities deposited in the Trust during the initial offering period. This could result in a reduction in the value\nof Units and result in a significant loss to investors.

Distributions Risk. If the amount\nof cash in the Income and Capital Accounts of the Trust are insufficient to provide for expenses and other amounts payable by the Trust,\nthe Trust may sell Securities to pay such amounts. These sales may result in losses to Unit holders and the inability of the Trust to\nmeet its investment objective. There is no assurance that your investment will maintain its size or composition.

Market Risk. Market risk is the risk\nthat a particular security, or Units of the Trust in general, may fall in value or underperform other investments. Securities are subject\nto market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and\nperceived trends in securities prices. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised\ninterest rates and may continue to do so. Potential future bank failures could result in disruption to the broader banking industry or\nmarkets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility\nand reduce liquidity. Additionally, challenges in commercial real estate markets, including declining valuations and elevated vacancies,\ncould have a broader impact on financial markets. In addition, local, regional or global events such as war, acts of terrorism, natural\ndisasters, spread of infectious diseases or other public health issues, recessions, political turbulence or other events could have a\nsignificant negative impact on the Trust and its investments. The ongoing adversarial political climate in the United States, as well\nas political and diplomatic events both domestic and abroad, have had and may continue to have an adverse impact on the U.S. regulatory\nlandscape, markets and investor behavior, which could have a negative impact on the Trust’s investments and operations. The upcoming\nelections in the United States may result in significant impacts to international trade relations, tax and immigration policies, and other\naspects of the national and international political and financial landscape, which could affect, among other things, inflation and the\nsecurities markets generally. Administrative actions against companies in certain industries, such as the defense industry, prohibiting\nthem from paying dividends or engaging in stock buybacks, may negatively impact the performance of such companies and the Trust’s\ninvestments. Ongoing armed conflicts between Russia and Ukraine in Europe and among the United States, Israel, Iran, Hamas, Hezbollah\nand other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within\nthe markets in Russia, Europe, the Middle East, the United States, and other nations. Such events may also disrupt global trade and supply\nchains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities\nand sanctions resulting from those hostilities could have a significant impact on certain Trust investments as well as Trust performance.\nThe economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by\ntrade disputes, including the imposition of tariffs, and other matters. A public health crisis, and the ensuing policies enacted by governments\nand central banks in response, could cause significant volatility and uncertainty in global financial markets, negatively impacting global\ngrowth prospects. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others.\nAdvancements in technology may also adversely impact markets and the overall performance of the Trust. For instance, the economy may be\nsignificantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cybersecurity breaches\nof both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including\nthe Trust, to operate properly. Such events could adversely affect the prices and liquidity of the Trust’s portfolio securities\nand could result in disruptions in the trading markets. Any such circumstances could have a materially negative impact on the value of\nthe Trust’s Units and result in increased market volatility.

Absence\nof an Active Market in the Underlying ETF Risk. The Underlying ETF faces numerous market trading risks, including the potential lack\nof an active market for Underlying ETF shares due to a limited number of market markers or authorized participants. The Underlying ETF\nmay 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\nunder no obligation to make a market in the Underlying ETF’s shares. Additionally, only a limited number of institutions act as\nauthorized participants for the Underlying ETF and only an authorized participant may engage in creation or redemption transactions directly\nwith the Underlying ETF and are not obligated to submit purchase or redemption orders for creation units. Decisions by market makers or\nauthorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness\nof the arbitrage process in maintaining the relationship between the underlying values of the Underlying ETF’s portfolio securities\nand the Underlying ETF’s market price. Any trading halt or other problem relating to the trading activity of these market makers\nor any issues disrupting the authorized participants’ ability to proceed with creation and/or redemption orders could result in\na dramatic change in the spread between the Underlying ETF’s net asset value and the price at which the Underlying ETF’s shares\nare trading on the Exchange, which could result in a decrease in value of the Underlying ETF’s shares. This reduced effectiveness\ncould result in the Underlying ETF’s shares trading at a premium or discount to net asset value and also in greater than normal\nintraday bid-ask spreads for Underlying ETF’s shares.

Fluctuation of Net Asset Value of the\nUnderlying ETF Risk. The net asset value of shares of the Underlying ETF will generally fluctuate with changes in the market value\nof the Underlying ETF’s holdings. The market prices of shares will generally fluctuate in accordance with changes in net asset value\nas well as the relative supply of and demand for shares on the exchange on which they trade. The bid/ask spread may also widen depending\non market conditions and the liquidity of the underlying investments held by the Underlying ETF. The Trust cannot predict whether shares\nwill trade below, at or above their net asset value because the shares trade on an exchange at market prices and not at net asset value.\nPrice differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares\nwill be closely related to, but not identical to, the same forces influencing the prices of the holdings of the Underlying ETF trading\nindividually or in the aggregate at any point in time.

Underlying ETF Trading Issues Risk. Although\nthe shares of the Underlying ETF are listed for trading on a securities exchange, there can be no assurance that an active trading market\nfor such shares will develop or be maintained. Trading in shares on such exchanges may be halted due to market conditions or for reasons\nthat, in the view of an exchange, make trading in shares inadvisable. In addition, trading in shares on an exchange is subject to trading\nhalts caused by extraordinary market volatility pursuant to the exchange’s “circuit breaker” rules. Market makers are\nunder no obligation to make a market in the Underlying ETF shares. There can be no assurance that the requirements of the exchange necessary\nto maintain the listing of the Underlying ETF will continue to be met or will remain unchanged. In particular, if the Underlying ETF does\nnot comply with any provision of the listing standards of an exchange that are applicable to the Underlying ETF, and cannot bring itself\ninto compliance within a reasonable period after discovering the matter, the exchange may remove the shares of the Underlying ETF from\nlisting. The Underlying ETF may have difficulty maintaining its listing on an exchange in the event that the Underlying ETF’s assets\nare small or the Underlying ETF does not have enough shareholders.

Cybersecurity Risk. As the use of\nInternet technology has become more prevalent in the course of business, the Trust has become more susceptible to potential operational,\ninformation security and related risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional\nevents that may cause the Trust to lose proprietary information, suffer data corruption or lose operational capacity, any of which could\nresult in a material adverse effect on the Trust or its Unit holders. Such events could cause the Sponsor of the Trust to incur regulatory\npenalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity breaches\nmay involve unauthorized access to digital information systems utilized by the Trust through “hacking” or malicious software\ncoding, but may also result from outside attacks such as denial-of service attacks through efforts to make network services unavailable\nto intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Trust operations. In addition,\ncybersecurity breaches of the Trust’s third-party service providers, or issuers in which the Trust invests, can also subject the\nTrust to many of the same risks associated with direct cybersecurity breaches. Further, errors, misconduct, or compromise of accounts\nof employees of the Sponsor, Portfolio Supervisor or the Trust’s third-party service providers can also create material cybersecurity\nrisks. The Sponsor of, and third-party service provider to, the Trust have established risk management systems designed to reduce the\nrisks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially because the Trust does\nnot directly control the cybersecurity systems of issuers or third-party service providers. Cybersecurity incidents may also trigger Trust\nobligations under data privacy laws, potentially increasing notification and compliance burdens. Cybersecurity incidents affecting issuers\nin whose securities the Trust invests may also have a negative impact on the value of the securities of such issuers, and in turn, the\nvalue of the Trust.

Operational Risk. The Trust is subject\nto risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors\nof the Trust’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems\nfailures. These errors or failures may adversely affect the Trust’s operations, including its ability to execute its investment\nprocess, calculate or disseminate its NAV in a timely manner, and process purchases or redemptions. The Trust relies on third-parties\nfor a range of services. Any delay or failure relating to engaging or maintaining such service providers may affect the Trust’s\nability to meet its investment objective. Although the Trust seeks to reduce these operational risks through controls and procedures,\nthere is no way to completely protect against such risks.

Legislation/Litigation\nRisk. From time to time, various legislative initiatives are proposed in the United States and abroad which may have a negative impact\non certain of the Trust’s investments. For example, recently adopted tax legislation, tax regulations proposed by the U.S. Treasury\nor positions taken by the Internal Revenue Service could affect the value of the Trust by changing the taxation or tax characterizations\nof the Trust’s investments, or dividends and other income paid by or related to such Securities. Litigation regarding any of the\nissuers of the Securities, or the industries represented by these issuers, may negatively impact the value of these Securities. We cannot\npredict what impact any pending or proposed legislation or pending or threatened litigation will have on the value of the Trust’s\ninvestments.

\n \n \n

Who Should Invest

You should consider an investment in the\nTrust if you want:

•

the potential for capital appreciation on the Underlying ETF subject to a cap and with a limited degree of downside “buffered”\nprotection.

•

to forgo gains greater than the Capped Return.

•

a growth-oriented investment that will receive no periodic distributions.

•

to accept the risk of as much as a 70% loss of principal.

You should not consider an investment in\nthe Trust if you:

•

are uncomfortable with the risks of an unmanaged investment in option contracts.

•

are uncomfortable with exposure to the risks associated with the Trust’s FLEX Options.

•

are uncomfortable with a return that depends upon the performance of the Underlying ETF.

•

are uncomfortable foregoing gains greater than the Capped Return.

•

are not willing to be subject to a maximum return that is less than the Capped Return (potentially much less), or a buffer that is\nless than the “Buffered Protection,” if Units are purchased at a price other than the initial net asset value.

•

are uncomfortable with the risk that you may lose as much as 70% of your principal.

•

are uncomfortable with not receiving any income or periodic distributions.

•

cannot hold the Units until the Mandatory Termination Date.

•

are considering purchasing Units at or near the Capped Return.

\n \n \n

Public Offering

The Public Offering Price.

Units will be purchased at the Public Offering\nPrice, the price per Unit of which is comprised of the following:

•

The aggregate underlying value of the purchased FLEX Options, less the value of the written FLEX Options;

•

The amount of any cash in the Income and Capital Accounts; and

•

The maximum sales charge (which combines an initial upfront sales charge and the creation and development fee).

The price you pay for your Units will differ\nfrom the amount stated under “Summary of Essential Information” due to various factors, including fluctuations in the prices\nof the Securities and changes in the value of the Income and/or Capital Accounts.

Although you are not required to pay for\nyour Units until one business day following your order (the “date of settlement”), you may pay before then. You will become\nthe owner of Units (“Record Owner”) on the date of settlement if payment has been received. If you pay for your Units before\nthe date of settlement, we may use your payment during this time and it may be considered a benefit to us, subject to the limitations\nof the Securities Exchange Act of 1934, as amended.

The number of Units available may be insufficient\nto meet demand. This may be because of the Sponsor’s inability to, or decision not to, purchase and deposit underlying Securities\nin amounts sufficient to maintain the proportionate numbers of shares of each Security as required to create additional Units or because\nof its inability to sell FLEX Options.

Organization Costs. Cash which comprises\nthe portion of the Public Offering Price intended to be used to reimburse the Sponsor for the Trust’s organization costs (including\ncosts of preparing the registration statement, the Indenture and other closing documents, registering Units with the SEC and states, licensing\nfees required for the establishment of the Trust under license agreements which provide for full payment of the licensing fees not later\nthan the conclusion of the organization expense period, the initial audit of the Trust’s statement of net assets, legal fees and\nthe initial fees and expenses of the Trustee) has been included in the Trust. The Sponsor will be reimbursed for the Trust’s organization\ncosts at the end of the initial offering period (a significantly shorter time period than the life of the Trust). To the extent actual\norganization costs are less than the estimated amount, only the actual organization costs will ultimately be charged to the Trust.

Minimum Purchase.

The minimum amount per account you can purchase\nof the Trust is generally $1,000 worth of Units, but such amounts may vary depending on your selling firm.

Maximum Sales Charge.

The maximum sales charge of 1.85% per Unit\nis comprised of a transactional sales charge and a creation and development fee. After the initial offering period the maximum sales charge\nwill be reduced by 0.49%, to reflect the amount of the previously charged creation and development fee.

Transactional Sales Charge.

The transactional sales charge you will pay\nis comprised of an initial sales charge.

Initial Sales Charge. The initial\nsales charge, which you will pay at the time of purchase, is equal to the difference between the maximum sales charge of 1.85% of the\nPublic Offering Price and the remaining creation and development fee (initially $.050 per Unit). On the Initial Date of Deposit, the initial\nsales charge is equal to approximately 1.36% of the Public Offering Price of a Unit. Thereafter, it will vary from 1.36% depending on\nthe purchase price of your Units and as the creation and development fee payments are made. When the Public Offering Price per Unit exceeds\n$10.226, the initial sales charge will exceed 1.36% of the Public Offering Price.

Creation and Development Fee.

As Sponsor, we will also receive, and the\nUnit holders will pay, a creation and development fee. See “Expenses and Charges” for a description of the services provided\nfor this fee. The creation and development fee is a charge of $.050 per Unit collected at the end of the initial offering period.

Discounts for Certain Persons.

The maximum sales charge is 1.85% per Unit\nand the maximum dealer concession is 1.25% per Unit.

If you are purchasing Units for an investment\naccount, the terms of which provide that your registered investment advisor or registered broker/dealer (a) charges periodic fees\nin lieu of commissions; (b) charges for financial planning, investment advisory or asset management services; or (c) charges\na comprehensive “wrap fee” or similar fee for these or comparable services (“Fee Accounts”), you will not be assessed\nthe transactional sales charge described above on such purchases. These Units will be designated as Fee Account Units and assigned a Fee\nAccount CUSIP Number. Certain Fee Account Unit holders may be assessed transaction or other account fees on the purchase and/or redemption\nof such Units by their registered investment advisor, broker/dealer or other processing organizations for providing certain transaction\nor account activities. Fee Account Units are not available for purchase in the secondary market. We reserve the right to limit or deny\npurchases of Units not subject to the transactional sales charge by investors whose frequent trading activity we determine to be detrimental\nto the Trust.

Employees, officers and directors (and immediate\nfamily members) of the Sponsor, our related companies, and dealers and their affiliates will purchase Units at the Public Offering Price\nless the applicable dealer concession, subject to the policies of the related selling firm. Immediate family members include spouses,\nor the equivalent if recognized under local law, children or step-children under the age of 21 living in the same household, parents or\nstep-parents and trustees, custodians or fiduciaries for the benefit of such persons. Only employees, officers and directors of companies\nthat allow their employees to participate in this employee discount program are eligible for the discounts.

The Value of the Securities.

The Sponsor will determine the aggregate\nunderlying value of the Securities in the Trust as of the Evaluation Time on each business day and will adjust the Public Offering Price\nof the Units according to this valuation. This Public Offering Price will be effective for all orders received before the Evaluation Time\non each such day. If we or the Trustee receive orders for purchases, sales or redemptions after that time, or on a day which is not a\nbusiness day, they will be held until the next determination of price. The term “business day” as used in this prospectus\nshall mean any day on which the NYSE is open. For purposes of Securities and Unit settlement, the term business day does not include days\non which U.S. financial institutions are closed.

The FLEX Options in the Trust will be valued\nutilizing an executed trade price, where applicable and appropriate. If no trades occur for a specific trade date or the Sponsor determines\nthat market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Sponsor will determine\nthe underlying value of the Securities based on their good faith determination of the fair value of the Securities at their discretion.\nTo determine the fair value of the Securities, where available, the Sponsor will start with values generated using model prices provided\nby an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such\nvalues are not available and to assess the reasonableness of the above valuations, the Sponsor will generate their own model-based valuations\nof the Securities, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded.

\n \n \n

Distribution of Units

We intend to qualify Units of the Trust for\nsale in a number of states. All Units will be sold at the then current Public Offering Price.

The Sponsor compensates intermediaries, such\nas broker/dealers and banks, for their activities that are intended to result in sales of Units of the Trust. This compensation includes\ndealer concessions described in the following section and may include additional concessions and other compensation and benefits to broker/dealers\nand other intermediaries.

Dealer Concessions.

Dealers and other selling agents can purchase\nUnits at prices which reflect a concession or agency commission of 1.25% of the Public Offering Price per Unit, subject to reductions\nset forth in “Public Offering—Discounts for Certain Persons.”

Eligible dealer firms and other selling agents\nwho, during the previous consecutive 12-month period through the end of the most recent month, sold primary market units of unit investment\ntrusts sponsored by us in the dollar amounts shown below will be entitled to up to the following additional sales concession on primary\nmarket sales of units during the current month of unit investment trusts sponsored by us:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Total sales\t (in millions) \t \t\t	Additional \nConcession
$25 but less than $100\t		0.035	%
$100 but less than $150\t		0.050	%
$150 but less than $250\t		0.075	%
$250 but less than $1,000\t		0.100	%
$1,000 but less than $5,000\t		0.125	%
$5,000 but less than $7,500\t		0.150	%
$7,500 or more\t		0.175	%

Dealers and other selling agents will not\nreceive a concession on the sale of Units which are not subject to a transactional sales charge, but such Units will be included in determining\nwhether the above volume sales levels are met. Eligible dealer firms and other selling agents include clearing firms that place orders\nwith First Trust and provide First Trust with information with respect to the representatives who initiated such transactions. Eligible\ndealer firms and other selling agents will not include firms that solely provide clearing services to other broker/dealer firms or firms\nwho place orders through clearing firms that are eligible dealers. We reserve the right to change the amount of concessions or agency\ncommissions from time to time. Certain commercial banks may be making Units of the Trust available to their customers on an agency basis.\nA portion of the transactional sales charge paid by these customers is kept by or given to the banks in the amounts shown above.

Other Compensation and Benefits to Broker/Dealers.

The Sponsor, at its own expense and out of\nits own profits, currently provides additional compensation and benefits to broker/dealers who sell Units of this Trust and other First\nTrust products. This compensation is intended to result in additional sales of First Trust products and/or compensate broker/dealers and\nfinancial advisors for past sales. A number of factors are considered in determining whether to pay these additional amounts. Such factors\nmay include, but are not limited to, the level or type of services provided by the intermediary, the level or expected level of sales\nof First Trust products by the intermediary or its agents, the placing of First Trust products on a preferred or recommended product list,\naccess to an intermediary’s personnel, and other factors. The Sponsor makes these payments for marketing, promotional or related\nexpenses, including, but not limited to, expenses of entertaining retail customers and financial advisors, advertising, sponsorship of\nevents or seminars, obtaining information about the breakdown of unit sales among an intermediary’s representatives or offices,\nobtaining shelf space in broker/dealer firms and similar activities designed to promote the sale of the Sponsor’s products. The\nSponsor makes such payments to a substantial majority of intermediaries that sell First Trust products. The Sponsor may also make certain\npayments to, or on behalf of, intermediaries to defray a portion of their costs incurred for the purpose of facilitating Unit sales, such\nas the costs of developing or purchasing trading systems to process Unit trades. Payments of such additional compensation described in\nthis and the preceding paragraph, some of which may be characterized as “revenue sharing,” create a conflict of interest by\ninfluencing financial intermediaries and their agents to sell or recommend a First Trust product, including the Trust, over products offered\nby other sponsors or fund companies. These arrangements will not change the price you pay for your Units.

Advertising and Investment Comparisons.

Advertising materials regarding the Trust\nmay discuss several topics, including: developing a long-term financial plan; working with your financial professional; the nature and\nrisks of various investment strategies and unit investment trusts that could help you reach your financial goals; the importance of discipline;\nhow the Trust operates; how securities are selected; various unit investment trust features such as convenience and costs; and options\navailable for certain types of unit investment trusts. These materials may include descriptions of the principal businesses of the companies\nrepresented in the Trust, research analysis of why they were selected and information relating to the qualifications of the persons or\nentities providing the research analysis. In addition, they may include research opinions on the economy and industry sectors included\nand a list of investment products generally appropriate for pursuing those recommendations.

From time to time we may compare the estimated\nreturns of the Trust (which may show performance net of the expenses and charges the Trust would have incurred) and returns over specified\nperiods of other similar trusts we sponsor in our advertising and sales materials, with (1) returns on other taxable investments\nsuch as the common stocks comprising various market indexes, corporate or U.S. Government bonds, bank CDs and money market accounts or\nfunds, (2) performance data from Morningstar, Inc. or (3) information from publications such as Money, The New York\nTimes, U.S. News and World Report, Bloomberg Businessweek, Forbes or Fortune. The investment characteristics\nof the Trust differ from other comparative investments. You should not assume that these performance comparisons will be representative\nof the Trust’s future performance. We may also, from time to time, use advertising which classifies trusts or portfolio securities\naccording to capitalization and/or investment style.

\n \n \n

The Sponsor’s Profits

We\nwill receive a gross sales commission equal to the maximum transactional sales charge per Unit less any reduction as stated in “Public\nOffering.” We will also receive the amount of any collected creation and development fee. Also, any difference between our cost\nto purchase the Securities and the price at which we sell them to the Trust is considered a profit or loss (see Note 3 of “Schedule\nof Investments”). During the initial offering period, dealers and others may also realize profits or sustain losses as a result\nof fluctuations in the Public Offering Price they receive when they sell the Units.

In\nmaintaining a market for the Units, any difference between the price at which we purchase Units and the price at which we sell or redeem\nthem will be a profit or loss to us.

\n \n \n

The Secondary Market

Although\nnot obligated, we may maintain a market for the Units after the initial offering period and continuously offer to purchase Units at prices\nbased on the Redemption Price per Unit.

We\nwill pay all expenses to maintain a secondary market, except fees to value Trust Securities and Trustee costs to transfer and record the\nownership of Units. We may discontinue purchases of Units at any time. If you wish to dispose of your Units, you should ask us for\nthe current market prices before making a tender for redemption to the Trustee.

\n \n \n

How We Purchase Units

The\nTrustee will notify us of any tender of Units for redemption. If our bid at that time is equal to or greater than the Redemption Price\nper Unit, we may purchase the Units. You will receive your proceeds from the sale no later than if they were redeemed by the Trustee.\nWe may tender Units that we hold to the Trustee for redemption as any other Units. If we elect not to purchase Units, the Trustee may\nsell tendered Units in the over-the-counter market, if any. However, the amount you will receive is the same as you would have received\non redemption of the Units.

\n \n \n

Expenses and Charges

The\nestimated annual expenses of the Trust are listed under “Fee Table.” If actual expenses of the Trust exceed the estimate,\nthe Trust will bear the excess. The Trustee will pay operating expenses of the Trust from the Income Account of the Trust if funds are\navailable, and then from the Capital Account. The Income and Capital Accounts are non-interest-bearing to Unit holders, so the Trustee\nmay earn interest on these funds, thus benefiting from their use.

First\nTrust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor and will be compensated for providing portfolio supervisory services\nas well as bookkeeping and other administrative services to the Trust. In providing portfolio supervisory services, the Portfolio Supervisor\nmay purchase research services from a number of sources, which may include underwriters or dealers of the Trust. In addition, the Portfolio\nSupervisor may, at its own expense, employ one or more sub-Portfolio Supervisors to assist in providing services to the Trust. The Portfolio\nSupervisor has employed Vest Financial LLC for research services and as sub-Portfolio Supervisor. As Sponsor, we will be compensated for\nproviding evaluation services and we will receive brokerage fees when the Trust uses us (or an affiliate of ours) as agent in buying or\nselling Securities. As authorized by the Indenture, the Trustee may employ a subsidiary or affiliate of the Trustee to act as broker to\nexecute certain transactions for the Trust. The Trust will pay for such services at standard commission rates.

The\nfees payable to the Sponsor, First Trust Advisors L.P. and the Trustee are based on the largest aggregate number of Units of the Trust\noutstanding at any time during the calendar year, except during the initial offering period, in which case these fees are calculated based\non the largest number of Units outstanding during the period for which compensation is paid. These fees may be adjusted for inflation\nwithout Unit holders’ approval, but in no case will the annual fees paid to us or our affiliates for providing services to all unit\ninvestment trusts be more than the actual cost of providing such services in such year.

As\nSponsor, we will receive a fee from the Trust for creating and developing the Trust, including determining the Trust’s objectives,\npolicies, composition and size, selecting service providers and information services and for providing other similar administrative and\nministerial functions. The “creation and development fee” is a charge of $.050 per Unit outstanding at the end of the initial\noffering period. The Trustee will deduct this amount from the Trust’s assets as of the close of the initial offering period. We\ndo not use this fee to pay distribution expenses or as compensation for sales efforts. This fee will not be deducted from your proceeds\nif you sell or redeem your Units before the end of the initial offering period.

In\naddition to the Trust’s operating expenses and those fees described above, the Trust may also incur the following charges:

•

All legal expenses of the Trustee according to its responsibilities under the Indenture;

•

The expenses and costs incurred by the Trustee to protect the Trust and your rights and interests\n(i.e., participating in litigation concerning a portfolio security) and the costs of indemnifying the Trustee;

•

Fees for any extraordinary services the Trustee performed under the Indenture;

•

Payment for any loss, liability or expense the Trustee incurred without negligence, bad faith\nor willful misconduct on its part, in connection with its acceptance or administration of the Trust;

•

Payment for any loss, liability or expenses we incurred without negligence, bad faith or willful\nmisconduct in acting as Sponsor of the Trust;

•

Foreign custodial and transaction fees (which may include compensation paid to the Trustee or\nits subsidiaries or affiliates), if any; and/or

•

All taxes and other government charges imposed upon the Securities or any part of the Trust.

The\nabove expenses and the Trustee’s annual fee are secured by a lien on the Trust. In addition, if there is not enough cash in the\nIncome or Capital Account, the Trustee has the power to sell Securities to make cash available to pay these charges which may result in\ncapital gains or losses to you. See “Tax Status.”

\n \n \n

Tax Status

RICs holding Cash and FLEX Options on State Street^®\nSPDR^® S&P 500^® ETF Trust.

Tax\nRisk. The Trust intends to treat any income it may derive from the FLEX Options as “qualifying income” under the provisions\nof the Code applicable to RICs. In addition, based upon language in the legislative history, the Trust intends to treat the issuer of\nthe FLEX Options as the referenced asset, which, assuming the referenced asset qualifies as a RIC, would allow the Trust to qualify for\nspecial rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the FLEX Options is not\nappropriately the referenced asset, the Trust could lose its own status as a RIC.

Regulated\nInvestment Company Qualification Risk. To maintain its status as a RIC, the Trust must distribute at least 90% of its investment company\ntaxable income and at least 90% of its net tax-exempt interest income annually. In addition, to avoid a non-deductible excise tax, the\nTrust must distribute at least 98% of its ordinary income and at least 98.2% of its capital gain net income. The Trust has entered into\noption agreements with the same counterparty and taken the position that the option agreements are separate agreements. Under general\ntax principles, a regulated investment company would not accrue income on separate option agreements during the term of the agreements.\nHowever, if the agreements are treated as one agreement, the Trust might be required to accrue income currently during the term and make\nannual distributions of income. If the Trust is required to accrue income but does not distribute the income to the investors, the Trust\nmay fail to qualify as a regulated investment company. In addition, if the agreements are treated as one agreement, the Trust may fail\neither or both of the RIC income and diversification tests. Separately, depending upon the circumstances, sales to fund redemptions could\ncause the Trust to recognize income that the Trust is required to distribute to maintain the Trust’s RIC status and avoid the excise\ntax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance\nof the Trust. Alternatively, if the Trust only makes distributions to maintain its RIC status and becomes subject to the excise tax, that\ncould also affect the projected performance of the Trust. In either case, the assets sold to fund redemptions, distributions or pay the\nexcise tax will not be available to assist the Trust in meeting its target outcome. If the Trust fails to qualify as a regulated investment\ncompany, it will be subject to tax as a C corporation.

Section\n1258 Risk. Section 1258 of the Internal Revenue Code requires the gain from conversion transactions to be recharacterized as ordinary\nincome. The Trust contains a straddle, which would generally produce ordinary income or short term capital gain. When a transaction sold\nas producing capital gains from certain types of investments, including straddles that create a return tied to the time value of money,\nthe transaction may be treated as a conversion transaction, and all gain from the transaction may be treated as ordinary income.

Federal Tax Matters.

This\nsection discusses some of the main U.S. federal income tax consequences of owning Units of the Trust as of the date of this prospectus.\nTax laws and interpretations change frequently, and this summary does not describe all of the tax consequences to all taxpayers. For example,\nthis summary generally does not describe your situation if you are a broker/dealer or other investor with special circumstances. In addition,\nthis section may not describe your state, local or non-U.S. tax consequences.

This\nfederal income tax summary is based in part on the advice of counsel to the Sponsor. The Internal Revenue Service (“IRS”)\ncould disagree with any conclusions set forth in this section. In addition, our counsel may not have been asked to review, and may not\nhave reached a conclusion with respect to the federal income tax treatment of the assets to be deposited in the Trust. This summary may\nnot be sufficient for you to use for the purpose of avoiding penalties under federal tax law.

As\nwith any investment, you should seek advice based on your individual circumstances from your own tax advisor.

Trust Status.

Unit\ninvestment trusts maintain both Income and Capital Accounts, regardless of tax structure. Please refer to the “Distributions”\nsection of the prospectus for more information.

The\nTrust intends to qualify as a RIC under the federal tax laws. If the Trust qualifies as a RIC and distributes its income as required by\nthe tax law, the Trust generally will not pay federal income taxes. For federal income tax purposes, you are treated as the owner of the\nTrust Units and not of the assets held by the Trust.

Distributions from the Trust.

Although\nthe Trust does not intend to make any distributions during its life, Trust distributions are generally taxable. After the end of each\nyear, you will receive a tax statement that separates the Trust’s distributions into ordinary income dividends, capital gain dividends\nand return of capital. Income reported is generally net of expenses (but see “Treatment of Trust Expenses” below). Ordinary\nincome dividends are generally taxed at your ordinary income tax rate, however, certain dividends received from the Trust may be taxed\nat the capital gains tax rates. Generally, all capital gain dividends are treated as long-term capital gains regardless of how long you\nhave owned your Units. In addition, the Trust may make distributions that represent a return of capital for tax purposes and will generally\nnot be currently taxable to you, although they generally reduce your tax basis in your Units and thus increase your taxable gain or decrease\nyour loss when you dispose of your Units. The tax laws may require you to treat distributions made to you in January as if you had received\nthem on December 31 of the previous year.

Some\ndistributions from the Trust may qualify as long-term capital gains, which, if you are an individual, is generally taxed at a lower rate\nthan your ordinary income and short-term capital gain income. The distributions from the Trust that you must take into account for federal\nincome tax purposes are not reduced by the amount used to pay a deferred sales charge, if any. Distributions from the Trust, including\ncapital gains, may also be subject to a “Medicare tax” if your adjusted gross income exceeds certain threshold amounts. In\naddition, because some of the positions in the FLEX Options may be offsetting, the ability of the Trust to obtain long-term capital gain\ntreatment may be reduced. Also, to the extent the gain on the FLEX Options exceeds the gain on the Underlying ETF, there is a risk that\nSection 1260 of the Internal Revenue Code will recharacterize such excess gain as ordinary income.

Treatment of the FLEX Options.

The\nTrust’s investments in offsetting positions with respect to the Underlying ETF may be “straddles” for U.S. federal income\ntax purposes. The straddle rules may affect the character of gains (or losses) realized by the Trust, and losses realized by the Trust\non positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating\ntaxable income for the taxable year in which the losses are realized. In addition, certain carrying charges (including interest expense)\nassociated with positions in a straddle may be required to be capitalized rather than deducted currently. Certain elections that the Trust\nmay make with respect to its straddle positions may also affect the amount, character and timing of the recognition of gains or losses\nfrom the affected positions.

The\ntax consequences of straddle transactions to the Trust are not entirely clear in all situations under currently available authority. The\nstraddle rules may increase the amount of short-term capital gain realized by the Trust, which is taxed as ordinary income when distributed\nto U.S. shareholders in a non-liquidating distribution. Because application of the straddle rules may affect the character of gains or\nlosses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, if the Trust makes a non-liquidating\ndistribution of its short-term capital gain, the amount which must be distributed to U.S. shareholders as ordinary income may be increased\nor decreased substantially as compared to the Trust that did not engage in such transactions.

The\nFLEX Options included in the portfolio are exchange-traded options. Under Section 1256 of the Code, certain types of exchange-traded options\nare treated as if they were sold (i.e., “marked to market”) at the end of each year. The Trust does not believe that the positions\nheld by the Trust will be subject to Section 1256, which means that the positions will not be marked to market, but the positions will\nbe subject to the straddle rules.

Sale of Units.

If\nyou sell your Units (whether to a third party or to the Trust), you will generally recognize a taxable gain or loss. To determine the\namount of this gain or loss, you must subtract your (adjusted) tax basis in your Units from the amount you receive from the sale. Your\noriginal tax basis in your Units is generally equal to the cost of your Units, including sales charges. In some cases, however, you may\nhave to adjust your tax basis after you purchase your Units, in which case your gain would be calculated using your adjusted basis.

The\ntax statement you receive in regard to the sale or redemption of your Units may contain information about your basis in the Units and\nwhether any gain or loss recognized by you should be considered long-term or short-term capital gain. The information reported to you\nis based upon rules that do not take into consideration all of the facts that may be known to you or to your advisors. You should consult\nwith your tax advisor about any adjustments that may need to be made to the information reported to you in determining the amount of your\ngain or loss.

Treatment of Trust Expenses.

Expenses\nincurred and deducted by the Trust will generally not be treated as income taxable to you. In some cases, however, you may be required\nto treat your portion of these Trust expenses as income. You may not be able to take a deduction for some or all of these expenses even\nif the cash you receive is reduced by such expenses.

Non-U.S. Investors.

If\nyou are a non-U.S. investor, distributions from the Trust treated as dividends will generally be subject to a U.S. withholding tax of\n30% of the distribution. Certain dividends, such as capital gains dividends, short-term capital gains dividends, and distributions that\nare attributable to certain interest income may not be subject to U.S. withholding taxes. In addition, some non-U.S. investors may be\neligible for a reduction or elimination of U.S. withholding taxes under a treaty. However, the qualification for those exclusions may\nnot be known at the time of the distribution and some excluded income may be taken into consideration for alternative minimum tax purposes.

Separately,\nthe United States, pursuant to the Foreign Account Tax Compliance Act (“FATCA”) imposes a 30% tax on certain non-U.S. entities\nthat receive U.S. source interest or dividends if the non-U.S. entity does not comply with certain U.S. disclosure and reporting requirements.\nThis FATCA tax also currently applies to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends.\nHowever, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

It\nis the responsibility of the entity through which you hold your Units to determine the applicable withholding.

You\nshould consult your tax advisor regarding potential foreign, state or local taxation with respect to your Units.

\n \n \n

Retirement Plans

You\nmay purchase Units of the Trust for:

•

Individual Retirement Accounts;

•

Keogh Plans;

•

Pension funds; and

•

Other tax-deferred retirement plans.

Generally,\nthe federal income tax on capital gains and income received in each of the above plans is deferred until you receive distributions. These\ndistributions are generally treated as ordinary income but may, in some cases, be eligible for special averaging or tax-deferred rollover\ntreatment. Before participating in a plan like this, you should review the tax laws regarding these plans and consult your attorney or\ntax advisor. Brokerage firms and other financial institutions offer these plans with varying fees and charges.

\n \n \n

Rights of Unit Holders

Unit Ownership.

Ownership\nof Units will not be evidenced by certificates. If you purchase or hold Units through a broker/dealer or bank, your ownership of Units\nwill be recorded in book-entry form at the Depository Trust Company (“DTC”) and credited on its records to your broker/dealer’s\nor bank’s DTC account. Transfer of Units will be accomplished by book entries made by DTC and its participants if the Units are\nregistered to DTC or its nominee, Cede & Co. DTC will forward all notices and credit all payments received in respect of the Units\nheld by the DTC participants. You will receive written confirmation of your purchases and sales of Units from the broker/dealer or bank\nthrough which you made the transaction. You may transfer your Units by contacting the broker/dealer or bank through which you hold your\nUnits.

Unit Holder Reports.

The\nTrustee will prepare a statement detailing the per Unit amounts (if any) distributed from the Income Account and Capital Account in connection\nwith each distribution. In addition, at the end of each calendar year, the Trustee will prepare a statement which contains the following\ninformation:

•

A summary of transactions in the Trust for the year;

•

A list of any Securities sold during the year and the Securities held at the end of that year by the Trust;

•

The Redemption Price per Unit, computed on the 31st day of December of such year (or the last business day before); and

•

Amounts of income and capital distributed during the year.

By\nFebruary 15th yearly, the Annual Reports are posted to the Sponsor’s website (www.ftportfolios.com) in the UIT Tax Center and retrievable\nby CUSIP. You may also request one be sent to you by calling the Sponsor at 800–621–1675, dept. code 2. In addition, you may\nalso request from the Trustee copies of the evaluations of the Securities as prepared by the Sponsor to enable you to comply with applicable\nfederal and state tax reporting requirements.

\n \n \n

Distributions

You\nwill be eligible to receive distributions, if any, on your Units only after you become a Record Owner. The Trustee will credit any receipts,\nsuch as return of capital or capital gain dividends, to the Capital Account of the Trust. The Trust does not, however, intend to make\nany distributions during its life.

Distributions,\nif any, will be made on the twenty-fifth day of December (“Distribution Date“) to Unit holders of record on the tenth day\nof such month (“Record Date“). The Trustee may distribute funds in the Capital Account in December of each year to avoid imposition\nof any income or excise taxes on undistributed income in the Trust and will distribute funds as part of the final liquidation distribution.\n

If\na Capital Account Distribution Date is a day on which the NYSE is closed, the distribution will be made on the next day the stock exchange\nis open. Distributions are paid on the twenty-fifth day of each month to Unit holders of record determined as of the close of business\non the Record Date for that distribution or, if the Record Date is a day on which the NYSE is closed, the first preceding day on which\nthe exchange is open.

Within\na reasonable time after the Trust is terminated, you will receive the pro rata share of the money from the sale of the Securities and\namounts in the Income and Capital Accounts. All Unit holders will receive a pro rata share of any other assets remaining in the Trust,\nafter deducting any unpaid expenses.

The\nTrustee may establish reserves (the “Reserve Account”) within the Trust to cover anticipated state and local taxes or any\ngovernmental charges to be paid out of that Trust.

\n \n \n

Redeeming Your Units

You may redeem all or a portion of your Units\nat any time by sending a request for redemption to your broker/dealer or bank through which you hold your Units. You are responsible for\nany governmental charges that apply. Certain broker/dealers may charge a transaction fee for processing redemption requests. One business\nday after the day you tender your Units (the “Date of Tender”) you will receive cash in an amount for each Unit equal to the\nRedemption Price per Unit calculated at the Evaluation Time on the Date of Tender.

The Date of Tender is considered to be the\ndate on which your redemption request is received by the Trustee from the broker/dealer or bank through which you hold your Units (if\nsuch day is a day the NYSE is open for trading). However, if the redemption request is received after the Initial Evaluation Time on the\nInitial Date of Deposit or, thereafter, 4:00 p.m. Eastern time (or after any earlier closing time on a day on which the NYSE is scheduled\nin advance to close at such earlier time), the Date of Tender is the next day the NYSE is open for trading.

Any amounts paid on redemption representing\nincome will be withdrawn from the Income Account if funds are available for that purpose, or from the Capital Account. All other amounts\npaid on redemption will be taken from the Capital Account.

If permitted, broker/dealers that tender\nfor redemption at least 15,426 Units (and in increments of 7,713 Units above such amount), or such other number of Units as determined\nby the Sponsor which will result in a pro rata distribution of whole shares of Securities, rather than receiving cash, may elect to receive\nan In-Kind Distribution in an amount equal to the Redemption Price per Unit by making this request to the Trustee at the time of tender.\nNo In-Kind Distribution requests submitted during the 10 business days prior to the Trust’s Mandatory Termination Date will be honored.\nWhere possible, the Trustee will make an In-Kind Distribution by distributing each of the Securities in book-entry form to the broker/dealer’s\naccount at DTC. The Trustee will subtract any customary transfer and registration charges from an In-Kind Distribution. As a tendering\nUnit holder, the broker/dealer will receive its pro rata number of whole shares of Securities that make up the portfolio, and cash from\nthe Capital Account equal to the fractional shares to which it is entitled.

The Trustee may sell Securities to make funds\navailable for redemption. The Trustee will purchase the written FLEX Options which will cancel them and sell the purchased FLEX Options.\nBecause of the minimum amounts in which the FLEX Options must be traded, the proceeds of Securities sold may exceed the amount required\nat the time to redeem Units. In addition, due to timing issues, the Trustee may need to sell more Securities than anticipated to satisfy\nredemptions. Both of these events could cause a dilution of remaining Unit holders’ investments, reduce Unit values and cause the\nTrust not to achieve the hypothetical returns set forth in this prospectus. These excess proceeds will be distributed to Unit holders.\nIf Securities are sold, the size and diversification of the Trust will be reduced. These sales may result in lower prices than if the\nSecurities were sold at a different time.

Your right to redeem Units (and therefore,\nyour right to receive payment) may be delayed:

•

If the NYSE is closed (other than customary weekend and holiday closings);

•

If the SEC determines that trading on the NYSE is restricted or that an emergency exists making sale or evaluation of the Securities\nnot reasonably practical; or

•

For any other period permitted by SEC order.

The Trustee is not liable to any person for\nany loss or damage which may result from such a suspension or postponement.

The Redemption Price.

The Redemption Price per Unit is determined\nby the Trustee by:

adding

cash in the Income and Capital Accounts of the Trust not designated to purchase Securities; and

the aggregate underlying value of the purchased FLEX Options held by the Trust; and

deducting

the aggregate value of the written FLEX Options;

any applicable taxes or governmental charges that need to be paid out of the Trust;

any amounts owed to the Trustee for its advances;

estimated accrued expenses of the Trust, if any;

cash held for distribution to Unit holders of record of the Trust as of the business day before the evaluation being made;

liquidation costs for foreign Securities, if any; and

other liabilities incurred by the Trust; and

dividing

the result by the number of outstanding Units of the Trust.

Until\nthey are collected, the Redemption Price per Unit will include estimated organization costs as set forth under “Fee Table.”

\n \n \n

Removing Securities from the Trust

The portfolio of the Trust is not managed.\nHowever, we may, but are not required to, direct the Trustee to dispose of a Security in certain limited circumstances, including situations\nin which:

•

The issuer of the Security defaults in the payment of a declared dividend;

•

Any action or proceeding prevents the payment of dividends;

•

There is any legal question or impediment affecting the Security;

•

The issuer of the Security has breached a covenant which would affect the payment of dividends, the issuer’s credit standing,\nor otherwise damage the sound investment character of the Security;

•

The issuer has defaulted on the payment of any other of its outstanding obligations;

•

There has been a public tender offer made for a Security or a merger or acquisition is announced affecting a Security, and that in\nour opinion the sale or tender of the Security is in the best interest of Unit holders;

•

The sale of Securities is necessary or advisable (i) in order to maintain the qualification of the Trust as a “regulated\ninvestment company” or (ii) to provide funds to make any distribution for a taxable year in order to avoid imposition of any income\nor excise taxes on undistributed income in the Trust;

•

The price of the Security has declined to such an extent, or such other credit factors exist, that in our opinion keeping the Security\nwould be harmful to the Trust;

•

As a result of the ownership of the Security, the Trust or its Unit holders would be a direct or indirect shareholder of a passive\nforeign investment company; or

•

The sale of the Security is necessary for the Trust to comply with such federal and/or state laws, regulations and/or regulatory actions\nand interpretations which may be in effect from time to time.

Except for instances in which the Trust acquires\nReplacement Securities, as described in “The FT Series,” the Trust will generally not acquire any securities or other property\nother than the Securities. The Trustee, on behalf of the Trust and at the direction of the Sponsor, will vote for or against any offer\nfor new or exchanged securities or property in exchange for a Security, such as those acquired in a merger or other transaction. If such\nexchanged securities or property are acquired by the Trust, at our instruction, they will either be sold or held in the Trust. In making\nthe determination as to whether to sell or hold the exchanged securities or property we may get advice from the Portfolio Supervisor.\nAny proceeds received from the sale of Securities, exchanged securities or property will be credited to the Capital Account of the Trust\nfor distribution to Unit holders or to meet redemption requests. The Trustee may retain and pay us or an affiliate of ours to act as agent\nfor the Trust to facilitate selling Securities, exchanged securities or property from the Trust. If we or our affiliate act in this capacity,\nwe will be held subject to the restrictions under the 1940 Act. When acting in an agency capacity, we may select various broker/dealers\nto execute securities transactions on behalf of the Trust, which may include broker/dealers who sell Units of the Trust. We do not consider\nsales of Units of the Trust or any other products sponsored by First Trust as a factor in selecting such broker/dealers. As authorized\nby the Indenture, the Trustee may also employ a subsidiary or affiliate of the Trustee to act as broker in selling such Securities or\nproperty. The Trust will pay for these brokerage services at standard commission rates.

The Trustee may sell Securities designated\nby us, or, absent our direction, at its own discretion, in order to meet redemption requests or pay expenses. In designating Securities\nto be sold, we will try to maintain the proportionate relationship among the Securities. If this is not possible, the composition and\ndiversification of the Trust may be changed.

\n \n \n

Amending or Terminating the Indenture

Amendments.\nThe Indenture may be amended by us and the Trustee without your consent:

•

To cure ambiguities;

•

To correct or supplement any defective or inconsistent provision;

•

To make any amendment required by any governmental agency; or

•

To make other changes determined not to be adverse to your best interests (as determined by\nus and the Trustee).

Termination.\nAs provided by the Indenture, the Trust will terminate on the Trust’s Mandatory Termination Date as stated in the “Summary\nof Essential Information.” The Trust may be terminated earlier:

•

Upon the consent of 100% of the Unit holders of the Trust;

•

If the value of the Securities owned by the Trust as shown by any evaluation is less than the\nlower of $2,000,000 or 20% of the total value of Securities deposited in the Trust during the initial offering period (“Discretionary\nLiquidation Amount”); or

•

In the event that Units of the Trust not yet sold aggregating more than 60% of the Units of\nthe Trust are tendered for redemption by underwriters, including the Sponsor.

If\nthe Trust is terminated due to this last reason, we will refund your entire sales charge. For various reasons, the Trust may be reduced\nbelow the Discretionary Liquidation Amount and could therefore be terminated before the Trust’s Mandatory Termination Date.

Unless\nterminated earlier, the Trustee may begin to sell Securities in connection with the termination of the Trust as early as nine business\ndays prior to, but will sell Securities no later than, the Trust’s Mandatory Termination Date. We will determine the manner and\ntiming of the sale of Securities. Because the Trustee must sell the Securities within a relatively short period of time, the sale of Securities\nas part of the termination process may result in a lower sales price than might otherwise be realized if such sale were not required at\nthis time.

The\nscheduled Trust’s Mandatory Termination Date will be on the same day as the expiration date of the FLEX Options. If the Trust is\nterminated early, the Trustee will sell the purchased FLEX Options and enter into a closing purchase transaction as a result of which\nthe written FLEX Options will be canceled.

You\nwill receive a cash distribution from the sale of the remaining Securities, along with your interest in the Income and Capital Accounts,\nwithin a reasonable time after the Trust is terminated. The Trustee will deduct from the Trust any accrued costs, expenses, advances or\nindemnities provided for by the Indenture, including estimated compensation of the Trustee and costs of liquidation and any amounts required\nas a reserve to pay any taxes or other governmental charges.

\n \n \n

Information on Vest Financial LLC, the Sponsor and Trustee

Vest Financial LLC.

Vest\nFinancial LLC (“Vest”), a registered investment advisory firm, is a subsidiary of Vest Group, Inc. (“VG”). First\nTrust Capital Partners, LLC, an affiliate of the Sponsor, is the largest single holder of voting shares in VG.

Vest\nis a leading advisor to financial professionals and investment managers on Target Outcome Investments, a new class of investments that\ntarget a defined return profile, with an allowance for a specific level risk, at a particular point in time in the future. Vest applies\nits expertise in options-based Target Outcome Investments to managed accounts, mutual funds and UITs. These products seek to provide investors\nwith targeted protection, enhanced returns, defined income and a level of predictability unattainable with most other investments available\ntoday.

The Sponsor.

We,\nFirst Trust Portfolios L.P., specialize in the underwriting, trading and wholesale distribution of unit investment trusts under the “First\nTrust” brand name as well as other securities. An Illinois limited partnership formed in 1991, we took over the First Trust product\nline and act as Sponsor for successive series of:

•

The First Trust Combined Series

•

FT Series (formerly known as The First Trust Special Situations Trust)

•

The First Trust Insured Corporate Trust

•

The First Trust of Insured Municipal Bonds

•

The First Trust GNMA

•

FTP Series

The\nFirst Trust product line commenced with the first insured unit investment trust in 1974. To date we have deposited more than $670 billion\nin First Trust unit investment trusts. Our employees include a team of professionals with many years of experience in the unit investment\ntrust industry.

We\nare a member of FINRA and SIPC. Our principal offices are at 120 East Liberty Drive, Wheaton, Illinois 60187; telephone number 800–621–1675.\nAs of December 31, 2025, the total partners’ capital of First Trust Portfolios L.P. was $125,781,225.

This\ninformation refers only to us and not to the Trust or to any series of the Trust or to any other dealer. We are including this information\nonly to inform you of our financial responsibility and our ability to carry out our contractual obligations. We will provide more detailed\nfinancial information on request.

Code\nof Ethics. The Sponsor and the Trust have adopted a code of ethics requiring the Sponsor’s employees who have access to information\non Trust transactions to report personal securities transactions. The purpose of the code is to avoid potential conflicts of interest\nand to prevent fraud, deception or misconduct with respect to the Trust.

The Trustee.

The\nTrustee is The Bank of New York Mellon, a trust company organized under the laws of New York. The Bank of New York Mellon has its unit\ninvestment trust division offices at 240 Greenwich Street, New York, New York 10286, telephone 800–813–3074. If you have questions\nregarding your account or your Trust, please contact the Trustee at its unit investment trust division offices or your financial advisor.\nThe Sponsor does not have access to individual account information. The Bank of New York Mellon is subject to supervision and examination\nby the Superintendent of the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System,\nand its deposits are insured by the Federal Deposit Insurance Corporation to the extent permitted by law.

The\nTrustee has not participated in selecting the Securities; it only provides administrative services. A broker which is a member of the\nOCC engaged by the Sponsor has custody of the Trust’s FLEX Options; the Trustee has custody of the Trust assets other than the FLEX\nOptions.

Limitations of Liabilities of Sponsor and Trustee.

Neither\nwe nor the Trustee will be liable for taking any action or for not taking any action in good faith according to the Indenture. We will\nalso not be accountable for errors in judgment. We will only be liable for our own willful misfeasance, bad faith, gross negligence (ordinary\nnegligence in the Trustee’s case) or reckless disregard of our obligations and duties. The Trustee is not liable for any loss or\ndepreciation when the Securities are sold. If we fail to act under the Indenture, the Trustee may do so, and the Trustee will not be liable\nfor any action it takes in good faith under the Indenture.

The\nTrustee will not be liable for any taxes or other governmental charges or interest on the Securities which the Trustee may be required\nto pay under any present or future law of the United States or of any other taxing authority with jurisdiction. Also, the Indenture states\nother provisions regarding the liability of the Trustee.

If\nwe do not perform any of our duties under the Indenture or are not able to act or become bankrupt, or if our affairs are taken over by\npublic authorities, then the Trustee may:

•

Appoint a successor sponsor, paying them a reasonable rate not more than that stated by the\nSEC; or

•

Terminate the Indenture and liquidate the Trust.

The\nTrustee and Unit holders may rely on the accuracy of any evaluation prepared by the Sponsor. The Sponsor will make determinations in good\nfaith based upon the best available information, but will not be liable to the Trustee or Unit holders for errors in judgment.

\n \n \n

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 320\nS. Canal St., Chicago, Illinois 60606. They have passed upon the legality of the Units offered hereby\nand certain matters relating to federal tax law. Carter Ledyard & Milburn LLP acts as the Trustee’s counsel.

Experts.

The\nTrust’s statement of net assets, including the schedule of investments, as of the opening of business on the Initial Date of Deposit\nincluded in this prospectus, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated\nin their report appearing herein, and is included in reliance upon the report of such firm given upon their authority as experts in accounting\nand auditing.

Supplemental Information.

If\nyou write or call the Sponsor, you will receive free of charge supplemental information about this Series, which has been filed with the\nSEC and to which we have referred throughout. This information states more specific details concerning the nature, structure and risks\nof this product.

This page is intentionally\nleft blank.

$\"\"$

Vest\nLarge Cap Deep Buffered 30 Portfolio, Series 66
\nFT 13256

Sponsor:

$\"\"$

First Trust Portfolios L.P.

Member SIPC • Member FINRA
\n120 East Liberty Drive
\nWheaton, Illinois 60187
\n800–621–1675

Trustee:

The Bank of New York Mellon

240 Greenwich Street
\nNew York, New York 10286
\n800–813–3074
\n24-Hour Pricing Line:
\n800–446–0132

When\nUnits of the Trust are no longer available, this prospectus may be used as a preliminary prospectus
\nfor a future series, in which case you should note the following:

The\ninformation in the prospectus is not complete and may be changed. We may not sell, or accept offers to buy, securities of a future series\nuntil that series has become effective with the SEC. No securities can be sold in any state where a sale would be illegal.

This prospectus contains\ninformation relating to the above-mentioned unit investment trust, but does not contain all of the information about this investment company\nas filed with the SEC in Washington, D.C. under the:

Securities Act of 1933\n(file no. 333–298253) and

Investment Company Act\nof 1940 (file no. 811–05903)

Information about the\nTrust, including its Code of Ethics, can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information\nregarding the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at 202–942–8090.

Information\nabout the Trust is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov.

To obtain copies at prescribed rates –

\tWrite:\tPublic Reference Section of the SEC
\n\t100 F Street, N.E.
\n\tWashington, D.C. 20549

October 21, 2026

PLEASE\nRETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

$\"\"$

The FT Series

Information Supplement

This Information Supplement\nprovides additional information concerning the structure, operations and risks of the unit investment trust contained in FT 13256 not\nfound in the prospectus for the Trust. This Information Supplement is not a prospectus and does not include all of the information you\nshould consider before investing in the Trust. This Information Supplement should be read in conjunction with the prospectus for the Trust\nin which you are considering investing.

This\nInformation Supplement is dated October 21, 2026. Capitalized terms have been defined in the prospectus.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n

Standard & Poor’s Financial Services LLC.	1
Risk Factors
	Securities	2

Standard & Poor’s Financial Services LLC

The Licensed Index is\na product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust Advisors\nL.P. S&P^®, S&P 500^®, US 500, The 500, iBoxx^®, iTraxx^® and CDX^®\nare trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^®\nis a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use\nby SPDJI and sublicensed for certain purposes by First Trust Advisors L.P. It is not possible to invest directly in an index. The Trust\nis not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P\nDow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of\nthe Trust or any member of the public regarding the advisability of investing in securities generally or in the Trust particularly or\nthe ability of the Licensed Index to track general market performance. Past performance of an index is not an indication or guarantee\nof future results. S&P Dow Jones Indices’ only relationship to First Trust Advisors L.P. with respect to the Licensed Index\nis the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors.\nThe Licensed Index is determined, composed and calculated by S&P Dow Jones Indices without regard to First Trust Advisors L.P or the\nTrust. S&P Dow Jones Indices has no obligation to take the needs of First Trust Advisors L.P. or the owners of the Trust into consideration\nin determining, composing or calculating the Licensed Index. S&P Dow Jones Indices has no obligation or liability in connection with\nthe administration, marketing or trading of the Trust. There is no assurance that investment products based on the Licensed Index will\naccurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser,\ncommodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter” (as defined in the Investment Company Act\nof 1940, as amended), “expert” as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity,\ncrypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security,\ncommodity, cryptocurrency or other asset, nor is it considered to be investment advice or commodity trading advice. SPDJI provides indices\nthat use environmental, social and/or governance (ESG) indicators (including, without limit, business involvement screens, conformance\nto voluntary corporate standards, GHG emissions data, and ESG scores) to select, weight and/or exclude constituents. ESG indicators seek\nto measure a company’s, or an asset’s performance, with respect to E, S and/or G criteria. ESG indicators are derived from\npublicly reported data, modelled data, or a combination of reported and modelled data. ESG indicators are based on a qualitative assessment\ndue to the absence of well-defined uniform market standards and the use of multiple methodologies to assess ESG factors. No single clear,\ndefinitive test or framework (legal, regulatory, or otherwise) exists to determine labels such as, ‘ESG’, ‘sustainable’,\n‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled objectives.\nTherefore, the exercise of subjective judgment is necessary. Different persons may classify the same investment, products and/or strategy\ndifferently regarding the foregoing labels.

S&P DOW JONES INDICES\nDOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE LICENSED INDEX OR ANY DATA RELATED THERETO OR ANY\nCOMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO.\nS&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES\nINDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR\nPURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FIRST TRUST ADVISORS L.P., OWNERS OF THE TRUST, OR ANY OTHER PERSON OR ENTITY FROM THE\nUSE OF THE LICENSED INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL\nS&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED\nTO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER\nIN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P\nDOW JONES INDICES AND FIRST TRUST ADVISORS L.P., OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Risk Factors

Securities. An\ninvestment in Units should be made with an understanding of the risks which an investment in common stocks entails, including the risk\nthat the financial condition of the issuers of the Securities or the general condition of the relevant stock market may worsen, and the\nvalue of the Securities and therefore the value of the Units may decline. Common stocks are especially susceptible to general stock market\nmovements and to volatile increases and decreases of value, as market confidence in and perceptions of the issuers change. These perceptions\nare based on unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and\ninterest rates, economic expansion or contraction, and global or regional political, economic or banking crises.

Undertaking

Subject to the\nterms and conditions of Section 15(d) of the Securities Exchange Act of 1934, the undersigned registrant hereby undertakes to file with\nthe Securities and Exchange Commission such supplementary and periodic information, documents, and reports as may be prescribed by any\nrule or regulation of the Commission heretofore or hereafter duly adopted pursuant to authority conferred in that section.

CONTENTS\nOF REGISTRATION STATEMENT

Bonding Arrangements of Depositor:

First Trust Portfolios\nL.P. is covered by a Brokers’ Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance\nCompany of Pittsburgh.

This Registration Statement on Form S-6 comprises the following papers and documents:

The Facing Sheet

The Prospectus

The Signatures

Exhibits

S-1

SIGNATURES

The Registrant,\nFT 13256, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The\nFirst Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations\nTrust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438;\nFT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT\n3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT\n4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT\n8955; FT 8956; FT 8965; FT 8976; FT 8978; FT 8993; FT 8994; FT 8997; FT 9039; FT 9040; FT 9042; FT 9058; FT 9068; FT 9203; FT 9204; FT\n9303; FT 9305; FT 9326; FT 9327; FT 9372; FT 9401; FT 9402; FT 9403; FT 9474; FT 9513; FT 9514; FT 9611; FT 9630; FT 9709; FT 9872; FT\n9908; FT 9911; FT 9923; FT 9937; FT 9950; FT 9961; FT 9977; FT 9978; FT 10051; FT 10057; FT 10105; FT 10109; FT 10121; FT 10272; FT 10295;\nFT 10323; FT 10412; FT 10447; FT 10455; FT 10475; FT 10528; FT 10583; FT 10689; FT 10694; FT 10756; FT 10865; FT 10895; FT 10976; FT 11035;\nFT 11095; FT 11096; FT 11097; FT 11155; FT 11156; FT 11223; FT 11224; FT 11285; FT 11462; FT 11475; FT 11642; FT 11756; FT 11909; FT 12152;\nFT 12153; FT 12155; FT 12399; FT 12415; FT 12445; FT 12508; FT 12545; FT 12583; FT 12718; FT 12728; FT 12832; FT 12883; FT 12889; FT 12902;\nFT 13043; FT 13045; FT 13168 and FT 13221 for purposes of the representations required by Rule 487 and represents the following:

(1)that\nthe portfolio securities deposited in the series with respect to which this Registration Statement is being filed do not differ materially\nin type or quality from those deposited in such previous series;

(2)that,\nexcept to the extent necessary to identify the specific portfolio securities deposited in, and to provide essential financial information\nfor, the series with respect to the securities of which this Registration Statement is being filed, this Registration Statement does not\ncontain disclosures that differ in any material respect from those contained in the registration statements for such previous series as\nto which the effective date was determined by the Commission or the staff; and

(3)that\nit has complied with Rule 460 under the Securities Act of 1933.

Pursuant to\nthe requirements of the Securities Act of 1933, the Registrant, FT 13256, has duly caused this Amendment to the Registration Statement\nto be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on October 21,\n2026.

FT 13256

By:

First Trust Portfolios L.P.
\nDepositor

By:

/s/ Ronda L. Saeli-Chiappe
\nSenior Vice President

S-2

Pursuant to the requirements\nof the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following person in the capacity\nand on the date indicated:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Title*	Date

James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	\n ) \n ) \n ) \n )By:/s/ Ronda L. Saeli-Chiappe \n ) Attorney-in-Fact** \n ) October 21, 2026 \n ) \n )
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	\n ) \n ) \n )
Christina Knierim	Controller of First Trust Portfolios L.P.	) \n)

The title of the person named herein represents his or her capacity in and relationship to First Trust\nPortfolios L.P., the Depositor.

Executed copies of the related powers of\nattorney were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 12910 (File\nNo. 333-294321) and the same is hereby incorporated herein by this reference.

S-3

CONSENT\nOF COUNSEL

The consent of counsel\nto the use of its name in the Prospectus included in this Registration Statement is contained in its opinion filed as Exhibit 3.1 of the\nRegistration Statement.

Consent\nof Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP to\nthe use of its name in the Prospectus included in the Registration Statement is filed as Exhibit 4.1 to the Registration Statement.

S-4

EXHIBIT\nINDEX

1.1

Standard Terms\nand Conditions of Trust for FT 10292 and certain subsequent Series, effective September 7, 2022 among First Trust Portfolios L.P.,\nas Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-266325] filed on behalf of FT 10292).

1.1.1

Trust Agreement for FT 13256, effective October 21, 2026 among First Trust Portfolios L.P., as Depositor,\nThe Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

Certificate\nof Limited Partnership of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment\nNo. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3

Amended and\nRestated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4

Articles of\nIncorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios\nL.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5

By-Laws of\nThe Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to\nForm S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.7

Fund of Funds Agreements (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-261661]\nfiled on behalf of FT 9909, Amendment No.\n1 to Form S-6 [File No. 333-261297] filed on behalf of FT\n9857, Amendment No. 1 to Form S-6 [File No. 333-262164] filed on behalf of FT\n9948, Amendment No. 1 to Form S-6 [File No. 333-262344] filed on behalf of FT\n9965, Amendment No. 1 to Form S-6 [File No. 333-263845] filed on behalf of FT\n10083 and Amendment No. 1 to Form S-6 [File No. 333-274281] filed on behalf of FT\n11028).

2.2

Code of\nEthics (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-224320] filed on behalf of FT 7359).

S-5

3.1

Opinion of counsel as to legality of securities being registered.

4.1

Consent of Independent Registered Public Accounting Firm.

6.1

List of\nPrincipal Officers of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf\nof FT 8556).

7.1

Powers of Attorney\nexecuted by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File\nNo. 333-294321] filed on behalf of FT 12910).

S-6

","original","zhKind","translation","complete",false,"公司与财报","行业与主题","aihot","/items/f05dnrcsmz56sivn5ik1x61bt","https://www.sec.gov/Archives/edgar/data/2144046/000144554626007794/0001445546-26-007794-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792800000&sig=a1281a539589308a","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792800000&sig=57a86ea6a382db0f 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792800000&sig=f9807010575fb678 96w","changelogVersion","2026-10-01T08:00"]