# EDGAR Filing Document

**Accession Number:** 0001667919
**File Stem:** 0001445546-25-004234
**Filing Date:** 2025-6
**Character Count:** 538659
**Document Hash:** 539ce011937525d7b34cd8dac3bfe4e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-004234.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001445546-25-004234

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND VIII
- **CENTRAL INDEX KEY:** 0001667919

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23147
- **FILM NUMBER:** 251062397

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED FUND VIII
- **CENTRAL INDEX KEY:** 0001667919

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-210186
- **FILM NUMBER:** 251062396

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

## Series and Classes Contracts Data

### FT Confluence BDC & Specialty Finance Income ETF (Series ID: S000090298)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000257285 | FT Confluence BDC & Specialty Finance Income ETF | FBDC            |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

As filed with the Securities and Exchange Commission on June 20, 2025

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1933 Act Registration No. 333-210186

1940 Act Registration No. 811-23147

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-1A

---

| | |
|:---|:---|
| Registration Statement Under the Securities Act of 1933 | ☐ |
| Pre-Effective Amendment No. __ | ☐ |
| Post-Effective Amendment No. 586 | ☒ |
| and | and |
| Registration Statement Under the Investment Company Act of 1940 | ☐ |
| Amendment No. 588 | ☒ |

---

First Trust Exchange-Traded Fund VIII

(Exact Name of Registrant as Specified in Charter)

120 East Liberty Drive, Suite 400

Wheaton, Illinois 60187

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (800) 621-1675

W. Scott Jardine, Esq., Secretary

First Trust Exchange-Traded Fund VIII

First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, Illinois 60187

(Name and Address of Agent for Service)

Copy to:

Eric F. Fess, Esq.

Chapman and Cutler LLP

320 South Canal Street

Chicago, Illinois 60606

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b) 

☒ on June 23, 2025 pursuant to paragraph (b) 

☐ 60 days after filing pursuant to paragraph (a)(1) 

☐ on (date) pursuant to paragraph (a)(1) 

☐ 75 days after filing pursuant to paragraph (a)(2) 

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

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Contents of Post-Effective Amendment No. 586

This Registration Statement comprises the following papers and contents:

The Facing Sheet

Part A - Prospectus for FT Confluence BDC & Specialty Finance Income ETF.

Part B - Statement of Additional Information for FT Confluence BDC & Specialty Finance Income ETF.

Part C - Other Information

Signatures

Index to Exhibits

Exhibits

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust <br>Exchange-Traded Fund VIII<br>

![](img4a2b69611.gif)

Prospectus

FT Confluence BDC & Specialty Finance Income ETF

Ticker Symbol: FBDC <br> Exchange: NYSE

FT Confluence BDC & Specialty Finance Income ETF (the *"Fund"*) lists and principally trades its shares on the New York Stock Exchange (*"NYSE"* or the *"Exchange"*). Market prices may differ to some degree from the net asset value of the shares. Unlike mutual funds, the Fund issues and redeems shares at net asset value, only in large blocks of shares called *"Creation Units."*

The Fund is a series of First Trust Exchange-Traded Fund VIII (the *"Trust"*) and an actively managed exchange-traded fund organized as a separate series of a registered management investment company.

**Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.**

**The Securities and Exchange Commission has not approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

June 23, 2025

**NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE**

------

**Table of Contents**

---

| | |
|:---|:---|
| [Summary Information](#xx_361a5efc-1ff8-4787-a59e-51ed620fff6b_1) | 3  |
| [Additional Information on the Fund's Investment Objectives and Strategies](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_1) | 11  |
| [Fund Investments](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_2) | 12  |
| [Risks of Investing in the Fund](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_4) | 14  |
| [Fund Organization](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_10) | 20  |
| [Management of the Fund](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_10) | 20  |
| [How to Buy and Sell Shares](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_12) | 22  |
| [Dividends, Distributions and Taxes](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_13) | 23  |
| [Federal Tax Matters](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_13) | 23  |
| [Distribution Plan](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_15) | 25  |
| [Net Asset Value](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_16) | 26  |
| [Fund Service Providers](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_17) | 27  |
| [Premium/Discount Information](#xx_fcb41e5f-898d-4cfd-956d-9ced22551b74_17) | 27  |
| [Financial Highlights](#xx_d4fbfbe9-63fb-4818-9021-0b5746ee6192_1) | 28  |
| [Other Information](#xx_d4fbfbe9-63fb-4818-9021-0b5746ee6192_2) | 29 |

---

------

**Summary Information**

**FT Confluence BDC & Specialty Finance Income ETF (FBDC)**

**Investment Objectives**

The FT Confluence BDC & Specialty Finance Income ETF (the *"Fund"*) seeks a high level of current income. As a secondary objective, the Fund seeks an attractive total return.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees<sup>(1)</sup> <br>| 0.95% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses | 12.74% |
| Total Annual Fund Operating Expenses | 13.69% |

---

*(1)* *"Management Fees", "Other Expenses" and "Total Annual Fund Operating Expenses" have been restated to reflect current fees.*

***Example***

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $1310 | $3597 | $5504 | $8998 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As a result of a reorganization (the *"Reorganization"*), the Fund acquired all of the assets, subject to the liabilities, of First Trust Specialty Finance and Financial Opportunities Fund, a closed-end investment management company (the *"Predecessor Fund"*). During the most recent fiscal year ending November 30, 2024, the Predecessor Fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of equity securities of business development companies (*"BDCs"*) and other specialty finance companies that Confluence Investment Management LLC, the Fund's investment sub-advisor (the *"Sub-Advisor"*), believes offer attractive opportunities for income and capital appreciation. In current market conditions, the Fund anticipates that its assets will be invested primarily in securities of BDCs.

------

BDCs are a type of specialty finance company whose principal business is to invest in and lend capital to small and medium-sized private and certain public companies that may not have access to public equity markets for capital raising. BDCs are a type of closed-end fund regulated under the Investment Company Act of 1940 (the *"1940 Act"*), whose shares are typically listed for trading on a U.S. securities exchange. Specialty finance companies include entities other than BDCs that provide financing to borrowers with capital needs that are different relative to traditional borrowers (which typically utilize commercial banks or public debt markets to meet their financing requirements) and often engage in asset-based and other forms of non-traditional financing activities. BDCs and other categories of specialty finance companies, including real estate investment trusts (*"REITs"*), which may include mortgage REITs, mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses, typically pass cash flow through to their investors without being taxed at the entity level.

When evaluating portfolio companies, the Sub-Advisor performs company-specific analysis on the BDCs and specialty finance companies, evaluating the capability, resources and track records of management teams. The ability to consistently deliver attractive returns to shareholders while prudently making sound capital allocation decisions are of high importance. The Sub-Advisor also evaluates the nature of risks embedded in a BDC's or specialty finance company's primary business, as well as risks systemic to industries and the broader sector.

As of June 23, 2025, the Fund expects to have significant investments in financial companies, although this may change from time to time. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund will be exposed to the risks associated with that jurisdiction or investment sector.

The Fund is classified as "non-diversified" under the 1940 Act.

**Principal Risks**

You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the Fund's investment objectives will be achieved. The order of the below risk factors does not indicate the significance of any particular risk factor.

**AUTHORIZED PARTICIPANT CONCENTRATION RISK.** Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund's shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus the price at which someone is willing to sell) on the Fund's shares may widen.

**BDC RISK.** BDCs are a type of specialty finance company and the Fund invests in BDCs. Although many BDC loans and investments are to mature companies, a BDC may also invest in and lend to smaller and developing companies as well as companies that are experiencing financial crises. Investments in these types of companies may present a greater risk of loss due to the companies' youth, limited track records and limited access to capital markets, and these companies also may be susceptible to competition and economic and market changes due to limited products and market shares. In addition, the securities of smaller and developing companies and companies experiencing financial crises typically have limited liquidity and may be more difficult to value. Those companies with limited capital resources may have a greater risk of default on their debt and may not be able to distribute dividends on any preferred and common stock. A BDC may use leverage (*e.g.*, borrowing and the issuance of fixed income and preferred securities) to finance its own operations, which magnifies gains and losses on amounts invested by the BDC and increases the risks that a BDC and may suffer significant losses during periods of acute market fluctuation. The Fund has no control over management of a BDC or the investments made by BDCs, and BDCs are subject to additional risks, including periods when their shares trade at a discount to their net asset value, or conditions when public market liquidity is low. Some BDCs invest substantially, or even exclusively, in one sector or industry group and therefore carry risk of being susceptible to adverse conditions and economic or regulatory circumstances affecting the specific sector or industry group, which may increase volatility and risk. The Fund may be limited by provisions of the 1940 Act that generally limit the amount the Fund can invest in any one closed-end fund, including any single BDC, to 3% of the closed-end fund's total outstanding stock, and the Fund may be required to vote shares of the BDC held by the Fund in the same general proportion as shares held by other shareholders of the BDC. The Fund will indirectly bear its proportionate share of any management and other operating expenses, and of any performance based or incentive fees, charged by the BDCs in which it invests, in addition to the management fee and other expenses of the Fund.

------

**CURRENT MARKET CONDITIONS RISK.** Current market conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has recently lowered interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including rising interest rates, declining valuations and increasing vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund's portfolio investments and could result in disruptions in the trading markets.

**CYBER SECURITY RISK.** The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**DEPENDENCE ON KEY PERSONNEL RISK.** The Sub-Advisor is dependent upon the experience and expertise of the Fund's portfolio managers in providing advisory services with respect to the Fund's investments. If the Sub-Advisor were to lose the services of any of these portfolio managers, its ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for any of the portfolio managers in the event of their death, resignation, retirement or inability to act on behalf of the Sub-Advisor.

**DIVIDENDS RISK.** The Fund's investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of an issuer's track record of paying dividends. Companies that issue dividend-paying

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securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund's performance.

**EQUITY SECURITIES RISK.** The value of the Fund's shares will fluctuate with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

**FINANCIAL COMPANIES RISK.** Financial companies, such as retail and commercial banks, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and blurred distinctions in their fields of business.

**INDEX OR MODEL CONSTITUENT RISK.** The Fund may be a constituent of one or more indices or ETF models. As a result, the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund's shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund's net asset value could be negatively impacted and the Fund's market price may be below the Fund's net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in the Fund's shares.

**INFLATION RISK.** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline.

**MANAGEMENT RISK.** The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objectives.

**MARKET MAKER RISK.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited number of market markers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund's shares are trading on the Exchange, which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

**MARKET RISK.** Market risk is the risk that a particular portfolio investment, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

**NON-DIVERSIFICATION RISK.** The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage

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of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

**OPERATIONAL RISK.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**PORTFOLIO TURNOVER RISK.** High portfolio turnover may result in the Fund paying higher levels of transaction costs and may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than expected.

**PREMIUM/DISCOUNT RISK.** The market price of the Fund's shares will generally fluctuate in accordance with changes in the Fund's net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund's investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund's investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund's shares and their net asset value and the bid/ask spread on the Fund's shares may widen.

**REIT RISK.** The Fund may invest in specialty finance companies other than BDCs, such as REITs. REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.

**SIGNIFICANT EXPOSURE RISK.** To the extent that the Fund invests a significant percentage of its assets in a single asset class or industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. Because the Fund expects to invest a significant portion of its assets in the financial sector, it may be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration, government regulation and competition.

**SMALLER COMPANIES RISK.** Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

**SPECIALTY FINANCE COMPANIES RISK.** The Fund may invest in specialty finance companies other than BDCs, such as REITs, which may include mortgage REITs, mortgage specialists to certain consumers, equipment leasing specialists to certain

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industries and equity or debt-capital providers to certain small businesses. The profitability of such specialty finance and other financial companies often may be dependent upon the availability and cost of capital funds and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. Specialty finance companies are subject to rapid business changes, significant competition, value fluctuations due to the investment of loans in particular industries significantly affected by economic conditions (such as real estate or energy) and volatile performance based upon the availability and cost of capital and prevailing interest rates. In addition, credit and other losses resulting from the financial difficulties of borrowers or other third parties potentially may have an adverse effect on companies in these industries.

**TRADING ISSUES RISK.** Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

**Annual Total Return**

On May 5, 2025, the shareholders of First Trust Specialty Finance and Financial Opportunities Fund, a Massachusetts business trust that is registered as a closed-end management investment company (the *"Target Fund"*), approved an Agreement and Plan of Reorganization (the *"Plan"*) by and between the Target Fund and the Trust, on behalf of the Fund, pursuant to which the Target Fund would: (i) transfer all of its assets to the Fund in exchange solely for newly issued shares of the Fund and the Fund's assumption of all of the liabilities of the Target Fund; and (ii) immediately distribute such newly issued shares of the Fund to shareholders of the Target Fund (the *"Reorganization"*).

As a result of the Reorganization, the Fund has assumed the performance history of First Trust Specialty Finance and Financial Opportunities Fund (the *"Predecessor Fund"*). The bar chart and table below provide some indication of the risks of investing in the Predecessor Fund by showing you how the performance of the Predecessor Fund has varied from year to year, from its inception on May 25, 2007, until the date of the Reorganization on June 30, 2025. As the Predecessor Fund and Fund have a number of differences, including that the Predecessor Fund is a closed-end fund which utilizes leverage while the Fund is an exchange-traded fund which does not utilize leverage, the Predecessor Fund's past performance is not indicative of how the Fund will, or is expected to, perform in the future. Accordingly, any Fund performance and historical returns shown below that incorporates Predecessor Fund performance prior to June 30, 2025 is not indicative of the performance that the Fund would have generated.

The bar chart and table below illustrate the annual calendar year returns of the Fund (having assumed the performance of the Predecessor Fund) based on net asset value as well as the average annual Fund returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance (having assumed the performance of the Predecessor Fund) from year-to-year and by showing how the Fund's average annual total returns based on net asset value compared to those of a broad-based market index and a market index. The Fund's performance information is accessible on the Fund's website at http://www.ftportfolios.com.

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**FT Confluence BDC & Specialty Finance Income ETF**

**Calendar Year Total Returns as of 12/31** <sup>(1)</sup>

![](fbdc_dgf.jpg)

*(1)* *The Fund's calendar year-to-date total return based on net asset value for the period 12/31/24 to 3/31/25 was [ ]%.*

During the periods shown in the chart above:

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| | | |
|:---|:---|:---|
|  | **Return** | **Period Ended** |
| Best Quarter | 41.96% | June 30, 2009 |
| Worst Quarter | -63.72% | March 31, 2020 |
| Year-to-Date | [ ]% | March 31, 2025 |

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (*IRAs*) or employee-sponsored retirement plans.

**Average Annual Total Returns for the Periods Ended December 31, 2024** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Return Before Taxes<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2007 |
| Return After Taxes On Distributions  | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% |  |
| Return After Taxes on Distributions and Sale of Fund <br> Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% |  |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% |  |
| S&P BDC Index (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% |  |

---

*(1)* *[Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Predecessor Fund's Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.]*

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**Management**

***Investment Advisor***

First Trust Advisors L.P. (*"First Trust"* or the *"Advisor"*)

***Investment Sub-Advisor***

Confluence Investment Management LLC (*"Confluence"* or the *"Sub-Advisor"*)

***Portfolio Managers***

The following persons are members of Confluence's investment committee and serve as the portfolio managers of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mark Keller, CFA, Chief Executive Officer and Chief Investment Officer of Confluence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● David Miyazaki, CFA, Portfolio Manager of Confluence

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund. Each portfolio manager has served as a part of the portfolio management team of the Fund since June 2025.

**Purchase and Sale of Fund Shares**

The Fund issues and redeems shares on a continuous basis, at net asset value, only in large blocks of shares called "Creation Units." Individual shares of the Fund may only be purchased and sold on the secondary market through a broker-dealer. Since shares of the Fund trade on securities exchanges in the secondary market at their market price rather than their net asset value, the Fund's shares may trade at a price greater than (premium) or less than (discount) the Fund's net asset value. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the *"bid-ask spread"*). Recent information, including the Fund's net asset value, market price, premiums and discounts, bid-ask spreads and the median bid-ask spread for the Fund's most recent fiscal year, is available online at http://www.ftportfolios.com/Retail/etf/home.aspx.

**Tax Information**

The Fund's distributions are taxable and will generally be taxed as ordinary income or capital gains. Distributions on shares held in a tax-deferred account, while not immediately taxable, will be subject to tax when the shares are no longer held in a tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer, registered investment adviser, bank or other financial intermediary (collectively, "intermediaries"), First Trust and First Trust Portfolios L.P., the Fund's distributor, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Additional Information on the Fund's Investment Objectives and Strategies**

The Fund is a series of First Trust Exchange-Traded Fund VIII and is regulated as an "investment company" under the 1940 Act. The Fund is actively managed and does not seek to track the performance of an index. The Fund's investment objectives are fundamental and may not be changed without approval by the holders of a majority of the outstanding voting securities of the Fund. Unless an investment policy is identified as being fundamental, all investment policies included in this prospectus and the Fund's Statement of Additional Information (*"SAI"*) are non-fundamental and may be changed by the Board of Trustees of the Trust (the *"Board"*) without shareholder approval. If there is a material change to the Fund's principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will achieve its investment objectives. During the Fund's initial invest-up period and during periods of high in-flows and out-flows, the Fund may not be fully invested pursuant to its principal investment strategy.

*<u>Additional Information on the Fund's Strategies</u>*

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of equity securities of business development companies (*"BDCs"*) and other specialty finance companies that Confluence Investment Management LLC, the Fund's investment sub-advisor (the *"Sub-Advisor"*), believes offer attractive opportunities for income and capital appreciation. In current market conditions, the Fund anticipates that its assets will be invested primarily in securities of BDCs.

BDCs are a type of specialty finance company whose principal business is to invest in and lend capital to small and medium-sized private and certain public companies that may not have access to public equity markets for capital raising. BDCs are a type of closed-end fund regulated under the 1940 Act, whose shares are typically listed for trading on a U.S. securities exchange. Specialty finance companies include entities other than BDCs that provide financing to borrowers with capital needs that are different relative to traditional borrowers (which typically utilize commercial banks or public debt markets to meet their financing requirements) and often engage in asset-based and other forms of non-traditional financing activities. BDCs and other categories of specialty finance companies, including real estate investment trusts (*"REITs"*), which may include mortgage REITs, mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses, typically pass cash flow through to their investors without being taxed at the entity level.

When evaluating portfolio companies, the Sub-Advisor performs company-specific analysis on the BDCs and specialty finance companies evaluating the capability, resources and track records of management teams. The ability to consistently deliver attractive returns to shareholders while prudently making sound capital allocation decisions are of high importance. The Sub-Advisor also evaluates the nature of risks embedded in a BDC's or specialty finance company's primary business, as well as risks systemic to industries and the broader sector.

Valuation plays a role in portfolio construction. The Sub-Advisor believes that an important way to address risk is by not overpaying for assets. Therefore, investments are made with a discipline that involves the evaluation of company, industry, sector and market valuations. Security selection is made with consideration of the entire portfolio, in addition to the analytical work performed at the individual company level. Securities may be sold when valuations rise, business fundamentals deteriorate or when better alternatives arise.

The Sub-Advisor believes that BDCs and other specialty finance companies may be attractive for investors seeking high levels of current income. BDCs and many other specialty finance companies are "pass-through" entities, in which the income of the company is treated as the income of the shareholders--*i.e.,* earnings and gains are not taxed at the entity level. BDCs are pass-through entities that have emerged as an alternative to traditional capital providers, such as commercial banks and other financial institutions. Other examples of specialty finance companies that typically pass cash flow through to its investors without being taxed at the entity level include categories of REITs providing commercial or residential mortgage financing or lease financing.

As of June 23, 2025, the Fund expects to have significant investments in financial companies, although this may change from time to time. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund will be exposed to the risks associated with that jurisdiction or investment sector.

The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries except that the Fund's investments will be concentrated (i.e., invest 25% or more of Fund assets) in the industries or group of industries comprising the financial sector. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.

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The Fund is classified as "non-diversified" under the 1940 Act.

**Fund Investments**

**Principal Investments**

**Equity Securities**

The Fund invests in common stocks. Common stock represents an equity ownership interest in issuers. Holders of common stock are entitled to the income and increase in the value of the assets and business of the issuers after all debt obligations and obligations to preferred stockholders are satisfied. The Fund may invest in other types of equity securities, including preferred stocks and convertible preferred securities, but such other equity securities are not a principal part of the Fund's current investment strategy.

**Business Development Companies**

The Fund invests in business development companies (*"BDCs"*), and in current market conditions the Fund anticipates that assets will be invested primarily in securities of BDCs. BDCs are a type of specialty finance company organized as a closed-end investment company regulated under the 1940 Act that typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity markets for capital raising. BDCs invest in such diverse industries as financial, software, venture capital, healthcare, chemical and manufacturing, technology and service companies. BDCs are unique in that at least 70% of their investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income and gains distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended. BDCs, which are required to distribute substantially all of their income to investors in order to not be subject to entity level taxation, often offer a yield advantage over other types of securities. The Fund invests primarily in BDC shares which are trading in the secondary market on a U.S. securities exchange and may, in certain circumstances, invest in an initial public offering of BDC shares, secondary offering of BDC shares, or invest in certain debt instruments issued by BDCs. The Fund is not limited with respect to the specific types of BDCs in which it invests. The Fund will indirectly bear its proportionate share of any management and other expenses, and of any performance based or incentive fees, charged by the BDCs in which it invests, in addition to the expenses paid by the Fund.

Generally, limitations prescribed by the 1940 Act prohibit the Fund acquiring more than 3% of the voting shares of any other investment company (including BDCs), and a prohibition on the Fund investing more than 5% of its total assets in the securities of any one investment company or more than 10% of its total assets, in the aggregate, in investment company securities. However, the Fund may rely on certain exemptions from the general statutory limitations to invest in investment companies beyond those limitations, in accordance with Section 12 of the 1940 Act and the rules thereunder. Pursuant to Section 12 of the 1940 Act and the rules thereunder, including Rule 12d1-4, and in certain instances, pursuant to an agreement with an acquired fund entered into under Rule 12d1-4, the Fund may be required to vote shares of the acquired fund in a particular manner.

**Real Estate Investment Trusts ("*REITs*")**

Specialty finance companies include categories of REITs providing commercial or residential mortgage financing or lease financing. REITs are financial vehicles that pool investors' capital to purchase or finance real estate. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs (known as hybrid REITs). Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable tax requirements.

Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. REITs are not taxed on income distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code. Similar to BDCs, the securities of REITs, which are required to distribute substantially all of their income to investors in order to not be subject to entity level taxation, often offer a yield advantage over securities of other issuers, such as corporations, that are taxed on income at the entity level and are able to retain all or a portion of their income rather than distributing it to investors. Many of these REIT distributions, however, will not generally qualify for favorable treatment as qualified dividend income. The Fund invests primarily in REIT shares which are trading in the secondary market on a U.S.

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securities exchange but may, in certain circumstances, invest in an initial public offering of REIT shares or invest in certain debt instruments issued by REITs. The Fund is not limited with respect to the specific types of REITs in which it invests. The Fund will indirectly bear its proportionate share of any management and other operating expenses charged by the REITs in which it invests, in addition to the expenses paid by the Fund.

**Specialty Finance Companies**

The Fund may invest in specialty finance companies other than BDCs. Such specialty finance companies and other financial companies invest in a wide range of securities and financial instruments, including but not limited to private debt and equity, secured and unsecured debt, trust preferred securities, subordinated debt, and preferred and common equity as well as other equity-linked securities. These various securities offer distinct risk/reward features and have risk/reward profiles that may change as market conditions adjust to the growth or contraction of the overall economy. Under normal market conditions, the Sub-Advisor may invest the Fund's net assets in specialty finance companies with exposure to some or all of these kinds of securities.

Specialty finance companies provide capital or financing to businesses within specified market segments. These companies are often distinguished by their market specializations which allow them to focus on the specific financial needs of their clients. Specialty finance companies often engage in asset-based and other forms of non-traditional financing activities (i.e., by providing financing to borrowers that are unable to access traditional forms of financing such as through commercial bank lending or by accessing the public debt markets).

While they generally compete against traditional financial institutions with broad product lines and, often, greater financial resources, specialty finance companies seek competitive advantage by focusing their attention on market niches, which may provide them with deeper knowledge of their target market and its needs. Specialty finance companies include mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses. Specialty finance companies often utilize tax-efficient or other non-traditional structures, such as BDCs and REITs.

**Non-Principal Investments**

**Non-Investment Grade Debt Securities**The Fund may invest in fixed income securities of below-investment grade quality (commonly referred to as "high-yield" or "junk" bonds). Generally, such lower quality debt securities offer a higher current yield than is offered by higher quality debt securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating agencies, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. Below-investment grade debt securities are rated below "Baa" by Moody's Investors Services, Inc., below "BBB" by Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc., comparably rated by another nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the Sub-Advisor.

**Cash Equivalents and Short-Term Investments/Temporary Defensive Positions**

Normally, the Fund invests substantially all of its assets to meet its investment objectives. The Fund may invest the remainder of its assets in securities with maturities of less than one year or cash equivalents, or it may hold cash. The percentage of the Fund invested in such holdings varies and depends on several factors, including market conditions. For temporary defensive purposes, the Fund may depart from its principal investment strategies and invest part or all of its assets in these securities, or it may hold cash. During such periods, the Fund may not be able to achieve its investment objectives. The Fund may adopt a temporary defensive strategy when the portfolio managers believe securities in which the Fund normally invests have elevated risks due to political or economic factors and in other extraordinary circumstances. For more information on eligible short-term investments, see the SAI.

**Illiquid Investments**

The Fund may invest up to 15% of its net assets in securities and other instruments that are, at the time of investment, illiquid (determined using the Securities and Exchange Commission's standard applicable to investment companies, *i.e.*, any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). For this purpose, illiquid investments may include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the Securities Act of 1933, as amended (the *"Securities Act"*), that are deemed to be illiquid, and certain repurchase agreements.

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**Disclosure of Portfolio Holdings**

The Fund's portfolio holdings are available on the Fund's website at http://www.ftportfolios.com. A description of the policies and procedures with respect to the disclosure of the Fund's portfolio securities is included in the Fund's SAI, which is also available on the Fund's website.

**Risks of Investing in the Fund**

Risk is inherent in all investing. Investing in the Fund involves risk, including the risk that you may lose all or part of your investment. There can be no assurance that the Fund will meet its stated objectives. Before you invest, you should consider the following supplemental disclosure pertaining to the Principal Risks set forth above as well as additional Non-Principal Risks set forth below in this prospectus. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Principal Risks**

**AUTHORIZED PARTICIPANT CONCENTRATION RISK.** Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. However, participants are not obligated to make a market in the Fund's shares or submit purchase and redemption orders for creation units. To the extent that these institutions exit the business, reduce their role or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund's shares may trade at a premium or discount to the Fund's net asset value and possibly face delisting and the bid/ask spread on the Fund's shares may widen.

**BDC RISK.** BDCs are one type of specialty finance company and the Fund invests in BDCs. Investments in closed-end funds that elect to be treated as BDCs may be subject to a high degree of risk. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity markets or capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or private debt fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. Some BDCs invest substantially, or even exclusively, in one sector or industry group and therefore carry risk of that particular sector or industry group. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective, and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option of the BDC shareholder and, as with shares of other closed-end funds, they may trade in the secondary market at a discount to their net asset value. BDCs generally qualify as "regulated investment companies" under the federal tax laws and, provided they distribute all of their income in the time and manner as required by the tax law, generally will not pay federal income taxes.

BDCs in which the Fund typically invests often employ leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects the BDC to increased risks, including the likelihood of increased volatility and the possibility that the BDC's common share income may fall if the interest rate on any borrowings rises. The Fund may be limited by provisions of the 1940 Act that generally limit the amount the Fund can invest in any one closed-end fund, including any one BDC, to 3% of the closed-end fund's total outstanding stock. As a result, the Fund may hold a smaller position in a BDC than if it were not subject to this restriction. To comply with the provisions of the 1940 Act, on any matter upon which BDC shareholders are solicited to vote, the Sub-Advisor may be required to vote shares of the BDC held by the Fund in the same general proportion as shares held by other shareholders of the BDC. The Fund will indirectly bear its proportionate share of any management and other operating expenses, and of any performance based or incentive fees, charged by the BDCs in which it invests, in addition to the management fee and other expenses of the Fund.

**CURRENT MARKET CONDITIONS RISK.** Current market conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market conditions.

As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has recently lowered interest rates and may continue to do so. U.S. regulators

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have proposed several changes to market and issuer regulations which would directly impact the Fund. While it is hard to predict whether any of these regulations will be adopted, due to the current scope of proposed regulations, any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Regulatory changes may also increase Fund operational costs, which could impact overall performance. Certain market factors may result in central banks changing their approach in the future. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including rising interest rates, declining valuations and increasing vacancies, could have a broader impact on financial markets.

The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, such as presidential, congressional and gubernatorial elections in the U.S., global elections and governmental changes and the U.S. government's failure to agree on a long-term budget and deficit reduction plan, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. The potential result of a U.S. federal government shutdown may also significantly impact investor and consumer behavior, which may adversely impact the markets and global economy. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Global and domestic authorities and regulators have previously responded to serious economic disruptions with ranging fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. Any change in these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which may adversely impact the Fund's investments and performance. Any market disruptions could also delay the Fund from making sound investment decisions in a timely manner. If the Fund concentrates its investments in a region enduring geopolitical market disruption, it may face higher risk of loss, although the increasing interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region or financial market.

Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.

Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly.

These events, and any other future events, may adversely affect the prices and liquidity of the Fund's portfolio investments and could result in disruptions in the trading markets.

**CYBER SECURITY RISK.** The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. These risks typically are not

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covered by insurance. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber incidents include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the systems of the Advisor, distributor and other service providers (including, but not limited to, sub-advisors, index providers, fund accountants, custodians, transfer agents and administrators), market makers, authorized participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in: financial losses; interference with the Fund's ability to calculate its net asset value; disclosure of confidential trading information; impediments to trading; submission of erroneous trades or erroneous creation or redemption orders; the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines penalties, reputational damage, reimbursement or other compensation costs; or additional compliance costs. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified and that prevention and remediation efforts will not be successful. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund, issuers in which the Fund invests, market makers or authorized participants. However, there is no guarantee that such efforts will succeed, and the Fund and its shareholders could be negatively impacted as a result.

**DEPENDENCE ON KEY PERSONNEL RISK.** The Sub-Advisor is dependent upon the experience and expertise of the Fund's portfolio managers in providing advisory services with respect to the Fund's investments. If the Sub-Advisor were to lose the services of any of these portfolio managers, its ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for any of the portfolio managers in the event of their death, resignation, retirement or inability to act on behalf of the Sub-Advisor.

**DIVIDENDS RISK.** The Fund's investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of an issuer's track record of paying dividends. Companies that issue dividend-yielding securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future especially if the companies are facing an economic downturn, which could negatively affect the Fund's performance.

**EQUITY SECURITIES RISK.** The value of the Fund's shares will fluctuate with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting the issuers occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market. Additionally, holders of an issuer's common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders' claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer.

**FINANCIAL COMPANIES RISK.** The Fund may invest in financial companies. Financial companies are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount and types of capital they must maintain and, potentially, their size. Governmental regulation may change frequently and may have significant adverse consequences for financial companies, including effects not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries, on any individual financial company or on financial companies as a whole cannot be predicted. Certain risks may impact the value of investments in financial companies more severely than those of investments in other issuers, including the risks associated with companies that operate with substantial financial leverage. Financial companies may also be adversely affected by volatility in interest rates, loan losses and other customer defaults, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies in particular may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. Financial companies are also a target for cyber attacks and may experience technology malfunctions and disruptions as a result.

**INDEX OR MODEL CONSTITUENT RISK.** The Fund may be a constituent of one or more indices or ETF models. As a result, the Fund may be included in one or more index-tracking ETFs or mutual funds. Being a component security of such a vehicle

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could greatly affect the trading activity involving the Fund's shares, the size of the Fund and the market volatility of the Fund's shares. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund's net asset value could be negatively impacted and the Fund's market price may be below the Fund's net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity. To the extent buying or selling activity increases, the Fund can be exposed to increased brokerage costs and adverse tax consequences and the market price of the Fund can be negatively affected.

**INFLATION RISK.** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors.

**MANAGEMENT RISK.** The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objectives, meet relevant benchmarks or perform as well as other funds with similar objectives.

**MARKET MAKER RISK.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited number of market markers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund's shares are trading on the Exchange, which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

**MARKET RISK.** Market risk is the risk that a particular portfolio investment, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

**NON-DIVERSIFICATION RISK.** As a "non-diversified" fund, the Fund may hold a smaller number of portfolio securities than many other funds and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. To the extent the Fund invests in a relatively small number of issuers due to the high percentage of the Fund's assets invested in that security, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds.

**OPERATIONAL RISK**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objectives. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**PORTFOLIO TURNOVER RISK.** The Fund has an investment strategy that may frequently involve buying and selling portfolio securities. High portfolio turnover may result in the Fund paying higher levels of transaction costs, including brokerage commissions, dealer mark-ups and other costs and may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than expected.

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**PREMIUM/DISCOUNT RISK.** The market price of the Fund's shares will generally fluctuate in accordance with changes in the Fund's net asset value as well as the relative supply of and demand for shares on the Exchange. First Trust cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), First Trust believes that large discounts or premiums to the net asset value of shares should not be sustained absent disruptions to the creation and redemption mechanism, extreme market volatility or potential lack of authorized participants. During stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund's shares and their net asset value and the bid/ask spread on the Fund's shares may widen.

**REIT RISK.** The Fund may invest in specialty finance companies other than BDCs, such as REITs. Specialty finance companies include categories of REITs providing commercial or residential mortgage financing or lease financing. REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or real-estate related assets, including mortgages. Investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. Additionally, investing in REITs involves certain other risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchasers, the possibility of failing to maintain exemptions from registration under the 1940 Act, failure to satisfy the requirements of the Internal Revenue Code of 1986 for maintaining REIT status and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility for a REIT's shares. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, or a particular market segment, such as office buildings, are also subject to risks associated with such industry or market segment. REITs are generally dependent upon maintaining cash flows to repay its borrowings and to make distributions to its shareholders and are subject to the risks associated with investing in real estate. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.

**SIGNIFICANT EXPOSURE RISK.** To the extent that the Fund invests a significant percentage of its assets in a single asset class or industry or sector, an adverse economic, business or political development that affected a particular asset class, region or industry may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater volatility and market risk than a fund that is more broadly diversified. Because the Fund expects to invest a significant portion of its assets in the financial sector, it may be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration, government regulation and competition.

**SMALLER COMPANIES RISK.** The stock price of small and/or mid capitalization companies may be more volatile than those of larger companies and therefore the Fund's share price may be more volatile than those of funds that invest a larger percentage of their assets in stocks issued by large capitalization companies. Stock prices of small and/or mid capitalization companies are also generally more vulnerable than those of large capitalization companies to adverse business and economic developments. Securities of small and/or mid capitalization companies may be thinly traded, making it difficult for the Fund to buy and sell them. In addition, small and/or mid capitalization companies are typically less financially stable than larger, more established companies and may reinvest a high proportion of their earnings in their business and may not pay dividends. Small and/or mid capitalization companies may also depend on a small number of essential personnel who may also be less experienced than the management of larger companies, making these companies more vulnerable to experiencing adverse

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effects due to the loss or inexperience of personnel. Small and/or mid capitalization companies also normally have less diverse product lines than those of large capitalization companies and are more susceptible to adverse developments concerning their products.

**SPECIALTY FINANCE COMPANIES RISK.** The Fund may invest in specialty finance companies other than BDCs, such as REITs, which may include mortgage REITs, mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses. The profitability of such specialty finance companies may be dependent upon the availability and cost of capital funds, and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. Any impediments to a specialty finance company's access to capital markets, such as those caused by general economic conditions or a negative perception in the capital markets of the company's financial condition or prospects, could adversely affect such company's business. From time to time, severe competition may also affect the profitability of specialty finance and other financial companies.

Specialty finance companies are subject to rapid business changes, significant competition, value fluctuations due to the investment of loans in particular industries significantly affected by economic conditions (such as real estate or energy) and volatile performance based upon the availability and cost of capital and prevailing interest rates. In addition, credit and other losses resulting from the financial difficulties of borrowers or other third parties potentially may have an adverse effect on companies in these industries.

Specialty finance and other financial companies in general are subject to extensive governmental regulation, which may change frequently. Regulatory changes could cause business disruptions or result in significant loss of revenue to companies in which the Fund invests, and there can be no assurance as to the actual impact that these laws and their regulations will have on the financial markets and the Fund's investments in specialty finance and other financial companies. Under current regulations of the SEC, the Fund may not invest more than 5% of its total assets in the securities of any company that derives more than 15% of its gross revenues from securities brokerage, underwriting or investment management activities. In addition, the Fund may not acquire more than 5% of the outstanding equity securities, or more than 10% of the outstanding principal amount of debt securities, of any such company. This may limit the Fund's ability to invest in certain specialty finance and other financial companies.

**TRADING ISSUES RISK.** Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

**Non-Principal Risks**

**BORROWING AND LEVERAGE RISK.** If the Fund borrows money, it must pay interest and other fees, which may reduce the Fund's returns. The Fund does not intend to borrow money for financial leverage purposes, and any such borrowings are intended to be temporary. However, under certain market conditions, including periods of decreased liquidity, such borrowings might be outstanding for longer periods of time. As prescribed by the 1940 Act, the Fund will be required to maintain specified asset coverage of at least 300% with respect to any bank borrowing immediately following such borrowing and at all times thereafter. The Fund may be required to dispose of assets on unfavorable terms if market fluctuations or other factors reduce the Fund's asset coverage to less than the prescribed amount.

**DEBT SECURITIES RISK.** Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a centralized securities exchange making them generally less liquid and more difficult to value than common stock. The values of debt securities may also increase or decrease as a result of market fluctuations, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets generally.

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**FAILURE TO QUALIFY AS A REGULATED INVESTMENT COMPANY RISK.** If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. In such circumstances, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed and the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. If the Fund fails to qualify as a regulated investment company, distributions to the Fund's shareholders generally would be eligible (i) for treatment as qualified dividend income in the case of individual shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. See "Federal Tax Matters."

**ISSUER SPECIFIC CHANGES RISK.** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

**LARGE CAPITALIZATION COMPANIES RISK.** Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles.

**LARGE SHAREHOLDER RISK.** Institutional investors from time to time may make substantial investments in the Fund. Such shareholders may at times be considered to control the Fund. Dispositions of a large number of shares by these shareholders may adversely affect the Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force the Fund to sell securities, which may increase the Fund's brokerage costs. In addition, Fund returns may be adversely affected if the Fund holds a portion of its assets in liquid, cash-like investments in connection with or in anticipation of shareholder redemptions. To the extent these large shareholders transact in shares of the Fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward) on the market price of the Fund's shares.

**LEGISLATION/LITIGATION RISK.** From time to time, various legislative initiatives are proposed and/or enacted in the United States and abroad, which may have a negative impact on certain companies in which the Fund invests. In addition, litigation regarding any of the issuers of the securities owned by the Fund, or industries represented by these issuers, may negatively impact the value of the securities. Such legislation or litigation may cause the Fund to lose value or may result in higher portfolio turnover if the Advisor determines to sell such a holding.

**Fund Organization**

The Fund is a series of the Trust, an investment company registered under the 1940 Act. The Fund is treated as a separate fund with its own investment objectives and policies. The Trust is organized as a Massachusetts business trust. The Board is responsible for the overall management and direction of the Trust. The Board elects the Trust's officers and approves all significant agreements, including those with the Advisor, Sub-Advisor, distributor, custodian and fund administrative and accounting agent.

**Management of the Fund**

First Trust Advisors L.P., 120 East Liberty Drive, Wheaton, Illinois 60187, is the investment advisor to the Fund. In this capacity, First Trust is responsible for the overseeing the Sub-Advisor in the investment of the Fund's assets, managing the Fund's business affairs and providing certain clerical, bookkeeping and other administrative services.

First Trust is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. Grace Partners of DuPage L.P. is a limited partnership with one general partner, The Charger Corporation, and a number of limited partners. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, the Chief Executive Officer of First Trust. First Trust discharges its responsibilities subject to the policies of the Fund.

First Trust serves as advisor or sub-advisor for 11 mutual fund portfolios, 10 exchange-traded funds consisting of 294 series and 6 closed-end funds. It is also the portfolio supervisor of certain unit investment trusts sponsored by First Trust Portfolios

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L.P. (*"FTP"*), an affiliate of First Trust, 120 East Liberty Drive, Wheaton, Illinois 60187. FTP specializes in the underwriting, trading and distribution of unit investment trusts and other securities. FTP is the principal underwriter of the shares of the Fund.

The Trust, on behalf of the Fund, and First Trust have retained Confluence to serve as the Fund's investment sub-advisor pursuant to a sub-advisory agreement (the *"Sub-Advisory Agreement"*). Confluence is a St. Louis, Missouri based, Securities and Exchange Commission registered investment advisor founded in December 2007, specializing in equity portfolio management, asset allocation portfolio management, alternative investment management, and international and global portfolio management. The Confluence value-oriented investment team formerly with A.G. Edwards has a track record dating back to 1994 and has approximately $7.2 billion in assets under management or advisement as of March 31, 2025. Confluence's investment philosophy is driven by focused research and portfolio management to achieve long-term, risk- adjusted returns. Confluence employs a long-term, value-oriented, bottom-up approach to investing.

Mark Keller and David Miyazaki are the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund's investment portfolio. The core investment team is led by Mark Keller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mark Keller serves as Chief Executive Officer and Chief Investment Officer of Confluence, and oversees all of Confluence's investment strategies and investment operations, including equity strategies (value and international), asset allocation and alternative investments. Mr. Keller has more than 40 years of investment experience, with a focus on value-oriented equity analysis and management. From 1994 to May 2008, he was the Chief Investment Officer of Gallatin Asset Management, and its predecessor organization, A.G. Edwards Asset Management, the investment management arm of A.G. Edwards, Inc. From 1999 to 2008, Mr. Keller was Chairman of the A.G. Edwards Investment Strategy Committee, which set investment policy and established asset allocation models for the entire organization. Mr. Keller began his career with A.G. Edwards in 1978, serving as an equity analyst for the firm's Securities Research Department from 1979 to 1994. During his last five years in Securities Research, Mr. Keller was Equity Strategist and manager of the firm's Focus List. Mr. Keller was a founding member of the A.G. Edwards Investment Strategy Committee, on which he served over 20 years, the last 10 years of which as Chairman of the Committee. Mr. Keller was a Senior Vice President of A.G. Edwards & Sons and of Gallatin Asset Management, and was a member of the Board of Directors of both companies. Mr. Keller received a Bachelor of Arts from Wheaton College (Illinois) and is a CFA charterholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● David Miyazaki, CFA, is a Portfolio Manager at Confluence and manages the specialty finance portfolios with an emphasis on business development companies (BDCs), which includes being a member of the portfolio management team for the Predecessor Fund. Prior to joining Confluence, he served as a Portfolio Manager and Analyst with Gallatin Asset Management, the investment management arm of A.G. Edwards, Inc., and as a member of the Investment Strategy Committee. Mr. Miyazaki was responsible for separately managed accounts invested in individual stocks with a value discipline and co-managed the Predecessor Fund. Before joining A.G. Edwards in 1999, he previously served as a Portfolio Manager at Koch Industries, along with prior positions as Investment Analyst at Prudential Capital Group and Bond Trader at Barre & Company. Mr. Miyazaki earned his Bachelor of Arts from Texas Christian University.

For additional information concerning First Trust, the Sub-Advisor and the portfolio managers, including a description of the services provided to the Fund, see the Fund's SAI. Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of shares in the Fund is provided in the SAI.

**Management Fee**

Pursuant to an investment management agreement between First Trust and the Trust, on behalf of the Fund (the *"Investment Management Agreement"*), First Trust oversees the Sub-Advisor's management of the Fund's assets and pays the Sub-Advisor for its services as Sub-Advisor. First Trust is paid an annual unitary management feeby the Fund equal to 0.95% of the Fund's average daily net assets and is responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

As approved by the Trust's Board of Trustees, the management fee paid to the Advisor will be reduced at certain levels of Fund net assets (*"breakpoints"*). See the Fund's Statement of Additional Information for more information on the breakpoints.

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A discussion regarding the Board's approval of the Investment Management Agreement will be available in the Fund's Form N-CSR for the fiscal year ended November 30, 2025.

**How to Buy and Sell Shares**

Most investors buy and sell shares of the Fund in secondary market transactions through brokers. Shares of the Fund are listed for trading on the secondary market on one or more national securities exchanges, including the Exchange. Shares can be bought and sold throughout the trading day like other publicly traded shares. There is no minimum investment when buying shares on the Exchange. Although shares are generally purchased and sold in "round lots" of 100 shares, brokerage firms typically permit investors to purchase or sell shares in smaller "odd lots," at no per-share price differential. When buying or selling shares through a broker, investors should expect to pay brokerage commissions, investors may receive less than the net asset value of the shares because shares are bought and sold at market prices rather than at net asset value, and investors may pay some or all of the bid-ask spread for each transaction (purchase or sale) of Fund shares. Share prices are reported in dollars and cents per share.

Under normal circumstances, the Fund will pay out redemption proceeds to a redeeming authorized participant within one day after the authorized participant's redemption request is received, in accordance with the process set forth in the Fund's SAI and in the agreement between the authorized participant and the Fund's distributor. However, the Fund reserves the right, including under stressed market conditions, to take up to seven days after the receipt of a redemption request to pay an authorized participant, all as permitted by the 1940 Act. If the Fund has foreign investments in a country where a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents the Fund from delivering such foreign investments to an authorized participant in response to a redemption request, the Fund may take up to 15 days after the receipt of the redemption request to deliver such investments to the authorized participant.

For purposes of the 1940 Act, the Fund is treated as a registered investment company, and the acquisition of shares by other registered investment companies and companies relying on Sections 3(c)(1) and 3(c)(7) of the 1940 Act is subject to the restrictions of Section 12(d)(1) of the 1940 Act and the related rules and interpretations.

**Book Entry**

Shares are held in book-entry form, which means that no share certificates are issued. The Depository Trust Company ("*DTC*") or its nominee is the record owner of all outstanding shares of the Fund and is recognized as the owner of all shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of share certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other stocks that you hold in book-entry or "street name" form.

**Share Trading Prices**

The trading price of shares of the Fund on the secondary market is based on market price and may differ from the Fund's daily net asset value and can be affected by market forces of supply and demand, economic conditions and other factors.

**Frequent Purchases and Redemptions of the Fund's Shares**

The Fund imposes no restrictions on the frequency of purchases and redemptions *("market timing"*). In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by the Fund's shareholders. The Board considered that the Fund's shares can only be purchased and redeemed directly from the Fund in Creation Units by broker-dealers and large institutional investors that have entered into participation agreements (*i.e.*, authorized participants ("*APs*")) and that the vast majority of trading in the Fund's shares occurs on the secondary market. Because the secondary market trades do not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With respect to trades directly with the Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause any of the harmful effects that may result from frequent cash trades. To the extent that the Fund may effect the

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purchase or redemption of Creation Units in exchange wholly or partially for cash, the Board noted that such trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objectives. However, the Board noted that direct trading by APs is critical to ensuring that the shares trade at or close to net asset value. In addition, the Fund imposes fixed and variable transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. Finally, the Advisor monitors purchase and redemption orders from APs for patterns of abusive trading and the Fund reserves the right to not accept orders from APs that the Advisor has determined may be disruptive to the management of the Fund.

**Dividends, Distributions and Taxes**

Dividends from net investment income of the Fund, if any, are declared and paid monthly by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders at least annually.

To the extent that distributions exceed such Fund's earnings and profits, distributions are generally not treated as taxable income for the investor. Instead, Fund shareholders will experience a reduction in the basis of their shares, which may increase the capital gain or reduce capital loss, realized upon the sale of such shares. Thus, if the Fund's capital was the source of a distribution and the payment amounted to a return of capital, the Fund would be required to provide a written notice to that effect. A "return of capital" represents a return on a shareholder's original investment in the Fund, and should not be confused with a dividend from earnings and profits. Upon the sale of Fund shares, shareholders generally will recognize capital gain or loss measured by the difference between the sale proceeds received by the shareholder and the shareholder's federal income tax basis in shares sold, as adjusted to reflect return of capital. Any capital returned to shareholders through distributions will be distributed after payments of Fund fees and expenses.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Such shares will generally be reinvested by the broker based upon the market price of those shares and investors may be subject to customary brokerage commissions charged by the broker.

**Federal Tax Matters**

This section summarizes some of the main U.S. federal income tax consequences of owning shares of the Fund. This section is current as of the date of this prospectus. Tax laws and interpretations change frequently, and these summaries do not describe all of the tax consequences to all taxpayers. For example, these summaries generally do not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. In addition, this section does not describe your state, local or non-U.S. tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Fund. The Internal Revenue Service (*"IRS"*) could disagree with any conclusions set forth in this section. The following disclosure may not be sufficient for you to use for the purpose of avoiding penalties under federal tax law.

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

**Fund Status** 

The Fund intends to qualify as a "regulated investment company" (a *"RIC"*) under the federal tax laws. If the Fund qualifies as a RIC and distributes its income as required by the tax law, the Fund generally will not pay federal income taxes. An adverse federal income tax audit of a partnership that the Fund invests in could result in the Fund being required to pay federal income tax or pay a deficiency dividend (without having received additional cash).

**Distributions** 

The Fund's distributions are generally taxable. After the end of each year, you will receive a tax statement that separates the distributions of the Fund into two categories, ordinary income distributions and capital gains dividends. Ordinary income distributions are generally taxed at your ordinary tax rate, however, as further discussed below, certain ordinary income distributions received from the Fund may be taxed at the capital gains tax rates. Generally, you will treat all capital gain dividends as long-term capital gains regardless of how long you have owned your shares.

To determine your actual tax liability for your capital gain dividends, you must calculate your total net capital gain or loss for the tax year after considering all of your other taxable transactions, as described below. In addition, the Fund may make distributions that represent a return of capital for tax purposes and thus will generally not be taxable to you; however, such

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distributions may reduce your tax basis in your shares, which could result in you having to pay higher taxes in the future when shares are sold, even if you sell the shares at a loss from your original investment. A "return of capital" is a return, in whole or in part, of the funds that you previously invested in the Fund. A return of capital distribution should not be considered part of a Fund's dividend yield or total return of an investment in Fund shares. The tax status of your distributions from the Fund is not affected by whether you reinvest your distributions in additional shares or receive them in cash. The tax laws may require you to treat distributions made to you in January as if you had received them on December 31 of the previous year.

Income from the Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to your net investment income if your adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

**Dividends Received Deduction**

A corporation that owns shares generally will not be entitled to the dividends received deduction with respect to many dividends received from the Fund because the dividends received deduction is generally not available for distributions from RICs. However, certain ordinary income dividends on shares that are attributable to qualifying dividends received by the Fund from certain corporations may be reported by the Fund as being eligible for the dividends received deduction.

**Capital Gains and Lossesand Certain Ordinary Income Dividends**

If you are an individual, the maximum marginal stated federal tax rate for net capital gain is generally 20% (15% or 0% for taxpayers with taxable incomes below certain thresholds). Some capital gains, including some portion of your capital gain dividends may be taxed at a higher maximum stated tax rate. Some portion of your capital gain dividends may be attributable to the Fund's interest in a master limited partnership which may be subject to a maximum marginal stated federal tax rate of 28%, rather than the rates set forth above. In the case of capital gain dividends, the determination of which portion of the capital gain dividend, if any, is subject to the 28% tax rate, will be made based on rules prescribed by the United States Treasury. Capital gains may also be subject to the Medicare tax described above.

Net capital gain equals net long-term capital gain minus net short-term capital loss for the taxable year. Capital gain or loss is long-term if the holding period for the asset is more than one year and is short-term if the holding period for the asset is one year or less. You must exclude the date you purchase your shares to determine your holding period. However, if you receive a capital gain dividend from the Fund and sell your share at a loss after holding it for six months or less, the loss will be recharacterized as long-term capital loss to the extent of the capital gain dividend received. The tax rates for capital gains realized from assets held for one year or less are generally the same as for ordinary income. The Internal Revenue Code of 1986, as amended, treats certain capital gains as ordinary income in special situations.

An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

Ordinary income dividends received by an individual shareholder from a RIC such as the Fund are generally taxed at the same rates that apply to net capital gain (as discussed above), provided certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by the Fund itself. The Fund will provide notice to its shareholders of the amount of any distribution which may be taken into account as a dividend which is eligible for the capital gains tax rates.

**Sale of Shares**

If you sell or redeem your shares, you will generally recognize a taxable gain or loss. To determine the amount of this gain or loss, you must subtract your tax basis in your shares from the amount you receive in the transaction. Your tax basis in your shares is generally equal to the cost of your shares, generally including brokerage fees, if any. In some cases, however, you may have to adjust your tax basis after you purchase your shares. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

**Taxes on Purchase and Redemption of Creation Units**

If you exchange securities for Creation Units, you will generally recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and your aggregate basis in the securities surrendered and the cash component paid. If you exchange Creation Units for securities, you will generally recognize a gain or loss equal to the difference between your basis in the Creation Units and the aggregate market value of the securities received and the

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cash redemption amount. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

**Treatment of Fund Expenses**

Expenses incurred and deducted by the Fund will generally not be treated as income taxable to you.

**Non-U.S. Tax Credit**

If the Fund invests in non-U.S. securities, the tax statement that you receive may include an item showing non-U.S. taxes the Fund paid to other countries. In this case, dividends taxed to you will include your share of the taxes the Fund paid to other countries. You may be able to deduct or receive a tax credit for your share of these taxes.

**Non-U.S. Investors**

If you are a non-U.S. investor (*i.e.*, an investor other than a U.S. citizen or resident or a U.S. corporation, partnership, estate or trust), you should be aware that, generally, subject to applicable tax treaties, distributions from the Fund will be characterized as dividends for federal income tax purposes (other than dividends which the Fund properly reports as capital gain dividends) and will be subject to U.S. federal income taxes, including withholding taxes, subject to certain exceptions described below. However, distributions received by a non-U.S. investor from the Fund that are properly reported by the Fund as capital gain dividends may not be subject to U.S. federal income taxes, including withholding taxes, provided that the Fund makes certain elections and certain other conditions are met. Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. investors, provided that the Fund makes certain elections and certain other conditions are met. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income.

Distributions may be subject to a U.S. withholding tax of 30% in the case of distributions to (i) certain non-U.S. financial institutions that have not entered into an agreement with the U.S. Treasury to collect and disclose certain information and are not resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury and (ii) certain other non-U.S. entities that do not provide certain certifications and information about the entity's U.S. owners. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

**Investments in Certain Non-U.S. Corporations**

If the Fund holds an equity interest in any "passive foreign investment companies" ("*PFICs*"), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. The Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. The Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, the Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, the Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax. Dividends paid by PFICs are not treated as qualified dividend income.

**Distribution Plan**

FTP serves as the distributor of Creation Units for the Fund on an agency basis. FTP does not maintain a secondary market in shares.

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The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse FTP for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are APs for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

The Fund does not currently pay 12b-1 fees, and pursuant to a contractual arrangement, the Fund will not pay 12b-1 fees any time before June 23, 2027. However, in the event 12b-1 fees are charged in the future, because these fees are paid out of the Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**Net Asset Value**

The Fund's net asset value (*"NAV"*) is determined as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day the New York Stock Exchange (*"NYSE"*) is open for trading. If the NYSE closes early on a valuation day, the Fund's NAV will be determined as of that time. The Fund's NAV is calculated by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.

Section 2(a)(41) of the 1940 Act provides that when a market quotation is readily available for a fund's portfolio investment, it must be valued at the market value. Rule 2a-5 under the 1940 Act (*"Rule 2a-5"*) defines a readily available market quotation as "a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable." If a market quotation is not "readily available," then the portfolio investment must be fair valued as determined in good faith by a fund's board of trustees.

Rule 2a-5 permits a fund's board of trustees to designate the fund's investment adviser as its "valuation designee" to perform fair value determinations, subject to certain conditions. Accordingly, the Fund's Board has designated First Trust as its valuation designee (the *"Valuation Designee"*) pursuant to Rule 2a-5 and has directed the Valuation Designee to perform the functions required in Rule 2a-5(a) subject to the requirements of Rule 2a-5(b) on behalf of all portfolio investments of the Fund, subject to the Board's oversight. First Trust has established a pricing committee (the *"Pricing Committee"*) to assist in the administration of the duties of the Valuation Designee. The Valuation Designee has adopted valuation procedures for the First Trust Funds (the *"Valuation Procedures"*), a brief summary of which is set forth below.

The Pricing Committee has identified certain portfolio investments that are routinely categorized as having a readily available market quotation. The market value of an investment with a readily available market quotation is typically determined on the basis of official closing prices or last reported sale prices or equivalent price, although this can vary based on investment type and/or the availability of such prices.

The Pricing Committee has also identified certain portfolio investments that are routinely categorized as fair valued investments. In general, for such investments, the Fund's accounting agent will obtain all pricing data for use in valuing such investments from a pricing service provider approved by the Pricing Committee (each, a *"Pricing Service Provider"*), subject to the oversight of the Pricing Committee. Pricing Service Providers typically value non-exchange-traded instruments utilizing a range of market-based inputs and assumptions. For example, when available, Pricing Service Providers may utilize inputs such as benchmark yields, reported trades, broker-dealer quotes, spreads, and transactions for comparable instruments. In pricing certain instruments, a Pricing Service Provider may consider information about an instrument's issuer or market activity. Pricing Service Provider valuations of non-exchange-traded instruments generally represent the service's good faith opinion as to what the holder of an instrument would receive in an orderly transaction for an institutional round lot position under current market conditions. Certain exchange-traded options, such as FLEX Options, are typically valued using a model-based price provided by a Pricing Service Provider.

Portfolio investments trading on foreign exchanges or over-the-counter markets that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model provided by a Pricing Service Provider. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets.

If no price is available from a Pricing Service Provider or if the Pricing Committee has reason to question the accuracy or the reliability of a price supplied for a portfolio investment or the use of amortized cost, the Pricing Committee will determine the fair value of such portfolio investment in a manner that it believes most appropriately reflects the fair value of the portfolio

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investment on the valuation date (a *"Special Fair Value Pricing Situation"*). In a Special Fair Value Pricing Situation, the Pricing Committee will determine a fair value price subject to the process outlined in the Valuation Procedures and based on a consideration of all available information to the Pricing Committee at the time of the determination.

Additionally, for foreign securities, if an extraordinary market event occurs between the time the last "current" market quotation is available for a security in the Fund's portfolio and the time the Fund's NAV is determined that calls into doubt whether that earlier market quotation represents fair value at the time the Fund's NAV is determined, the Pricing Committee will determine the fair valuation as set forth in the Valuation Procedures.

Fair value represents a good faith approximation of the value of a portfolio investment and is the amount the Fund might reasonably expect to receive from the current sale of that investment in an arm's-length transaction. Valuing the Fund's investments using fair value pricing will result in prices that may differ from current market valuations, if any, and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. While the Valuation Procedures and Valuation Designee's processes are intended to result in the Fund's NAV calculation that fairly reflects the values as of the time of pricing, the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.

Foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by a Pricing Service Provider. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation.

**Fund Service Providers**

The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, acts as the administrator, custodian and fund accounting and transfer agent for the Fund. Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, serves as legal counsel to the Fund.

**Premium/Discount Information**

Information showing the number of days the market price of the Fund's shares was greater (at a premium) and less (at a discount) than the Fund's net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter), is available at http://www.ftportfolios.com/Retail/etf/home.aspx.

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**Financial Highlights**

As a result of the Reorganization, the financial highlights information presented for the Fund is the financial history of the Predecessor Fund. The financial highlights table is intended to help you understand the Predecessor Fund's financial performance for the periods shown. Certain information reflects financial results for a single share of the Predecessor Fund. The total returns represent the rate that an investor would have earned (or lost) on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). The information for the fiscal years indicated has been derived from financial statements audited by Deloitte & Touche LLP, whose report, along with the Predecessor Fund's financial statements, is included in the Predecessor Fund's Form N-CSR dated November 30, 2024, which is available upon request.

**First Trust Exchange-Traded Fund VIII**

**Financial Highlights**

**For a share outstanding throughout each period**

**FT Confluence BDC & Specialty Finance Income ETF (FBDC)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $3.94 | &nbsp;&nbsp;&nbsp; $3.73 | &nbsp;&nbsp;&nbsp; $4.33 | &nbsp;&nbsp;&nbsp; $3.44 | &nbsp;&nbsp;&nbsp; $5.92 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.40 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (2.37)<br>|
| Total from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp; (2.04)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions paid to Common Shareholders | (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of period** | $4.38 | &nbsp;&nbsp;&nbsp; $3.94 | &nbsp;&nbsp;&nbsp; $3.73 | &nbsp;&nbsp;&nbsp; $4.33 | &nbsp;&nbsp;&nbsp; $3.44 |
| **Market value, end of period** | $4.28 | &nbsp;&nbsp;&nbsp; $3.35 | &nbsp;&nbsp;&nbsp; $3.49 | &nbsp;&nbsp;&nbsp; $4.00 | &nbsp;&nbsp;&nbsp; $3.28 |
| **Total return based on net asset value**<sup>(b)</sup> | 22.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.69<br> %<br>| &nbsp;&nbsp;&nbsp; (5.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.49<br> %<br>| &nbsp;&nbsp;&nbsp; (34.67)%<br>|
| **Total return based on market value**<sup>(b)</sup> | 40.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> %<br>| &nbsp;&nbsp;&nbsp; (4.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.23<br> %<br>| &nbsp;&nbsp;&nbsp; (37.49)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $62981 | &nbsp;&nbsp;&nbsp; $56553 | &nbsp;&nbsp;&nbsp; $53604 | &nbsp;&nbsp;&nbsp; $62197 | &nbsp;&nbsp;&nbsp; $49437 |
| Ratio of total expenses to average net assets | 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| Ratio of total expenses to average net assets excluding interest expense <br> and fees on loans<br>| 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 9.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.87<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| **Indebtedness:** |  |  |  |  |  |
| Total loans outstanding (in 000's) | $8600 | &nbsp;&nbsp;&nbsp; $8600 | &nbsp;&nbsp;&nbsp; $8600 | &nbsp;&nbsp;&nbsp; $8600 | &nbsp;&nbsp;&nbsp; $6500 |
| Asset coverage per $1,000 of indebtedness<sup>(c)</sup> <br>| $8323 | &nbsp;&nbsp;&nbsp; $7576 | &nbsp;&nbsp;&nbsp; $7233 | &nbsp;&nbsp;&nbsp; $8232 | &nbsp;&nbsp;&nbsp; $8606 |

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*(a)* *Based on average shares outstanding.*

*(b)* *Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in net asset value per share for net asset value returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.*

*(c)* *Calculated by subtracting the Fund's total liabilities (not including the loan outstanding) from the Fund's total assets, and dividing by the outstanding loan balance in 000's.*

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**Other Information**

**Continuous Offering**

The Fund issues, on a continuous offering basis, its shares in one or more groups of a fixed number of Fund shares (each such group of such specified number of individual Fund shares, a *"Creation Unit Aggregation"*). The method by which Creation Unit Aggregations of Fund shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Unit Aggregations of shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the *"Securities Act"*), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Unit Aggregations after placing an order with FTP, breaks them down into constituent shares and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(a)(3)(C) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to shares are reminded that, under the Securities Act Rule 153, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to a broker-dealer in connection with a sale on the Exchange is satisfied by the fact that the prospectus is available from the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is available with respect to transactions on a national securities exchange, a trading facility or an alternative trading system.

FTP, or its affiliates, or a fund or unit investment trust for which FTP or an affiliate serves as sponsor or investment advisor, may purchase shares of the Fund through a broker-dealer or other investors, including in secondary market transactions, and because FTP or its affiliates may be deemed affiliates of the Fund, the shares are being registered to permit the resale of these shares from time to time after any such purchase. The Fund will not receive any of the proceeds from the resale of such shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

First Trust <br>Exchange-Traded Fund VIII<br>

![](img4a2b69611.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FT Confluence BDC & Specialty Finance Income ETF

**For More Information**

For more detailed information on the Fund, several additional sources of information are available to you. The SAI, incorporated by reference into this prospectus, contains detailed information on the Fund's policies and operation. Additional information about the Fund's investments is available in the annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly impacted the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund's most recent SAI, annual and semi-annual reports and certain other information such as Fund financial statements are available free of charge by calling the Fund at (800) 621-1675, on the Fund's website at http://www.ftportfolios.com or through your financial advisor. Shareholders may call the toll-free number above with any inquiries.

You may obtain this and other information regarding the Fund, including the SAI and the Codes of Ethics adopted by First Trust, FTP and the Trust, directly from the Securities and Exchange Commission (the *"SEC"*). Information on the SEC's website is free of charge. Visit the SEC's online EDGAR database at http://www.sec.gov. You may also request information regarding the Fund by sending a request (along with a duplication fee) to the SEC by sending an electronic request to publicinfo@sec.gov.

First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, Illinois 60187

(800) 621-1675

http://www.ftportfolios.com

SEC File #: 333-210186

811-23147

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**STATEMENT OF ADDITIONAL INFORMATION**

**Investment Company Act File No. 811-23147**

**First Trust Exchange-Traded Fund VIII** 

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| | | |
|:---|:---|:---|
| **FUND NAME** | **TICKER SYMBOL** | **EXCHANGE** |
| FT Confluence BDC & Specialty Finance Income ETF | FBDC | NYSE |

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**DATED JUNE 23, 2025**

This Statement of Additional Information (*"SAI"*) is not a prospectus. It should be read in conjunction with the prospectus dated June 23, 2025, as it may be revised from time to time (the *"Prospectus"*), for FT Confluence BDC & Specialty Finance Income ETF (the *"Fund"*), a series of the First Trust Exchange-Traded Fund VIII (the *"Trust"*). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by writing to the Trust's distributor, First Trust Portfolios L.P., 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, or by calling toll free at (800) 621-1675.

On May 5, 2025, the shareholders of First Trust Specialty Finance and Financial Opportunities Fund, a Massachusetts business trust that is registered as a closed-end management investment company (the *"Target Fund"*), approved an Agreement and Plan of Reorganization (the *"Plan"*) by and between the Target Fund and the Trust, on behalf of the Fund, pursuant to which the Target Fund would: (i) transfer all of its assets to the Fund in exchange solely for newly issued shares of the Fund and the Fund's assumption of all of the liabilities of the Target Fund; and (ii) immediately distribute such newly issued shares of the Fund to shareholders of the Target Fund (the *"Reorganization"*). As a result of the Reorganization, the Fund has assumed the performance history of First Trust Specialty Finance and Financial Opportunities Fund (the *"Predecessor Fund"*).

The audited financial statements for the Predecessor Fund's most recent fiscal year appear in the Predecessor Fund's Form N-CSR dated November 30, 2024, which was filed with the Securities and Exchange Commission (the *"SEC"*) on February 5, 2025. Pursuant to the Reorganization, the financial statements from the Predecessor Fund's Form N-CSR are incorporated herein by reference. The Form N-CSR is available without charge by calling (800) 621-1675 or by visiting the SEC's website at http://www.sec.gov.

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**Table of Contents** 

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| | |
|:---|:---|
| [General Description of the Trust and the Fund](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_1) | 1  |
| [Exchange Listing and Trading](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_3) | 3  |
| [Investment Objectives and Policies](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_3) | 3  |
| [Investment Strategies](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_5) | 5  |
| [Investment Risks](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_9) | 9  |
| [Management of the Fund](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_12) | 12  |
| [Sub-Advisor](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_21) | 21  |
| [Brokerage Allocations](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_24) | 24  |
| [Administrator, Custodian, Transfer Agent, Fund Accountant, Distributor, Additional Service](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_25)<br> [Provider and Exchange](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_25)<br>| 25  |
| [Additional Payments to Financial Intermediaries](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_27) | 27  |
| [Additional Information](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_28) | 28  |
| [Proxy Voting Policies and Procedures](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_29) | 29  |
| [Creation and Redemption of Creation Units](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_30) | 30  |
| [Federal Tax Matters](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_33) | 33  |
| [Determination of Net Asset Value](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_37) | 37  |
| [Dividends and Distributions](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_38) | 38  |
| [Miscellaneous Information](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_38) | 38  |
| [Financial Statements](#xx_b986fd96-fb1b-4678-897f-a5fe8bb43636_38) | 38  |
| [Exhibit A](#xx_c07e1b52-58df-456e-932c-33ec7f31756b_1)[—](#xx_c07e1b52-58df-456e-932c-33ec7f31756b_1)[Proxy Voting Guidelines](#xx_c07e1b52-58df-456e-932c-33ec7f31756b_1) | A-1 |

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i

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**General Description of the Trust and the Fund**

The Trust was organized as a Massachusetts business trust on February 22, 2016 and is authorized to issue an unlimited number of shares in one or more series. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the *"1940 Act"*). This SAI relates to the Fund, which is a non-diversified series.

On June 30, 2025, the Fund will acquire all of the assets, subject to the liabilities, of First Trust Specialty Finance and Financial Opportunities Fund, a Massachusetts business trust that is registered as a closed-end management investment company (the *"Target Fund"*), through a series of tax-free reorganizations (the *"Reorganization"*). First Trust Specialty Finance and Financial Opportunities Fund serves as the Fund's accounting survivor of the Reorganization (the *"Predecessor Fund"*), which means the Fund adopted the performance and financial history of the Predecessor Fund as of the date of the Reorganization. The Reorganization resulted in the Predecessor Fund effectively becoming a series of the Trust. The Fund has substantially similar investment objectives, strategies and policies, portfolio management team, service providers and contractual arrangements, including the same contractual fees and expenses, as those of the Predecessor Fund as of the date of the Reorganization. As a result, financial and other information presented in this SAI for periods prior to the Reorganization is the information of the Predecessor Fund.The Fund, as a series of the Trust, represents a beneficial interest in a separate portfolio of securities and other assets, with its own objectives and policies.

The Board of Trustees of the Trust (the *"Board," "Board of Trustees"* or *"Trustees"*) has the right to establish additional series in the future, to determine the preferences, voting powers, rights and privileges thereof and to modify such preferences, voting powers, rights and privileges without shareholder approval. Shares of any series may also be divided into one or more classes at the discretion of the Trustees.

The Trust or any series or class thereof may be terminated at any time by the Board of Trustees upon written notice to the shareholders.

Each share has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all series of the Trust vote together as a single class except as otherwise required by the 1940 Act or if the matter being voted on affects only a particular series, and, if a matter affects a particular series differently from other series, the shares of that series will vote separately on such matter. The Trust's Declaration of Trust (the *"Declaration"*) requires a shareholder vote only on those matters where the 1940 Act requires a vote of shareholders and otherwise permits the Trustees to take actions without seeking the consent of shareholders. For example, the Declaration gives the Trustees broad authority to approve reorganizations between the Fund and another entity, such as another exchange-traded fund, or the sale of all or substantially all of the Fund's assets, or the termination of the Trust or any Fund without shareholder approval if the 1940 Act would not require such approval.

The Declaration provides that by becoming a shareholder of the Fund, each shareholder shall be expressly held to have agreed to be bound by the provisions of the Declaration and to any By-laws adopted by the Trust. The Declaration provides that, except as set forth therein and authorized by the Trustees, shareholders have no rights, privileges, claims or remedies under any contract or agreement entered into by the Trust or the Fund with any service provider or other agent to or contractor with the Trust or the Fund including, without limitation, any third party beneficiary rights.

The Declaration may, except in limited circumstances, be amended by the Trustees in any respect without a shareholder vote. The Declaration provides that the Trustees may establish the number of Trustees and that vacancies on the Board of Trustees may be filled by the remaining Trustees, except when election of Trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The Declaration also provides that Trustees may be removed, with or without cause, by a vote of shareholders holding at least two-thirds of the voting power of the Trust, or by a vote of two-thirds of the remaining Trustees. The provisions of the Declaration relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

The holders of Fund shares are required to disclose information on direct or indirect ownership of Fund shares as may be required to comply with various laws applicable to the Fund or as the Trustees may determine, and ownership of Fund shares may be disclosed by the Fund if so required by law or regulation. In addition, pursuant to the Declaration, the Trustees may, in their discretion, require the Trust to redeem shares held by any shareholder for any reason under terms set by the Trustees.

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The Declaration provides a detailed process for the bringing of derivative actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. In addition, the Declaration provides that actions that are derivative in nature may not be brought directly. Prior to bringing a derivative action, a demand must first be made on the Trustees. The Declaration details various information, certifications, undertakings and acknowledgements that must be included in the demand. Following receipt of the demand, the Trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject the demand and the complaining shareholder may not proceed with the derivative action unless the shareholder is able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. In making such a determination, a Trustee is not considered to have a personal financial interest by virtue of being compensated for his or her services as a Trustee. If a demand is rejected, the complaining shareholder will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand under a number of circumstances. In addition, if a court determines that a derivative action was made without reasonable cause or for an improper purpose, or if a derivative or direct action is dismissed on the basis of a failure to comply with the procedural provisions relating to shareholder actions as set forth in the Declaration, or if a direct action is dismissed by a court for failure to state a claim, the shareholder bringing the action may be responsible for the Fund's costs, including attorneys' fees.

The provisions of the Declaration provide that any direct or derivative action commenced by a shareholder must be brought only in the U.S. District Court for the District of Massachusetts (Boston Division) or if any such action may not be brought in that court, then in the Business Litigation Session of Suffolk Superior Court in Massachusetts (the *"Chosen Courts"*). Except as prohibited by applicable law, if a shareholder commences an applicable action in a court other than a Chosen Court without the consent of the Fund, then such shareholder may be obligated to reimburse the Fund and any applicable Trustee or officer of the Fund made party to such proceeding for the costs and expenses (including attorneys' fees) incurred in connection with any successful motion to dismiss, stay or transfer of the action. The Declaration also provides that any shareholder bringing an action against the Fund waives the right to trial by jury to the fullest extent permitted by law.

The Trust is not required to and does not intend to hold annual meetings of shareholders.

Under Massachusetts law applicable to Massachusetts business trusts, shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its obligations. However, the Declaration contains an express disclaimer of shareholder liability for acts or obligations of the Trust and requires that notice of this disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees. The Declaration further provides for indemnification out of the assets and property of the Trust for all losses and expenses of any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance existed and the Trust or the Fund itself was unable to meet its obligations.

The Declaration provides that a Trustee acting in his or her capacity as Trustee is liable to the Trust for his or her own bad faith, willful misfeasance, gross negligence, or reckless disregard of his or her duties involved in the conduct of the individual's office, and for nothing else and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration also provides that the Trustees of the Trust will be subject to the laws of the Commonwealth of Massachusetts relating to Massachusetts business trusts, but not to the laws of Massachusetts relating to the trustees of common law trusts, such as donative or probate type trusts. The Declaration further provides that a Trustee acting in his or her capacity as Trustee is not personally liable to any person other than the Trust, for any act, omission, or obligation of the Trust. The Declaration requires the Trust to indemnify any persons who are or who have been Trustees, officers or employees of the Trust for any liability for actions or failure to act except to the extent prohibited by applicable federal law. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available. The Declaration provides that any Trustee who serves as chair of the Board of Trustees or of a committee of the Board of Trustees, as lead independent Trustee or as audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

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These provisions are not intended to restrict any shareholder rights under the federal securities laws and the Declaration specifically provides that no provision of the Declaration shall be effective to require a waiver of compliance with any provision of, or restrict any shareholder rights expressly granted by, the Securities Act of 1933, as amended (the *"1933 Act"*), the Securities Exchange Act of 1934, as amended (the *"1934 Act"*) or the 1940 Act, or any valid rule, regulation or order of the Securities Exchange Commission thereunder.

The Fund is advised by First Trust Advisors L.P. (the *"Advisor"* or *"First Trust"*) and is sub-advised by Confluence Investment Management LLC (*"Confluence"* or the *"Sub-Advisor"*).

The shares of the Fund are principally listed and traded on the New York Stock Exchange (*"NYSE"* or the *"Exchange"*), as shown on the cover of this SAI. ETFs, such as the Fund, do not sell or redeem individual shares of the Fund. Instead, financial entities known as "Authorized Participants" (which are discussed in greater detail below) have contractual arrangements with the Fund or the Distributor to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as "Creation Units." An Authorized Participant that purchases a Creation Unit of Fund shares deposits with the Fund a "basket" of securities, cash and/or other assets identified by the Fund that day, and then receives the Creation Unit of Fund shares in return for those assets. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of Fund shares for a basket of securities, cash and/or other assets. The basket is generally representative of the Fund's portfolio, and together with a cash balancing amount, it is equal to the NAV of the Fund shares comprising the Creation Unit. Pursuant to Rule 6c-11 of the 1940 Act, the Fund may utilize baskets that are not representative of the Fund's portfolio. Such "custom baskets" are discussed in the section entitled "Creation and Redemption of Creation Units."

The Trust reserves the right to permit creations and redemptions of Fund shares to be made in whole or in part on a cash basis under certain circumstances. Fund shares may be issued in advance of receipt of deposit securities subject to various conditions including a requirement to maintain on deposit with the Fund cash at least equal to 115% of the market value of the missing deposit securities. See the section entitled "Creation and Redemption of Creation Units." In each instance of such cash creations or redemptions, transaction fees may be imposed that will be higher than the transaction fees associated with in-kind creations or redemptions. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

**Exchange Listing and Trading**

There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met. The Exchange may, but is not required to, remove the shares of the Fund from listing if (i) following the initial 12-month period beginning at the commencement of trading of the Fund, there are fewer than 50 beneficial owners of the shares of the Fund for 30 or more consecutive trading days; or (ii) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares of the Fund from listing and trading upon termination of the Fund.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

The Fund reserves the right to adjust the price levels of shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**Investment Objectives and Policies**

The Prospectus describes the investment objectives and certain policies of the Fund. The following supplements the information contained in the Prospectus concerning the investment objectives and policies of the Fund.

The Fund is subject to the following fundamental policies, which may not be changed without approval of the holders of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may not issue senior securities, except as permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund may not borrow money, except as permitted under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund will not underwrite the securities of other issuers except to the extent the Fund may be considered an underwriter under the 1933 Act, in connection with the purchase and sale of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund will not purchase or sell real estate or interests therein, unless acquired as a result of ownership of securities or other instruments (but this shall not prohibit the Fund from purchasing or selling securities or other instruments backed by real estate or of issuers engaged in real estate activities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund may not make loans to other persons, except through (i) the purchase of debt securities permissible under the Fund's investment policies, (ii) repurchase agreements, or (iii) the lending of portfolio securities, *provided* that no such loan of portfolio securities may be made by the Fund if, as a result, the aggregate of such loans would exceed 33⅓% of the value of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, forward contracts or other derivative instruments, or from investing in securities or other instruments backed by physical commodities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries except that the Fund's investments will be concentrated (*i.e.,* invest 25% or more of Fund assets) in the industries or group of industries comprising the financial sector. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.

For purposes of applying restriction (1) above, under the 1940 Act as currently in effect, the Fund is not permitted to issue senior securities, except that the Fund may borrow from any bank if immediately after such borrowing the value of the Fund's total assets is at least 300% of the principal amount of all of the Fund's borrowings (*i.e.*, the principal amount of the borrowings may not exceed 33⅓% of the Fund's total assets). In the event that such asset coverage shall at any time fall below 300%, the Fund shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowing shall be at least 300%. The fundamental investment limitations set forth above limit the Fund's ability to engage in certain investment practices and purchase securities or other instruments to the extent permitted by, or consistent with, applicable law. As such, these limitations will change as the statute, rules, regulations or orders (or, if applicable, interpretations) change, and no shareholder vote will be required or sought.

Except for restriction (2) above, if a percentage restriction is adhered to at the time of investment, a later increase in percentage resulting from a change in market value of the investment or the total assets will not constitute a violation of that restriction. With respect to restriction (2), if the limitations are exceeded as a result of a change in market value then the Fund will reduce the amount of borrowings within three days thereafter to the extent necessary to comply with the limitations (not including Sundays and holidays).

For purposes of applying restriction (7) above, to the extent the Fund invests in other investment companies, it will consider the investments of the underlying investment companies when determining compliance with the limitations set forth in restriction (7) above, to the extent the Fund has sufficient information about such investments.

The Fund's investment objectives and the foregoing fundamental policies of the Fund may not be changed without the affirmative vote of the majority of the outstanding voting securities of the Fund. The 1940 Act defines a majority vote as the vote of the lesser of (i) 67% or more of the voting securities represented at a meeting at which more than 50% of the outstanding securities are represented; or (ii) more than 50% of the outstanding voting securities. With respect to the submission of a change in an investment policy to the holders of outstanding voting securities of the Fund, such matter shall be deemed to have been effectively acted upon with respect to the Fund if a majority of the outstanding voting securities of the Fund vote for the approval of such matter, notwithstanding that such matter has not been approved by the holders of a majority of the outstanding voting securities of any other series of the Trust affected by such matter.

The Fund has adopted a non-fundamental investment policy pursuant to Rule 35d-1 under the 1940 Act (a *"Name Policy"*) whereby the Fund, under normal market conditions, will invest at least 80% of its net assets in a portfolio of securities of business development companies (*"BDCs"*) and other specialty finance companies that Confluence Investment Management LLC, the Fund's investment sub-advisor (the *"Sub-Advisor"*), believes offer attractive opportunities for income and capital appreciation. As a result, the Fund must provide shareholders with a notice meeting the requirements of Rule 35d-1(c) at least 60 days prior to any change of the Fund's Name Policy.

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In addition to the foregoing fundamental policies, the Fund is also subject to strategies and policies discussed herein which, unless otherwise noted, are non-fundamental restrictions and policies and may be changed by the Board of Trustees.

**Investment Strategies**

The following information supplements the discussion of the Fund's investment objectives, policies and strategies that appear in the Prospectus.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of securities of business development companies (*"BDCs"*) and other specialty finance companies that Confluence Investment Management LLC, the Fund's investment sub-advisor (the *"Sub-Advisor"*), believes offer attractive opportunities for income and capital appreciation.

**Types of Investments**

**Equities.** Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic, and other conditions. Equity securities may include common and preferred stocks. Common stocks include the common stock of any class or series of a domestic or foreign corporation or any similar equity interest, such as a trust or partnership interest. These investments may or may not pay dividends and may or may not carry voting rights. Common stock occupies the most junior position in a company's capital structure. The Fund may invest in other types of equity securities, including preferred stocks and convertible preferred securities, but such other equity securities are not a principal part of the Fund's current investment strategy.

**Business Development Companies.** The Fund invests in business development companies (*"BDCs"*). BDCs are a type of specialty finance company organized as a closed-end investment company regulated under the 1940 Act that typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity markets for capital raising. BDCs invest in such diverse industries as financial, healthcare, chemical and manufacturing, technology and service companies. BDCs are unique in that at least 70% of their investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended. BDCs, which are required to distribute substantially all of their income to investors in order to not be subject to entity level taxation, often offer a yield advantage over other types of securities. The Fund invests primarily in BDC shares which are trading in the secondary market on a U.S. securities exchange but may, in certain circumstances, invest in an initial public offering of BDC shares or invest in certain debt instruments issued by BDCs. The Fund is not limited with respect to the specific types of BDCs in which it invests. The Fund will indirectly bear its proportionate share of any management and other expenses, and of any performance based or incentive fees, charged by the BDCs in which it invests, in addition to the expenses paid by the Fund.

Generally, limitations prescribed by the 1940 Act prohibit the Fund acquiring more than 3% of the voting shares of any other investment company (including BDCs), and a prohibition on the Fund investing more than 5% of its total assets in the securities of any one investment company or more than 10% of its total assets, in the aggregate, in investment company securities. However, the Fund may rely on certain exemptions from the general statutory limitations to invest in investment companies beyond those limitations, in accordance with Section 12 of the 1940 Act and the rules thereunder. Pursuant to Section 12 of the 1940 Act and the rules thereunder, including Rule 12d1-4, and in certain instances, pursuant to an agreement with an acquired fund entered into under Rule 12d1-4, the Fund may be required to vote in a particular manner.

**Real Estate Investment Trusts.** Specialty finance companies include categories of real estate investment trusts (*"REITs"*) providing commercial or residential mortgage financing or lease financing. REITs are financial vehicles that pool investors' capital to purchase or finance real estate. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs (known as hybrid REITs). Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable tax requirements.

Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. REITs are not taxed on income distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code. Similar to BDCs, the securities of REITs, which are required to distribute substantially all of their

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income to investors in order to not be subject to entity level taxation, often offer a yield advantage over securities of other issuers, such as corporations, that are taxed on income at the entity level and are able to retain all or a portion of their income rather than distributing it to investors. Many of these distributions, however, will not generally qualify for favorable treatment as qualified dividend income. The Fund invests primarily in REIT shares which are trading in the secondary market on a U.S. securities exchange but may, in certain circumstances, invest in an initial public offering of REIT shares or invest in certain debt instruments issued by REITs. The Fund is not limited with respect to the specific types of REITs in which it invests. The Fund will indirectly bear its proportionate share of any management and other operating expenses charged by the REITs in which it invests, in addition to the expenses paid by the Fund.

**Specialty Finance Companies.** The Fund may invest in specialty finance companies other than BDCs. Such specialty finance companies and other financial companies invest in a wide range of securities and financial instruments, including but not limited to private debt and equity, secured and unsecured debt, trust preferred securities, subordinated debt, and preferred and common equity as well as other equity-linked securities. These various securities offer distinct risk/reward features and have risk/reward profiles that may change as market conditions adjust to the growth or contraction of the overall economy. Under normal market conditions, the Sub-Advisor may invest the Fund's net assets in specialty finance companies with exposure to some or all of these kinds of securities.

Specialty finance companies provide capital or financing to businesses within specified market segments. These companies are often distinguished by their market specializations which allow them to focus on the specific financial needs of their clients. Specialty finance companies often engage in asset-based and other forms of non-traditional financing activities (*i.e.*, by providing financing to borrowers that are unable to access traditional forms of financing such as through commercial bank lending or by accessing the public debt markets).

While they generally compete against traditional financial institutions with broad product lines and, often, greater financial resources, specialty finance companies seek competitive advantage by focusing their attention on market niches, which may provide them with deeper knowledge of their target market and its needs. Specialty finance companies include mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses. Specialty finance companies often utilize tax-efficient or other non-traditional structures, such as BDCs and REITs.

**Cash Equivalents and Short-Term Investments/Temporary Defensive Positions.** Normally, the Fund invests substantially all of its assets to meet its investment objective. The Fund may invest the remainder of its assets in securities with maturities of less than one year or cash equivalents, or it may hold cash. The percentage of the Fund invested in such holdings varies and depends on several factors, including market conditions. For temporary defensive purposes, the Fund may depart from its principal investment strategies and invest part or all of its assets in these securities, or it may hold cash. During such periods, the Fund may not be able to achieve its investment objectives. The Fund may adopt a temporary defensive strategy when the Investment Committee believe securities in which the Fund normally invests have elevated risks due to political or economic factors and in other extraordinary circumstances. Cash Equivalents, Short-Term Investments and temporary defensive positions held by the Fund may include, without limitation, the types of investments set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. government, or by various instrumentalities that have been established or sponsored by the U.S. government. U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. Some of the U.S. government agencies that issue or guarantee securities include the Export-Import Bank of the United States, the Farmers Home Administration, the Federal Housing Administration, the Maritime Administration, the Small Business Administration and The Tennessee Valley Authority. An instrumentality of the U.S. government is a government agency organized under federal charter with government supervision. Instrumentalities issuing or guaranteeing securities include, among others, the Federal Home Loan Banks, the Federal Land Banks, the Central Bank for Cooperatives, Federal Intermediate Credit Banks and the Federal National Mortgage Association *("Fannie Mae"*). In the case of those U.S. government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment and may not be able to assert a claim against the United States itself in the event that the agency or

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instrumentality does not meet its commitment. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities; consequently, the value of such securities may fluctuate. In addition, the Fund may invest in sovereign debt obligations of non-U.S. countries. A sovereign debtor's willingness or ability to repay principal and interest in a timely manner may be affected by a number of factors, including its cash flow situation, the extent of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which it may be subject. In addition, the Fund may invest in short-term fixed income securities issued by or on behalf of municipal or corporate issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund may invest in certificates of deposit issued against funds deposited in a bank or savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. If such certificates of deposit are non-negotiable, they will be considered illiquid investments and be subject to the Fund's 15% restriction on investments in illiquid investments. Pursuant to the certificate of deposit, the issuer agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current FDIC regulations, the maximum insurance payable as to any one certificate of deposit is $250,000; therefore, certificates of deposit purchased by the Fund may not be fully insured. The Fund may only invest in certificates of deposit issued by U.S. banks with at least $1 billion in assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund may invest in bankers' acceptances of U.S. and foreign banks and similar institutions, which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset, or it may be sold in the secondary market at the going rate of interest for a specific maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund may invest in repurchase agreements, which involve purchases of debt securities with counterparties that are deemed by First Trust to present acceptable credit risks. In such an action, at the time the Fund purchases the security, it simultaneously agrees to resell and redeliver the security to the seller, who also simultaneously agrees to buy back the security at a fixed price and time. This assures a predetermined yield for the Fund during its holding period since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities, certificates of deposit or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, however, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Investment Committee monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Investment Committee does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund may invest in bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest. There may be penalties for the early withdrawal of such time deposits, in which case the yields of these investments will be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may invest in commercial paper, which are short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for the notes. However, they are redeemable by the Fund at any time. The Fund's Investment

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Committee will consider the financial condition of the corporation (*e.g.*, earning power, cash flow and other liquidity ratios) and will regularly monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Fund may invest in shares of money market funds, as consistent with its investment objectives and policies. Shares of money market funds are subject to management fees and other expenses of those funds. Therefore, investments in money market funds will cause the Fund to bear proportionately the costs incurred by the money market funds' operations. At the same time, the Fund will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of other investment companies. It is possible for the Fund to lose money by investing in money market funds.

**Illiquid Investments.** The Fund may invest in illiquid investments (*i.e.*, any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). For purposes of this restriction, illiquid investments may include, but are not limited to, certain restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days, among others. However, the Fund will not acquire illiquid investments if, as a result, such investments would comprise more than 15% of the value of the Fund's net assets. The Advisor, subject to oversight by the Board of Trustees, has the ultimate authority to determine, to the extent permissible under the federal securities laws, which investments are liquid or illiquid for purposes of this 15% limitation under the Fund's liquidity risk management program, adopted pursuant to Rule 22e-4 under the 1940 Act.

Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Illiquid investments will be priced at fair value as determined in good faith under procedures adopted by the Board of Trustees. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid investments, including restricted securities which are not readily marketable, the Advisor will report such occurrence to the Board of Trustees and take such steps as are deemed advisable to protect liquidity in accordance with the Fund's liquidity risk management program.

**Portfolio Turnover**

The Fund buys and sells portfolio securities in the normal course of its investment activities. The proportion of the Fund's investment portfolio that is bought and sold during a year is known as the Fund's portfolio turnover rate. A portfolio turnover rate of 100% would occur, for example, if all of the portfolio securities (other than short-term securities) were replaced once during the fiscal year. A high portfolio turnover rate could result in the payment by the Fund of increased brokerage costs, expenses and taxes. The portfolios turnover rates for the Predecessor Fund for the specified periods are set forth in the table below. Significant variations in portfolio turnover from year-to-year are generally the result of fluctuations in the size of the Fund or changes to the Fund's portfolio holdings. As a result of the Reorganization, the Fund has assumed the performance of the Predecessor Fund.

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| | |
|:---|:---|
| **Portfolio Turnover Rate**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Portfolio Turnover Rate**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** |
| **2024** | **2023** |
| 27% | 16% |

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**Lending of Portfolio Securities**

In order to generate additional income, as a non-principal investment strategy, First Trust is authorized to select certain First Trust Funds, including the Fund, with notice to the Board of Trustees, to lend portfolio securities representing up to 33⅓% of the value of its total assets to broker-dealers, banks or other institutional borrowers of securities. As with

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other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, such First Trust Funds will only enter into loan arrangements with broker-dealers, banks or other institutions which First Trust has determined are creditworthy under guidelines approved by the Board of Trustees. The First Trust Funds will pay a portion of the income earned on the lending transaction to the placing broker and may pay administrative and custodial fees in connection with these loans. First Trust may select any First Trust Fund to participate in the securities lending program, at its discretion with notice to the Board of Trustees.

In these loan arrangements, the First Trust Funds will receive collateral in the form of cash, U.S. government securities or other high-grade debt obligations in an amount at least equal to the value of the borrowed securities, marked to market daily. This collateral must be valued daily by First Trust or the First Trust Fund's lending agent and, if the market value of the loaned securities increases, the borrower must furnish additional collateral to the lending First Trust Fund. During the time portfolio securities are on loan, the borrower pays the lending First Trust Fund any dividends or interest paid on the securities. Loans are subject to termination at any time by the lending First Trust Fund or the borrower. While a First Trust Fund does not have the right to vote securities on loan, it would terminate the loan and regain the right to vote if that were considered important with respect to the investment. When a First Trust Fund lends portfolio securities to a borrower, payments in lieu of dividends made by the borrower to the First Trust Fund will not constitute "qualified dividends" taxable at the same rate as long-term capital gains, even if the actual dividends would have constituted qualified dividends had the First Trust Fund held the securities. Please see "Securities Lending Risk" below for a description of the risks associated with securities lending activities.

**Investment Risks**

The following risk disclosure supplements the discussion of the Fund's investment risks that appears in the Prospectus.

***Overview***

An investment in the Fund should be made with an understanding of the risks that an investment in the Fund's shares entails, including the risk that the financial condition of the issuers of the securities held by the Fund or the general condition of the securities market may worsen and the value of the securities and therefore the value of the Fund may decline. The Fund may not be an appropriate investment for those who are unable or unwilling to assume the risks involved generally with such an investment. The past market and earnings performance of any of the securities included in the Fund is not predictive of their future performance.

***Additional Market Disruption Risk***

Some countries in which the Fund may invest have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short term market volatility and may have adverse long term effects on the economies and markets of such countries generally, each of which may negatively impact the Fund's investments. For example, in February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the United States, issued broad-ranging sanctions on Russia and certain Russian companies and individuals. The hostilities between the two countries may escalate and any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region as well as negatively impact other regional and global economic markets of the world (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may have a negative effect on the Fund's investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which the Fund may invest. The extent and duration of the military action or future escalation of such hostilities; the extent and impact of existing and any future sanctions, market disruptions and volatility; and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on certain of the Fund's investments as well as the Fund's performance, and the value or liquidity of certain securities held by the Fund may decline significantly. Additionally, the events occurring in one country or region may spread through, or otherwise affect, other countries and regions and therefore adversely impact the Fund's investments in such countries and regions.

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***Common Stock Risk***

Equity securities are especially susceptible to general market movements and to volatile increases and decreases of value as market confidence in and perceptions of the issuers change. These perceptions are based on unpredictable factors including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic or banking crises. First Trust cannot predict the direction or scope of any of these factors. Shareholders of common stocks have rights to receive payments from the issuers of those common stocks that are generally subordinate to those of creditors of, or holders of debt obligations or preferred stocks of, such issuers.

Shareholders of common stocks of the type held by the Fund have a right to receive dividends only when and if, and in the amounts, declared by the issuer's board of directors and have a right to participate in amounts available for distribution by the issuer only after all other claims on the issuer have been paid. Common stocks do not represent an obligation of the issuer and, therefore, do not offer any assurance of income or provide the same degree of protection of capital as do debt securities. The issuance of additional debt securities or preferred stock will create prior claims for payment of principal, interest and dividends which could adversely affect the ability and inclination of the issuer to declare or pay dividends on its common stock or the rights of holders of common stock with respect to assets of the issuer upon liquidation or bankruptcy. The value of common stocks is subject to market fluctuations for as long as the common stocks remain outstanding, and thus the value of the equity securities in the Fund will fluctuate over the life of the Fund and may be more or less than the price at which they were purchased by the Fund. The equity securities held in the Fund may appreciate or depreciate in value (or pay dividends) depending on the full range of economic and market influences affecting these securities, including the impact of the Fund's purchase and sale of the equity securities and other factors.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the entity, have generally inferior rights to receive payments from the issuer in comparison with the rights of creditors of, or holders of debt obligations or preferred stocks issued by the issuer. Cumulative preferred stock dividends must be paid before common stock dividends and any cumulative preferred stock dividend omitted is added to future dividends payable to the holders of cumulative preferred stock. Preferred stockholders are also generally entitled to rights on liquidation which are senior to those of common stockholders.

***Dividends Risk***

Shareholders of common stocks have rights to receive payments from the issuers of those common stocks that are generally subordinate to those of creditors of, or holders of debt obligations or preferred stocks of, such issuers. Shareholders of common stocks of the type held by the Fund have a right to receive dividends only when and if, and in the amounts, declared by the issuer's board of directors and have a right to participate in amounts available for distribution by the issuer only after all other claims on the issuer have been paid or have otherwise been settled. Common stocks do not represent an obligation of the issuer and, therefore, do not offer any assurance of income or provide the same degree of protection of capital as do debt securities. The issuance of additional debt securities or preferred stock will create prior claims for payment of principal, interest and dividends which could adversely affect the ability and inclination of the issuer to declare or pay dividends on its common stock or the rights of holders of common stock with respect to assets of the issuer upon liquidation or bankruptcy. Cumulative preferred stock dividends must be paid before common stock dividends, and any cumulative preferred stock dividend omitted is added to future dividends payable to the holders of cumulative preferred stock. Preferred stockholders are also generally entitled to rights on liquidation that are senior to those of common stockholders.

***Failure to Qualify as a Regulated Investment Company***

If, in any year, the Fund fails to qualify as a regulated investment company (a *"RIC"*) under the applicable tax laws, the Fund would be taxed as an ordinary corporation. In such circumstances, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment. If the Fund fails to qualify as a RIC, distributions to the Fund's shareholders generally would be eligible (i) for treatment as qualified dividend income in the case of individual shareholders, and (ii) for the dividends received deduction in the case of corporate shareholders. See "Federal Tax Matters".

***Liquidity Risk***

Although the Fund limits its investments in illiquid investments to no more than 15% of its net assets at the time of purchase, securities that are deemed to be liquid at the time of purchase may become illiquid or less liquid. No active trading market may exist for certain securities and certain securities may be subject to restrictions on resale or have a limited

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secondary market. Certain securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The inability to dispose of certain securities in a timely fashion or at a favorable price could result in losses to the Fund.

***Listing Standards Risk***

The Fund is required by the Exchange to comply with certain listing standards (which includes certain investment parameters) in order to maintain its listing on the Exchange. Compliance with these listing standards may compel the Fund to sell securities at an inopportune time or for a price other than the security's then-current market value. The sale of securities in such circumstances could limit the Fund's profit or require the Fund to incur a loss, and as a result, the Fund's performance could be impacted.

***Litigation Risk***

At any time litigation may be instituted on a variety of grounds with respect to the common stocks held by the Fund. The Fund is unable to predict whether litigation that has been or will be instituted might have a material adverse effect on the Fund.

***Market Risk***

Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments due to short-term market movements or any longer periods during more prolonged market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, natural disasters or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the Fund's shares and result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on the Fund's shares may widen.

Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests and negatively impact the Fund's investment return. For example, an outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

In addition, the operations of the Fund, the Advisor, the Sub-Advisor and the Fund's other service providers may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity's personnel.

***Real Estate Investment Trust Risk***

REITs are financial vehicles that pool investors' capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types, *e.g.*, hotels, shopping malls, residential complexes and office buildings. The market value of REIT shares and the ability of the REITs to distribute income may be adversely affected by several factors, including rising interest rates; changes in the national, state and local economic climate and real estate conditions; perceptions of prospective tenants of the safety, convenience and attractiveness of the properties; the ability of the owners to provide adequate management, maintenance and insurance; the cost of complying with the Americans with Disabilities Act; increased competition from new properties; the impact of present or future environmental legislation and compliance with environmental laws; changes in real estate taxes and other operating expenses; adverse changes in governmental rules and fiscal policies; adverse changes in zoning laws; and other factors beyond the control of the issuers of the REITs. In addition, distributions received by the Fund from REITs may consist of

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dividends, capital gains and/or return of capital. Many of these distributions however will not generally qualify for favorable treatment as qualified dividend income.

***Securities Lending Risk***

Securities lending involves exposure to certain risks, including counterparty risk, collateral risk and operational risk. Counterparty risk is the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a First Trust Fund engaged in securities lending transactions may suffer a loss and there may be a delay in recovering the lent securities. Any delay in the return of securities on loan may restrict the ability of the Fund to meet delivery or payment obligations. Collateral risk is the risk that the collateral received may be realized at a value lower than the value of the securities lent, whether due to inaccurate pricing of the collateral, adverse market movements in the value of the collateral, intra-day increases in the value of the securities lent, a deterioration in the credit rating of the collateral issuer, or the illiquidity of the market in which the collateral is traded. Securities lending also entails operational risks, such as settlement failures or delays in the settlement of instructions. Such failures or delays may restrict the ability of the Fund to meet delivery or payment obligations. Lastly, securities lending activities may result in adverse tax consequences for the Fund and its shareholders. For instance, substitute payments for dividends received by the Fund for securities loaned out by the Fund will not be considered qualified dividend income. The Fund could lose money if its short-term investment of the collateral declines in value over the period of the loan.

***Small and Mid Capitalization Companies Risk***

Certain of the equity securities in the Fund may be small and/or mid capitalization company stocks. While historically such company stocks have outperformed the stocks of large companies, the former have customarily involved more investment risk as well. Small and mid capitalization companies may have limited product lines, markets or financial resources; may lack management depth or experience; and may be more vulnerable to adverse general market or economic developments than large companies. Some of these companies may distribute, sell or produce products which have recently been brought to market and may be dependent on key personnel.

The prices of small and mid capitalization company securities are often more volatile than prices associated with large company issues, and can display abrupt or erratic movements at times, due to limited trading volumes and less publicly available information. Also, because small and mid capitalization companies normally have fewer shares outstanding and these shares trade less frequently than large companies, it may be more difficult for the Fund which contains these equity securities to buy and sell significant amounts of such shares without an unfavorable impact on prevailing market prices. The securities of small and mid capitalization companies are often traded OTC and may not be traded in the volumes typical of a national securities exchange.

***Tax Law Change Risk***

Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the assets in which it invests. Any such changes could negatively impact the Fund and its shareholders.

**Management of the Fund**

**Trustees and Officers**

The general supervision of the duties performed for the Fund under the investment management agreement and sub-advisory agreement is the responsibility of the Board of Trustees. There are seven Trustees of the Trust, one of whom is an "interested person" (as the term is defined in the 1940 Act) and six of whom are Trustees who are not officers or employees of First Trust or any of its affiliates (*"Independent Trustees"*). The Trustees set broad policies for the Fund, choose the Trust's officers and hire the Trust's investment advisor and sub-advisor. The officers of the Trust manage its day-to-day operations and are responsible to the Board of Trustees. The following is a list of the Trustees and executive officers of the Trust and a statement of their present positions and principal occupations during the past five years, the number of portfolios each Trustee oversees and the other directorships they have held during the past five years, if applicable. Each Trustee has been elected for an indefinite term. The officers of the Trust serve indefinite terms. Each Trustee, except for James A. Bowen, is an Independent Trustee. Mr. Bowen is deemed an "interested person" (as that term is defined in the 1940 Act) (*"Interested Trustee"*) of the Trust due to his position as Chief Executive Officer of First Trust, investment advisor to the Fund. The following table identifies the Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons below is c/o First Trust Advisors L.P., 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth**<br>| **Position**<br> **and Offices**<br> **with Trust**<br>| **Term of**<br> **Office and**<br> **Year First**<br> **Elected or**<br> **Appointed**<br>| **Principal Occupations**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios**<br> **in the First**<br> **Trust Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**<br>| **Other**<br> **Trusteeships or**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During the**<br> **Past 5 Years**<br>|
| **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** | **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** | **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** | **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** | **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** | **TRUSTEE WHO IS AN INTERESTED PERSON OF THE TRUST** |
| James A. Bowen <sup>(1)</sup> <br>1955<br>| Chairman of the <br> Board and Trustee<br>| ●Indefinite term<br> ●Since inception<br>| Chief Executive Officer, First Trust <br> Advisors L.P. and First Trust Portfolios <br> L.P.; Chairman of the Board of Directors, <br> BondWave LLC (Software Development <br> Company) and Stonebridge Advisors LLC <br> (Investment Advisor)<br>| 312 Portfolios |  |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson<br> 1951<br>| Trustee | ●Indefinite term<br> ●Since inception<br>| Retired; Physician, Edward-Elmhurst <br> Medical Group (2021 to September <br> 2023); Physician and Officer, Wheaton <br> Orthopedics (1990 to 2021)<br>| 312 Portfolios |  |
| Thomas R. Kadlec<br> 1957<br>| Trustee | ●Indefinite term<br> ●Since inception<br>| Retired; President, ADM Investor <br> Services, Inc. (Futures Commission <br> Merchant) (2010 to July 2022)<br>| 312 Portfolios | Director, National <br> Futures <br> Association; <br> formerly, Director <br> of ADM Investor <br> Services, Inc., <br> ADM Investor <br> Services <br> International, <br> ADMIS Hong Kong <br> Ltd., ADMIS <br> Singapore Ltd. and <br> Futures Industry <br> Association<br>|
| Denise M. Keefe<br> 1964<br>| Trustee | ●Indefinite term<br> ●Since 2021<br>| Senior Vice President, Advocate Health, <br> Continuing Health Division (Integrated <br> Healthcare System) (2023 to present); <br> Executive Vice President, Advocate <br> Aurora Health (Integrated Healthcare <br> System) (2018 to 2023)<br>| 312 Portfolios | Director and Board <br> Chair of Advocate <br> Home Health <br> Services, Advocate <br> Home Care <br> Products and <br> Advocate Hospice; <br> Director and Board <br> Chair of Aurora At <br> Home (since <br> 2018); Director of <br> Advocate <br> Physician Partners <br> Accountable Care <br> Organization; <br> Director of RML <br> Long Term Acute <br> Care Hospitals; <br> Director of Senior <br> Helpers (2021 to <br> 2024); and <br> Director of <br> MobileHelp (2022 <br> to 2024)<br>|
| Robert F. Keith<br> 1956<br>| Trustee | ●Indefinite term<br> ●Since inception<br>| President, Hibs Enterprises (Financial and <br> Management Consulting)<br>| 312 Portfolios | Formerly, Director <br> of Trust Company <br> of Illinois<br>|
| Niel B. Nielson<br> 1954<br>| Trustee | ●Indefinite term<br> ●Since inception<br>| Senior Advisor (2018 to present), <br> Managing Director and Chief Operating <br> Officer (2015 to 2018), Pelita Harapan <br> Educational Foundation (Educational <br> Products and Services)<br>| 312 Portfolios |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth**<br>| **Position**<br> **and Offices**<br> **with Trust**<br>| **Term of**<br> **Office and**<br> **Year First**<br> **Elected or**<br> **Appointed**<br>| **Principal Occupations**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios**<br> **in the First**<br> **Trust Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**<br>| **Other**<br> **Trusteeships or**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During the**<br> **Past 5 Years**<br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Bronwyn Wright<br> 1971<br>| Trustee | ●Indefinite term<br> ●Since 2023<br>| Independent Director to a number of Irish <br> collective investment funds (2009 to <br> present); Various roles at international <br> affiliates of Citibank (1994 to 2009), <br> including Managing Director, Citibank <br> Europe plc and Head of Securities and <br> Fund Services, Citi Ireland (2007 to <br> 2009)<br>| 284 Portfolios |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth**<br>| &nbsp;&nbsp; **Position and**<br> **Offices with Trust**<br>| &nbsp;&nbsp; **Term of Office and**<br> **Length of Service**<br>| &nbsp;&nbsp; **Principal Occupations**<br> **During Past 5 Years**<br>|
| **OFFICERS OF THE TRUST** | **OFFICERS OF THE TRUST** | **OFFICERS OF THE TRUST** | **OFFICERS OF THE TRUST** |
| James M. Dykas<br> 1966<br>| &nbsp;&nbsp; President and Chief <br> Executive Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term <br> &nbsp;&nbsp;&nbsp;&nbsp;●Since 2016<br>| &nbsp;&nbsp; Managing Director and Chief Financial Officer, First <br> Trust Advisors L.P. and First Trust Portfolios L.P.; <br> Chief Financial Officer, BondWave LLC (Software <br> Development Company) and Stonebridge Advisors <br> LLC (Investment Advisor)<br>|
| W. Scott Jardine<br> 1960<br>| &nbsp;&nbsp; Secretary and Chief Legal <br> Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since inception<br>| &nbsp;&nbsp; General Counsel, First Trust Advisors L.P. and First <br> Trust Portfolios L.P.; Secretary and General Counsel, <br> BondWave LLC; and Secretary, Stonebridge Advisors <br> LLC<br>|
| Daniel J. Lindquist<br> 1970<br>| Vice President | &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since inception<br>| &nbsp;&nbsp; Managing Director, First Trust Advisors L.P. and First <br> Trust Portfolios L.P.<br>|
| Kristi A. Maher<br> 1966<br>| &nbsp;&nbsp; Chief Compliance Officer <br> and Assistant Secretary<br>| &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since inception<br>| &nbsp;&nbsp; International General Counsel, First Trust Advisors <br> L.P. and First Trust Portfolios L.P., February 2025 – <br> present. Previously, Deputy General Counsel, First <br> Trust Advisors L.P. and First Trust Portfolios L.P.<br>|
| Derek D. Maltbie<br> 1972<br>| &nbsp;&nbsp; Treasurer, Chief Financial <br> Officer and Chief <br> Accounting Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since 2023<br>| &nbsp;&nbsp; Senior Vice President, First Trust Advisors L.P. and <br> First Trust Portfolios L.P., July 2021 – present. <br> Previously, Vice President, First Trust Advisors L.P. <br> and First Trust Portfolios L.P., 2014 –2021.<br>|
| Roger F. Testin<br> 1966<br>| Vice President | &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since inception<br>| &nbsp;&nbsp; Senior Vice President, First Trust Advisors L.P. and <br> First Trust Portfolios L.P.<br>|
| Stan Ueland<br> 1970<br>| Vice President | &nbsp;&nbsp;&nbsp;&nbsp;●Indefinite term<br> &nbsp;&nbsp;&nbsp;&nbsp;●Since inception<br>| &nbsp;&nbsp; Senior Vice President, First Trust Advisors L.P. and <br> First Trust Portfolios L.P.<br>|

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(1) Mr. Bowen is deemed an "interested person" of the Trust due to his position as Chief Executive Officer of First Trust, investment advisor of the Funds.

**Unitary Board Leadership Structure**

Except in certain circumstances (as noted below) under which a Trustee is unable to sit on all the boards of all the funds in the First Trust Fund Complex (as defined below), each Trustee serves as a trustee of all open-end and closed-end funds in the First Trust Fund Complex (as defined below), which is known as a "unitary" board leadership structure. Each Trustee (except as noted below) currently serves as a trustee of First Trust Series Fund and First Trust Variable Insurance Trust, open-end funds with 12 portfolios advised by First Trust; First Trust Senior Floating Rate Income Fund II, First Trust Enhanced Equity Income Fund, First Trust Mortgage Income Fund, First Trust Specialty Finance and Financial Opportunities Fund, First Trust Intermediate Duration Preferred & Income Fund and First Trust High Yield Opportunities 2027 Term Fund, closed-end funds advised by First Trust; and First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded Fund VIII, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund and First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II, exchange-traded funds with 294 portfolios advised by First Trust (each a *"First Trust Fund"* and collectively, the *"First Trust Fund Complex"*). Ms. Wright also serves as director of First Trust Global Funds, a public limited company established in Ireland and an open-end umbrella fund representing 31 exchange-traded funds and one mutual fund, and advised by First Trust (collectively, the *"First Trust UCITS"*). In addition, Ms. Wright had previously served on the board of directors of First Trust Global Portfolios Management Limited, the manager to the First Trust UCITS and an affiliate of First Trust, but resigned such position effective

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March 6, 2023. Except as noted above, none of the Independent Trustees nor their immediate family members has ever been a director, officer or employee of, or consultant to, First Trust, First Trust Portfolios L.P. or their affiliates. Due to certain restrictions resulting from the 1940 Act, Ms. Wright does not serve as a Trustee of First Trust Exchange-Traded Fund, with, in the aggregate, 28 portfolios.

The management of the Fund, including general supervision of the duties performed for the Fund under the investment management agreement between the Trust, on behalf of the Fund, and the Advisor, and the sub-advisory agreement among the Advisor, the Sub-Advisor and the Trust, on behalf of the Fund, is the responsibility of the Board of Trustees. The Trustees set broad policies for the Fund, choose the Trust's officers and hire the Fund's investment advisor, sub-advisors and other service providers. The officers of the Trust manage the day-to-day operations and are responsible to the Board. The Board is composed of six Independent Trustees and one Interested Trustee. The Interested Trustee, James A. Bowen, serves as the Chairman of the Board for each fund in the First Trust Fund Complex.

The unitary board structure was adopted for the First Trust Funds because of the efficiencies it achieves with respect to the governance and oversight of the First Trust Funds. Each First Trust Fund is subject to the rules and regulations of the 1940 Act (and other applicable securities laws), which means that many of the First Trust Funds face similar issues with respect to certain of their fundamental activities, including risk management, portfolio liquidity, portfolio valuation and financial reporting. Because of the similar and often overlapping issues facing the First Trust Funds, including among the First Trust exchange-traded funds, the Board of the First Trust Funds believes that maintaining a unitary board structure promotes efficiency and consistency in the governance and oversight of all First Trust Funds and reduces the costs, administrative burdens and possible conflicts that may result from having multiple boards. In adopting a unitary board structure, the Trustees seek to provide effective governance through establishing a board the overall composition of which will, as a body, possess the appropriate skills, diversity, independence and experience to oversee the Fund's business.

Annually, the Board reviews its governance structure and the committee structures, their performance and functions, and it reviews any processes that would enhance Board governance over the Fund's business. The Board has determined that its leadership structure, including the unitary board and committee structure, is appropriate based on the characteristics of the funds it serves and the characteristics of the First Trust Fund Complex as a whole.

In order to streamline communication between the Advisor and the Independent Trustees and create certain efficiencies, the Board has a Lead Independent Trustee who is responsible for: (i) chairing all meetings of the Independent Trustees; (ii) working with the Advisor, Fund counsel and the independent legal counsel to the Independent Trustees to determine the agenda for Board meetings; (iii) serving as the principal contact for and facilitating communication between the Independent Trustees and the Fund's service providers, particularly the Advisor; and (iv) any other duties that the Independent Trustees may delegate to the Lead Independent Trustee. The Lead Independent Trustee is selected by the Independent Trustees and serves for such term as approved by the Independent Trustees or until his or her successor is selected. Robert F. Keith currently serves as the Lead Independent Trustee.

Effective March 12, 2024, the Independent Trustees may select one Independent Trustee to serve as a Vice Lead Independent Trustee for such term as approved by the Independent Trustees or until his or her successor is selected. The Vice Lead Independent Trustee assists the Lead Independent Trustee in the performance of his or her responsibilities and, in the absence of the Lead Independent Trustee, may act in the place of the Lead Independent Trustee. The Vice Lead Independent Trustee is also responsible for any other duties that the Independent Trustees may delegate to him or her. Thomas R. Kadlec was appointed to serve as the Vice Lead Independent Trustee, effective March 12, 2024.

The Board has established five standing committees (as described below) and has delegated certain of its responsibilities to those committees. The Board and its committees meet frequently throughout the year to oversee the Fund's activities, review contractual arrangements with and performance of service providers, oversee compliance with regulatory requirements and review Fund performance. The Independent Trustees are represented by independent legal counsel at all Board and committee meetings (other than meetings of the Dividend Committee). Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law.

The five standing committees of the Board are: the Executive Committee, the Dividend Committee, the Nominating and Governance Committee, the Valuation Committee and the Audit Committee. The Dividend Committee, the Nominating and Governance Committee, the Valuation Committee and the Audit Committee each have a Chair and, since March 12, 2024, the Audit Committee has had a Vice Chair. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The next

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rotation is currently scheduled to be effective January 1, 2026. In addition, the Lead Independent Trustee and the Vice Lead Independent Trustee currently serve on the Executive Committee with the Interested Trustee.

The Nominating and Governance Committee is responsible for appointing and nominating non-interested persons to the Board of Trustees. Messrs. Erickson, Kadlec, Keith, Nielson and Mses. Keefe and Wright are members of the Nominating and Governance Committee. If there is no vacancy on the Board of Trustees, the Board will not actively seek recommendations from other parties, including shareholders. The Board of Trustees has adopted a mandatory retirement age of 75 for Independent Trustees, beyond which age Independent Trustees are ineligible to serve. The Committee will not consider new trustee candidates who are 72 years of age or older or will turn 72 years old during the initial term. When a vacancy on the Board of Trustees occurs or is anticipated to occur and nominations are sought to fill such vacancy, the Nominating and Governance Committee may seek nominations from those sources it deems appropriate in its discretion, including shareholders of the Fund. To submit a recommendation for nomination as a candidate for a position on the Board of Trustees, shareholders of the Fund should mail such recommendation to W. Scott Jardine, Secretary, at the Trust's address, 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187. Such recommendation shall include the following information: (i) evidence of Fund ownership of the person or entity recommending the candidate (if a Fund shareholder); (ii) a full description of the proposed candidate's background, including education, experience, current employment and date of birth; (iii) names and addresses of at least three professional references for the candidate; (iv) information as to whether the candidate is an "interested person" in relation to the Fund, as such term is defined in the 1940 Act, and such other information that may be considered to impair the candidate's independence; and (v) any other information that may be helpful to the Committee in evaluating the candidate. If a recommendation is received with satisfactorily completed information regarding a candidate during a time when a vacancy exists on the Board or during such other time as the Nominating and Governance Committee is accepting recommendations, the recommendation will be forwarded to the Chair of the Nominating and Governance Committee and to counsel to the Independent Trustees. During the last fiscal year, the Nominating and Governance Committee of the Predecessor Fund held four meetings.

The Valuation Committee is responsible for the oversight of the Advisor as the "Valuation Designee" under Rule 2a-5 of the 1940 Act and its implementation of the valuation of the securities held in the Fund's portfolio. Messrs. Erickson, Kadlec, Keith, Nielson and Mses. Keefe and Wright are members of the Valuation Committee. During the last fiscal year, the Valuation Committee of the Predecessor Fund held seven meetings.

The Audit Committee is responsible for overseeing the Fund's accounting and financial reporting process, the system of internal controls and audit process and for evaluating and appointing independent auditors (subject also to Board approval). Messrs. Erickson, Kadlec, Keith, Nielson and Mses. Keefe and Wright serve on the Audit Committee. Ms. Keefe was appointed to serve as the Vice Chair of the Audit Committee, effective March 12, 2024. During the last fiscal year, the Audit Committee of the Predecessor Fund held six meetings.

The Executive Committee, which meets between Board meetings, is authorized to exercise all powers of and to act in the place of the Board to the extent permitted by each Fund's Declaration of Trust and By-Laws. Mr. Bowen, Mr. Keith and Mr. Kadlec are members of the Executive Committee. During the last fiscal year, the Executive Committee of the Predecessor Fund did not hold any meetings.

The Dividend Committee is responsible for assisting the Board in, or assuming the authority and power of the Board with respect to, the declaration and setting of the Fund's dividends. Messrs. Keith and Kadlec serve on the Dividend Committee. During the last fiscal year, the Dividend Committee of the Predecessor Fund did not hold any meetings.

**Executive Officers**

The executive officers of the Trust hold the same positions with each fund in the First Trust Fund Complex (representing 312 portfolios) as they hold with the Trust, except Mr. Ueland who is an executive officer of only the ETFs advised by First Trust and Mr. Testin who is an executive officer of only the ETFs and open-end funds advised by First Trust.

**Risk Oversight**

As part of the general oversight of the Fund, the Board is involved in the risk oversight of the Fund. The Board has adopted and periodically reviews policies and procedures designed to address the Fund's risks. Oversight of investment and compliance risk, including oversight of any sub-advisors, is performed primarily at the Board level in conjunction with the Advisor's investment oversight group and the Trust's Chief Compliance Officer (*"CCO"*). Oversight of other risks also occurs at the committee level. The Advisor's investment oversight group reports to the Board at quarterly meetings regarding,

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among other things, Fund performance and the various drivers of such performance as well as information related to the Sub-Advisor and its operations and processes. The Board reviews reports on the Fund's and the service providers' compliance policies and procedures at each quarterly Board meeting and receives an annual report from the CCO regarding the operations of the Fund's and the service providers' compliance programs. In addition, the Independent Trustees meet privately each quarter with the CCO. The Audit Committee reviews, with the Advisor and the Fund's independent auditors, the Fund's major financial risk exposures and the steps the Advisor has taken to monitor and control these exposures, including the Fund's risk assessment and risk management policies and guidelines. The Audit Committee also, as appropriate, reviews in a general manner the processes other Board committees have in place with respect to risk assessment and risk management. The Nominating and Governance Committee monitors all matters related to the corporate governance of the Trust. The Valuation Committee monitors valuation risk and oversees the Advisor's performance as Valuation Designee.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Fund or the Advisor or other service providers. For instance, as the use of Internet technology has become more prevalent, the Fund and its service providers have become more susceptible to potential operational risks through breaches in cyber security (generally, intentional and unintentional events that may cause the Fund or a service provider to lose proprietary information, suffer data corruption or lose operational capacity). There can be no guarantee that any risk management systems established by the Fund, its service providers, or issuers of the securities in which the Fund invests to reduce cyber security risks will succeed, and the Fund cannot control such systems put in place by service providers, issuers or other third parties whose operations may affect the Fund and/or its shareholders. Moreover, it is necessary to bear certain risks (such as investment related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations.

**Board Diversification and Trustee Qualifications**

As described above, the Nominating and Governance Committee of the Board oversees matters related to the selection and nomination of Trustees. The Nominating and Governance Committee seeks to establish an effective Board with an appropriate range of skills and diversity, including, as appropriate, differences in background, professional experience, education, vocation, and other individual characteristics and traits in the aggregate. Each Trustee must meet certain basic requirements, including relevant skills and experience, time availability and, if qualifying as an Independent Trustee, independence from the Advisor, Sub-Advisor, underwriters or other service providers, including any affiliates of these entities.

Listed below for each current Trustee are the experiences, qualifications and attributes that led to the conclusion, as of the date of this SAI, that each current Trustee should serve as a Trustee in light of the Trust's business and structure.

Richard E. Erickson, M.D., was previously an orthopedic surgeon with Edward-Elmhurst Medical Group from 2021 to September 2023. Prior thereto, he was President of Wheaton Orthopedics (from 1990 to 2021), a co-owner and director of a fitness center and a limited partner of two real estate companies. Dr. Erickson has served as a Trustee of each First Trust Fund since its inception and of the First Trust Funds since 1999. Dr. Erickson has also served as the Lead Independent Trustee (2008–2009 and 2017–2019) and on the Executive Committee (2008–2009 and 2017–2022), Chairman of the Nominating and Governance Committee (2003–2007 and 2014–2016), Chairman of the Audit Committee (2012–2013) and Chairman of the Valuation Committee (June 2006–2007; 2010–2011 and 2020–2022) of the First Trust Funds. He currently serves as Chairman of the Audit Committee (since January 1, 2023) of the First Trust Funds.

Thomas R. Kadlec was previously President of ADM Investor Services Inc. (*"ADMIS"*), a futures commission merchant and wholly-owned subsidiary of the Archer Daniels Midland Company (*"ADM"*) from 2010 to July 2022. Mr. Kadlec was employed by ADMIS and its affiliates since 1990 in various accounting, financial, operations and risk management capacities. Mr. Kadlec served on the boards of several international affiliates of ADMIS until July 2022 and served as a member of ADM's Integrated Risk Committee from 2008–2018, which was tasked with the duty of implementing and communicating enterprise-wide risk management. From 2014 to 2022, Mr. Kadlec was on the board of the Futures Industry Association. In 2017, Mr. Kadlec was elected to the board of the National Futures Association. Mr. Kadlec has served as a Trustee of each First Trust Fund since its inception. Mr. Kadlec also served on the Executive Committee from the organization of the first First Trust closed-end fund in 2003 through 2005 (and 2014–2019) until he was elected as the first Lead Independent Trustee in December 2005, serving as such through 2007 (and 2014–2016). He also served as Chairman of

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the Valuation Committee (2008–2009 and 2017–2019), Chairman of the Audit Committee (2010–2011 and 2020–2022) and Chairman of the Nominating and Governance Committee (2012–2013). He currently serves as Vice Lead Independent Trustee (since March 12, 2024), on the Executive Committee (since March 12, 2024), on the Dividend Committee (since March 12, 2024) and as Chairman of the Nominating and Governance Committee (since January 1, 2023) of the First Trust Funds.

Denise M. Keefe has been Senior Vice President of Advocate Health, Continuing Health Division since 2023, and from 2018 to 2023 was Executive Vice President of Advocate Aurora Health (together, with Advocate Health, *"Advocate"*). Advocate is one of the largest integrated healthcare systems in the U.S. serving Illinois and Wisconsin. Ms. Keefe has been employed by Advocate since 1993 and is responsible for the Continuing Health Division's strategic direction, fiscal management, business development, revenue enhancement, operational efficiencies, and human resource management of 4,000 employees. Ms. Keefe also currently serves on the boards of several organizations within the Advocate Aurora Continuing Health Division and other health care organizations, including RML Long Term Acute Care Hospitals (since 2014). Prior thereto, Ms. Keefe was Corporate Vice President, Marketing and Business Development for the Visiting Nurse Association of Chicago (1989–1992) and a former Board Member of Sherman West Court Skilled Nursing Facility. Ms. Keefe has served as a Trustee of the First Trust Funds and on the Audit Committee, Nominating and Governance Committee and Valuation Committee of the First Trust Funds since November 1, 2021. In addition, she currently serves as Audit Committee Vice Chair (since March 12, 2024) of the First Trust Funds.

Robert F. Keith is President of Hibs Enterprises, a financial and management consulting firm. Mr. Keith has been with Hibs Enterprises since 2003. Prior thereto, Mr. Keith spent 18 years with ServiceMaster and Aramark, including three years as President and COO of ServiceMaster Consumer Services, where he led the initial expansion of certain products overseas; five years as President and COO of ServiceMaster Management Services; and two years as President of Aramark ServiceMaster Management Services. Mr. Keith is a certified public accountant and also has held the positions of Treasurer and Chief Financial Officer of ServiceMaster, at which time he oversaw the financial aspects of ServiceMaster's expansion of its Management Services division into Europe, the Middle East and Asia. Mr. Keith has served as a Trustee of the First Trust Funds since 2006. Mr. Keith has also served as the Chairman of the Audit Committee (2008–2009 and 2017–2019), Chairman of the Nominating and Governance Committee (2010–2011 and 2020–2022) and Chairman of the Valuation Committee (2014–2016) of the First Trust Funds. He served as Lead Independent Trustee and on the Executive Committee (2012–2016). He currently serves as Lead Independent Trustee and on the Executive Committee (since January 1, 2023) and as Chairman of the Dividend Committee (since January 1, 2023) of the First Trust Funds.

Niel B. Nielson, Ph.D., has been the Senior Advisor of Pelita Harapan Educational Foundation, a global provider of educational products and services since 2018. Prior thereto, Mr. Nielson served as the Managing Director and Chief Operating Officer of Pelita Harapan Educational Foundation for three years. Mr. Nielson formerly served as the President and Chief Executive Officer of Dew Learning LLC from 2012 through 2014. Mr. Nielson formerly served as President of Covenant College (2002–2012), and as a partner and trader (of options and futures contracts for hedging options) for Ritchie Capital Markets Group (1996–1997), where he held an administrative management position at this proprietary derivatives trading company. He also held prior positions in new business development for ServiceMaster Management Services Company and in personnel and human resources for NationsBank of North Carolina, N.A. and Chicago Research and Trading Group, Ltd. (*"CRT"*). His international experience includes serving as a director of CRT Europe, Inc. for two years, directing out of London all aspects of business conducted by the U.K. and European subsidiary of CRT. Prior to that, Mr. Nielson was a trader and manager at CRT in Chicago. Mr. Nielson has served as a Trustee of each First Trust Fund since its inception and of the First Trust Funds since 1999. Mr. Nielson has also served as Chairman of the Audit Committee (2003–2007 and 2014–2016), Chairman of the Valuation Committee (2012–2013), Chairman of the Nominating and Governance Committee (2008–2009 and 2017–2019), Chairman of the Dividend Committee (2020–2022), and Lead Independent Trustee (2010–2011 and 2020–2022) of the First Trust Funds. Further, he has served as a member of the Executive Committee (2010–2011 and January 1, 2020 – March 12, 2024) and the Dividend Committee (October 19, 2020 – March 12, 2024) of the First Trust Funds. He currently serves as Chairman of the Valuation Committee (since January 1, 2023) of the First Trust Funds.

Bronwyn Wright has acted as an independent director to a number of Irish collective investment funds since 2009. Ms. Wright is a former Managing Director of Citibank Europe plc and Head of Securities and Fund Services for Citi Ireland. In these positions, she was responsible for the management and strategic direction of Citi Ireland's securities and fund services business which included funds, custody, security finance/lending and global agency and trust. She also had responsibility for leading, managing and growing the Trustee, Custodian and Depositary business in Ireland, the United Kingdom,

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Luxembourg, Jersey and Cayman. Ms. Wright has served as a Trustee of the First Trust Funds and on the Audit Committee, Nominating and Governance Committee and Valuation Committee of the First Trust Funds since September 10, 2023.

James A. Bowen is Chief Executive Officer of First Trust Advisors L.P. and First Trust Portfolios L.P. Mr. Bowen is involved in the day-to-day management of the First Trust Funds and serves on the Executive Committee. He has over 35 years of experience in the investment company business in sales, sales management and executive management. Mr. Bowen has served as a Trustee of each First Trust Fund since its inception and of the First Trust Funds since 1999.

Effective January 1, 2024, the fixed annual retainer paid to the Independent Trustees is $285,000 per year and an annual per fund fee of $7,500 for each closed-end fund, $2,000 for each actively managed fund, $750 for each target outcome fund and $500 for each index fund. The fixed annual retainer is allocated equally among each fund in the First Trust Fund Complex rather than being allocated pro rata based on each fund's net assets. Additionally, the Lead Independent Trustee is paid $30,000 annually, the Vice Lead Independent Trustee is paid up to $25,000 annually (effective March 12, 2024), the Chairman of the Audit Committee is paid $25,000 annually, the Chairman of the Valuation Committee is paid $20,000 annually, the Chairman of the Nominating and Governance Committee is paid $20,000 annually and the Vice Chair of the Audit Committee is paid $15,000 annually (effective March 12, 2024) to serve in such capacities with compensation allocated pro rata among each fund in the First Trust Fund Complex based on its net assets. Trustees are also reimbursed by the funds in the First Trust Fund Complex for travel and out-of-pocket expenses incurred in connection with all meetings. Each Committee Chair, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate in accordance with the rotation periods established by the Board.

The following table sets forth the total compensation (including reimbursement for travel and out-of-pocket expenses) paid by the Predecessor Fund and the First Trust Complex to each of the Independent Trustees for the fiscal year ended November 30, 2024 and the calendar year ended December 31, 2024, respectively. The Trust has no retirement or pension plans. The officers and Trustee who are "interested persons" as designated above serve without any compensation from the Trust. The Trust has no employees. Its officers are compensated by First Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Total Compensation from**<br> **the Fund** <sup>(1)</sup> <br>| **Total Compensation from**<br> **the First Trust Fund Complex** <sup>(2)</sup> <br>|
| Richard E. Erickson | &nbsp;&nbsp; $7342 | &nbsp;&nbsp; $653176 |
| Thomas R. Kadlec | &nbsp;&nbsp; $7344 | &nbsp;&nbsp; $666676 |
| Denise M. Keefe | &nbsp;&nbsp; $7337 | &nbsp;&nbsp; $636112 |
| Robert F. Keith | &nbsp;&nbsp; $7342 | &nbsp;&nbsp; $657442 |
| Niel B. Nielson | &nbsp;&nbsp; $7337 | &nbsp;&nbsp; $644660 |
| Bronwyn Wright  | &nbsp;&nbsp; $7445 | &nbsp;&nbsp; $617975 |

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(1) The compensation paid by the Fund to the Independent Trustees for the fiscal year ended November 30, 2024 for services to the Fund.

(2) The total compensation paid to the Independent Trustees for the calendar year ended December 31, 2024 for services to the 307 portfolios existing in 2024, which consisted of 12 open-end mutual funds, 13 closed-end funds and 282 exchange-traded funds.

The following table sets forth the dollar range of equity securities beneficially owned by the Trustees in the Fund and in other funds overseen by the Trustees in the First Trust Fund Complex as of December 31, 2024:

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| | | |
|:---|:---|:---|
| **Trustee** | **Dollar Range of Equity**<br> **Securities in the Fund**<br> **(Number of Shares** <br> **Held)**<br>| **Aggregate Dollar**<br> **Range of Equity**<br> **Securities in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by Trustee in the First** <br> **Trust Fund Complex**<br>|
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| James A. Bowen |  | Over $100,000 |

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| | | |
|:---|:---|:---|
| **Trustee** | **Dollar Range of Equity**<br> **Securities in the Fund**<br> **(Number of Shares** <br> **Held)**<br>| **Aggregate Dollar**<br> **Range of Equity**<br> **Securities in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by Trustee in the First** <br> **Trust Fund Complex**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Richard E. Erickson |  | Over $100,000 |
| Thomas R. Kadlec |  | Over $100,000 |
| Denise M. Keefe |  | Over $100,000 |
| Robert F. Keith |  | Over $100,000 |
| Niel B. Nielson |  | Over $100,000 |
| Bronwyn Wright |  |  |

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As of June 23, 2025, the Independent Trustees of the Trust and their immediate family members did not own beneficially or of record any class of securities of an investment advisor or principal underwriter of the Fund or any person directly or indirectly controlling, controlled by or under common control with an investment advisor or principal underwriter of the Fund.

As of June 23, 2025, the officers and Trustees, in the aggregate, owned less than 1% of the shares of the Predecessor Fund.

As of June 27, 2023, First Trust Portfolios was the sole shareholder of the Fund. As sole shareholder, First Trust Portfolios has the ability to control the outcome of any item presented to shareholders for approval.

**Investment Advisor.** First Trust, 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, is the investment advisor to the Fund. First Trust is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. Grace Partners of DuPage L.P. is a limited partnership with one general partner, The Charger Corporation, and a number of limited partners. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, the Chief Executive Officer of First Trust. First Trust discharges its responsibilities to the Fund subject to the policies of the Fund.

First Trust provides investment tools and portfolios for advisors and investors. First Trust is committed to theoretically sound portfolio construction and empirically verifiable investment management approaches. Its asset management philosophy and investment discipline are deeply rooted in the application of intuitive factor analysis and model implementation to enhance investment decisions.

As the Fund's investment advisor, First Trust supervises the Sub-Advisor's investment and reinvestment of the assets of the Fund. First Trust also administers the Trust's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and permits any of its officers or employees to serve without compensation as Trustees or officers of the Trust if elected to such positions.

Pursuant to an investment agreement between First Trust and the Trust, on behalf of the Fund (the *"Investment Management Agreement"*), First Trust oversees the Sub-Advisor's investment of the Fund's assets and is responsible for paying all expenses of the Fund, excluding the fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

The Fund has agreed to pay First Trust an annual unitary management fee equal to 0.95% of its average daily net assets.

Under the Investment Management Agreement, First Trust shall not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith or gross negligence on the part of First Trust in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties. The Investment Management Agreement terminates automatically upon assignment and is terminable at any time

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without penalty as to the Fund by the Board of Trustees, including a majority of the Independent Trustees, or by vote of the holders of a majority of the Fund's outstanding voting securities on 60 days' written notice to First Trust, or by First Trust on 60 days' written notice to the Fund.

As approved by the Trust's Board of Trustees, the management fee paid to the Advisor will be reduced at certain levels of Fund net assets (*"breakpoints"*) and calculated pursuant to the schedule below:

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| | |
|:---|:---|
| **Management Fee** | &nbsp;&nbsp;&nbsp;&nbsp; **Breakpoints** |
| 0.95000% | Fund net assets up to and including $2.5 billion |
| 0.92625% | Fund net assets greater than $2.5 billion up to and including $5 billion |
| 0.90250% | Fund net assets greater than $5 billion up to and including $7.5 billion |
| 0.87875% | Fund net assets greater than $7.5 billion up to and including $10 billion |
| 0.85500% | Fund net assets greater than $10 billion |

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The following table sets forth the management fees paid by the Predecessor Fund to First Trust for the specified periods. The Predecessor Fund paid to First Trust a management fee equal to 1.00% of its managed assets for the periods indicated.

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| | | |
|:---|:---|:---|
| **Amount of Management Fees** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Amount of Management Fees** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Amount of Management Fees** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** |
| **2024** | **2023** | **2022** |
| $699832 | $624092 | $669188 |

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**Sub-Advisor**

Confluence Investment Management LLC acts as the Fund's Sub-Advisor pursuant to a sub-advisory agreement with First Trust and the Trust on behalf of the Fund (the *"Sub-Advisory Agreement"*). Confluence is an SEC registered investment advisor with principal offices located at 349 Marshall Avenue, Suite 302, St. Louis, Missouri 63119.

Investment professionals with Confluence have more than 200 years' combined financial experience and 80 years' of portfolio management experience. The value-oriented investment team formerly with A.G. Edwards has a track record dating back to 1994 and has approximately $7.2 billion in assets under management as of March 31, 2025.

The core investment team is led by Mark Keller who has managed more than $8 billion of assets across various equity and asset allocation strategies while at A.G. Edwards. Confluence's investment philosophy is driven by focused research and portfolio management to achieve long-term, risk-adjusted returns. Confluence employs a long-term, value-oriented, bottom-up approach to investing. Their proprietary investment research focuses on determining the intrinsic value of an investment opportunity. Through their research process, Confluence determines the intrinsic value of an investment opportunity and look to invest at a significant discount to intrinsic value, providing investments with a margin of safety.

**Portfolio Managers.** Mark Keller and David Miyazaki serve as the portfolio managers to the Fund. The portfolio managers are primarily responsible for the day-to-day management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mark Keller serves as Chief Executive Officer and Chief Investment Officer of Confluence, and oversees all of Confluence's investment strategies and investment operations, including equity strategies (value and international), asset allocation and alternative investments. Mr. Keller has more than 40 years of investment experience, with a focus on value-oriented equity analysis and management. From 1994 to May 2008, he was the Chief Investment Officer of Gallatin Asset Management and its predecessor organization, A.G. Edwards Asset Management, the investment management arm of A.G. Edwards, Inc. From 1999 to 2008, Mr. Keller was Chairman of the A.G. Edwards Investment Strategy Committee, which set investment policy and established asset allocation models for the entire organization. Mr. Keller began his career with A.G. Edwards in 1978, serving as an equity analyst for the firm's Securities Research Department from 1979 to 1994. During his last five years in Securities Research, Mr. Keller was Equity Strategist and manager of the firm's Focus List. Mr. Keller was a founding member of the A.G. Edwards Investment Strategy Committee, on which he served over 20 years, the last

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10 years of which as Chairman of the Committee. Mr. Keller was a Senior Vice President of A.G. Edwards & Sons and of Gallatin Asset Management, and was a member of the Board of Directors of both companies. Mr. Keller received a Bachelor of Arts from Wheaton College (Illinois) and is a CFA charterholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● David Miyazaki, CFA, is a Portfolio Manager at Confluence and manages the specialty finance portfolios with an emphasis on business development companies (BDCs), which includes being a member of the portfolio management team for the Predecessor Fund. Prior to joining Confluence, he served as a Portfolio Manager and Analyst with Gallatin Asset Management, the investment management arm of A.G. Edwards, Inc., and as a member of the Investment Strategy Committee. Mr. Miyazaki was responsible for separately managed accounts invested in individual stocks with a value discipline and co-managed the Predecessor Fund. Before joining A.G. Edwards in 1999, he previously served as a Portfolio Manager at Koch Industries, along with prior positions as Investment Analyst at Prudential Capital Group and Bond Trader at Barre & Company. Mr. Miyazaki earned his Bachelor of Arts from Texas Christian University.

The following table indicates, as of June 3, 2025, the value within the indicated range of shares beneficially owned by the portfolio managers in the Predecessor Fund.

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Dollar Range of Equity Securities**<br> **Beneficially Owned in Fund Managed**<br>|
| Mark Keller | $10001-$50000 |
| David Miyazaki | $10001-$50000 |

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**Compensation.** The portfolio managers are compensated with an industry competitive salary and a year-end discretionary bonus based on client service and asset growth. Each portfolio manager's performance is formally evaluated annually based on a variety of factors. Bonus compensation is primarily a function of the firm's overall annual profitability and the individual portfolio manager's contribution as measured by the overall investment performance of client portfolios in the strategy the portfolio manager manages relative to the strategy's general benchmark.

**Accounts Managed by Portfolio Managers**

The portfolio managers manage the investment vehicles (other than the Fund) with the number of accounts and assets, as of June 3, 2025, set forth in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Companies**<br> **Number of**<br> **Accounts** <br> **($ Assets in**<br> **Thousands)**<br>| **Other**<br> **Pooled**<br> **Investment**<br> **Vehicles**<br> **Number of**<br> **Accounts**<br> **($ Assets in**<br> **Thousands)**<br>| **Other**<br> **Accounts**<br> **Number of**<br> **Accounts**<br> **($ Assets in**<br> **Thousands)**<br>| **Registered**<br> **Investment**<br> **Companies**<br> **With**<br> **Performance**<br> **Fees**<br> **Number of**<br> **Accounts**<br> **($ Assets in**<br> **Thousands)**<br>| **Other**<br> **Pooled**<br> **Investment**<br> **Vehicles**<br> **With**<br> **Performance**<br> **Fees**<br> **Number of**<br> **Accounts**<br> **($ Assets in**<br> **Thousands)**<br>| **Other**<br> **Accounts**<br> **With**<br> **Performance**<br> **Fees**<br> **Number of**<br> **Accounts**<br> **($ Assets in**<br> **Thousands)**<br>|
| Mark Keller | 1 ($15328) | N/A | 15898 ($7013337) | N/A | N/A | N/A |
| David Miyazaki | N/A | N/A | 3102 ($1135096) | N/A | N/A | N/A |

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**Conflicts.** The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. The Sub-Advisor seeks to manage such competing interests for the time and attention of a portfolio manager by having the portfolio manager focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Fund.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Sub-Advisor has adopted procedures for allocating portfolio transactions across multiple accounts.

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With respect to securities transactions for the Fund, the Sub-Advisor determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts (such as mutual funds for which the Sub-Advisor acts as sub-advisor, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Sub-Advisor may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for the Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

The Sub-Advisor, the Advisor and the Fund have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**The Sub-Advisory Agreement.** The Sub-Advisor, subject to the Board of Trustees' and Advisor's supervision, provides the Fund with discretionary investment services. Specifically, the Sub-Advisor is responsible for managing the investments of the Fund in accordance with the Fund's investment objectives, policies and restrictions as provided in the Prospectus and this SAI, as may be subsequently changed by the Board of Trustees and communicated to the Sub-Advisor in writing. The Sub-Advisor further agrees to conform to all applicable laws and regulations of the SEC in all material respects and to conduct its activities under the Sub-Advisory Agreement in all material respects in accordance with applicable regulations of any governmental authority pertaining to its investment advisory services. In the performance of its duties, the Sub-Advisor will, in all material respects satisfy any applicable fiduciary duties it may have to the Fund, monitor the Fund's investments, and comply with the provisions of the Declaration of Trust and By-Laws, as amended from time to time, and the stated investment objectives, policies and restrictions of the Fund. The Sub-Advisor is responsible for effecting all security transactions for the Fund's assets. The Sub-Advisory Agreement provides that the Sub-Advisor shall not be liable for any loss suffered by the Fund or the Advisor (including, without limitation, by reason of the purchase, sale or retention of any security) in connection with the performance of the Sub-Advisor's duties under the Sub-Advisory Agreement, except for a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor in performance of its duties under the Sub-Advisory Agreement, or by reason of its reckless disregard of its obligations and duties under the Sub-Advisory Agreement.

Pursuant to the Sub-Advisory Agreement among the Advisor, the Sub-Advisor and the Trust on behalf of the Fund, the Advisor has agreed to pay for the services and facilities provided by the Sub-Advisor through sub-advisory fees equal to 50% of the unitary fee paid to the Advisor less one-half of the Fund's expenses. The Sub-Advisor's fees are paid by the Advisor out of the Advisor's management fee.

As a result of the Reorganization, the Fund has assumed the performance of the Predecessor Fund. As the Predecessor Fund and the Fund have a number of differences, including investment policies and practices and that the Predecessor Fund was a closed-end fund which utilizes leverage while the Fund is an exchange-traded fund which does not utilize leverage, the Predecessor Fund's past performance is not indicative of how the Fund will, or is expected to, perform in the future.

The following table sets forth the sub-advisory fees paid to the Sub-Advisor by the Advisor (net of any applicable expense waivers or reimbursements) for the specified periods.

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| | | |
|:---|:---|:---|
| **Amount of Sub-Advisory Fees**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Amount of Sub-Advisory Fees**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Amount of Sub-Advisory Fees**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** |
| **2024** | **2023** | **2022** |
| $349993 | $312046 | $334594 |

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The Sub-Advisory Agreement may be terminated without the payment of any penalty by First Trust, the Board of Trustees, or a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act), upon 60 days' written notice to the Sub-Advisor.

All fees and expenses are accrued daily and deducted before payment of dividends to investors. The Sub-Advisory Agreement has been approved by the Board of Trustees, including a majority of the Independent Trustees of the Fund, and the common shareholders of the Fund.

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**Brokerage Allocations**

Subject to the supervision of the Board of Trustees, the Sub-Advisor shall have authority and discretion to select brokers and dealers to execute transactions initiated by the Sub-Advisor and to select the market in which the transactions will be executed. In placing orders for the sale and purchase of securities for the Fund, the Sub-Advisor will use its commercially reasonable efforts to obtain best execution. However, the Sub-Advisor will not deemed to be in breach of any obligation owing to the Trust or the Fund solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Sub-Advisor determines in good faith that the commission cost is reasonable in relation to the value of the brokerage and research services (within the meaning of Section 28(e)(3) of the 1934 Act) provided by such broker or dealer to the Sub-Advisor, viewed in terms of either that particular transaction or of the overall responsibilities with respect to its clients, including the Fund, as to which the Sub-Advisor exercises investment discretion, notwithstanding that the Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund a lower commission on the particular transaction.

The Sub-Advisor's objective in selecting brokers and dealers and in effecting portfolio transactions is to seek to obtain the best combination of price and execution with respect to its clients' portfolio transactions. Steps associated with seeking best execution include, but are not limited to, the following: (i) determine each client's trading requirements; (ii) select appropriate trading methods, venues, and agents to execute the trades under the circumstances; (iii) evaluate market liquidity of each security and take appropriate steps to avoid excessive market impact; (iv) maintain client confidentiality and proprietary information inherent in the decision to trade; and (v) review the results on a periodic basis.

In arranging for the purchase and sale of clients' portfolio securities, the Sub-Advisor takes numerous factors into consideration. The best net price, giving effect to brokerage commissions, spreads and other costs, is normally an important factor in this decision, but a number of other judgmental factors are considered as they are deemed relevant. The factors include, but are not limited to: the execution capabilities required by the transactions; the ability and willingness of the broker or dealer to facilitate the accounts' portfolio transactions by participating therein for its own account; the importance to the account of speed, efficiency and confidentiality; the broker or dealer's apparent familiarity with sources from or to whom particular securities might be purchased or sold; the reputation and perceived soundness of the broker or dealer; the Sub-Advisor's knowledge of negotiated commission rates and spreads currently available; the nature of the security being traded; the size and type of the transaction; the nature and character of the markets for the security to be purchased or sold; the desired timing of the trade; the activity existing and expected in the market for the particular security; confidentiality; the execution, clearance and settlement capabilities as well as the reputation and perceived soundness of the broker-dealer selected and others which are considered; the Sub-Advisor's knowledge of actual or apparent operational problems of any broker-dealer; the broker-dealer's execution services rendered on a continuing basis and in other transactions; the reasonableness of spreads or commissions; as well as other matters relevant to the selection of a broker or dealer for portfolio transactions for any account. The Sub-Advisor does not adhere to any rigid formula in making the selection of the applicable broker or dealer for portfolio transactions, but weighs a combination of the preceding factors.

When buying or selling securities in dealer markets, the Sub-Advisor generally prefers to deal directly with market makers in the securities. The Sub-Advisor will typically effect these trades on a "net" basis, and will not pay the market maker any commission, commission equivalent or markup/markdown other than the "spread." Usually, the market maker profits from the "spread," that is, the difference between the price paid (or received) by the Sub-Advisor and the price received (or paid) by the market maker in trades with other broker-dealers or other customers.

The Sub-Advisor may use Electronic Communications Networks (*"ECN"*) or Alternative Trading Systems (*"ATS"*) to effect such over-the-counter trades for equity securities when, in the Sub-Advisor's judgment, the use of an ECN or ATS may result in equal or more favorable overall executions for the transactions.

Portfolio transactions for each client account will generally be completed independently, except when the Sub-Advisor is in the position of buying or selling the same security for a number of clients at approximately the same time. Because of market fluctuations, the prices obtained on such transactions within a single day may vary substantially. In order to avoid having clients receive different prices for the same security on the same day, the Sub-Advisor endeavors, when possible, to use an "averaging" procedure.

Under this procedure, purchases or sales of a particular security for clients' accounts will at times be combined or "batched" with purchases or sales for other advisory clients by the Sub-Advisor unless the client has expressly directed

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otherwise. Such batched trades may be used to facilitate best execution, including negotiating more favorable prices, obtaining more timely or equitable execution or reducing overall commission charges. In such cases, the price shown on confirmations of clients' purchases or sales will be the average execution price on all of the purchases and sales that are aggregated for this purpose.

The Sub-Advisor may also consider the following when deciding on allocations: (i) cash flow changes (including available cash, redemptions, exchanges, capital additions and capital withdrawals) may provide a basis to deviate from a pre-established allocation as long as it does not result in an unfair advantage to specific accounts or types of accounts over time; (ii) accounts with specialized investment objectives or restrictions emphasizing investment in a specific category of securities may be given priority over other accounts in allocating such securities; and (iii) for bond trades, street convention and good delivery often dictate the minimum size and par amounts and may result in deviations from pro rata distribution.

On behalf of the Fund, the Sub-Advisor may seek to buy securities from or sell securities to another fund or account advised by the Sub-Advisor or an affiliate. The Sub-Advisor may effect purchases and sales between its clients or clients of its affiliates, including the Fund ("cross trades"), if it believes that such transactions are appropriate based on each fund's or account's investment objectives and guidelines, subject to applicable law and regulation. Cross trades may give rise to potential conflicts of interest for the Sub-Advisor. On any occasion when the Fund participates in a cross trade, the Fund will comply with procedures adopted pursuant to Rule 17a-7 under the 1940 Act and applicable SEC guidance.

**Brokerage Commissions**

As a result of the Reorganization, the Fund has assumed the performance of the Predecessor Fund. As the Predecessor Fund and the Fund have a number of differences, including investment policies and practices and that the Predecessor Fund was a closed-end fund which utilizes leverage while the Fund is an exchange-traded fund which does not utilize leverage, the Predecessor Fund's past performance is not indicative of how the Fund will, or is expected to, perform in the future. The following table sets forth the aggregate amount of brokerage commissions paid by the Predecessor Fund for the specified periods.

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| | | |
|:---|:---|:---|
| **Aggregate Amount of Brokerage Commissions**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Aggregate Amount of Brokerage Commissions**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Aggregate Amount of Brokerage Commissions**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** |
| **2024** | **2023** | **2022** |
| $100221 | $46912 | $20750 |

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During the fiscal year ended November 30, 2024, the Fund did not acquire shares of a regular broker or dealer of the Fund as defined in Rule 10b-1 under the 1940 Act.

**Administrator, Custodian, Transfer Agent, Fund Accountant, Distributor, Additional Service Provider and Exchange**

**Administrator and Fund Accounting Agent.** The Fund has appointed The Bank of New York Mellon (*"BNY"*), located at 240 Greenwich Street, New York, New York 10286, to serve as the Fund's administrator and provide the Fund with accounting services pursuant to a fund administration and accounting agreement (the *"Administration and Accounting Agreement"*). Under the Administration and Accounting Agreement, BNY is obligated, on a continuous basis, to provide such administrative services as the Board reasonably deems necessary for the proper administration of the Trust and the Fund. BNY generally will assist in many aspects of the Trust's and the Fund's operations, including accounting, bookkeeping and record keeping services (including, without limitation, the maintenance of such books and records as are required under the 1940 Act and the rules thereunder, except as maintained by other service providers), assist in preparing reports to shareholders or investors, prepare and file tax returns, supply financial information and supporting data for reports to and filings with the SEC and various state Blue Sky authorities and supply supporting documentation for meetings of the Board.

**Custodian.** Pursuant to a custody agreement, BNY serves as the custodian of the Fund's assets. The custodian holds and administers the assets in the Fund's portfolio.

**Transfer Agent.** Pursuant to a transfer agency and service agreement, BNY provides the Trust with transfer agency services, which includes Creation Unit Aggregation order processing.

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The Trust, on behalf of the Fund, has agreed to indemnify BNY for certain liabilities, including certain liabilities arising under the federal securities laws, unless such loss or liability results from negligence or willful misconduct in the performance of its duties. As compensation for these services, BNY is paid a fee based on the Fund's total average daily net assets. BNY also is entitled to certain out-of-pocket expenses for the services described above. This fee is subject to reduction for assets over $1 billion. The Fund has not paid any fees to BNY for the services provided as the Advisor has assumed responsibility for payment of these fees as part of the unitary management fee.

As a result of the Reorganization, the Fund has assumed the performance of the Predecessor Fund for the periods prior to the Reorganization. Therefore, any Fund financial history shown below, prior to the consummation of the Reorganization on June 30, 2025, reflects the financial history of the Predecessor Fund and is not indicative of the financial history that the Fund utilizing its current investment strategy would have generated. The following table sets forth the aggregate amount of expenses paid by the Predecessor Fund to BNY for its services as custodian, fund accountant and fund administrator to the Predecessor Fund for the specified periods.

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| | | |
|:---|:---|:---|
| **Fund Administration and Accounting**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Fund Administration and Accounting**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Fund Administration and Accounting**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** | **Fiscal Year Ended November 30,** |
| **2024** | **2023** | **2022** |
| $23670 | $21562 | $25325 |

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**Distributor.** First Trust Portfolios L.P., an affiliate of First Trust, is the distributor (*"FTP"* or the *"Distributor"*) and principal underwriter of the shares of the Fund. Its principal address is 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187. The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes Fund shares. Shares are continuously offered for sale by the Fund through the Distributor only in Creation Unit Aggregations, as described in the Prospectus and below under the heading "Creation and Redemption of Creation Unit Aggregations."

For the fiscal period ended November 30, 2022 and the fiscal years ended November 30, 2023 and November 30, 2024, there were no underwriting commissions with respect to the sale of Fund shares, and FTP did not receive compensation on redemptions for the Fund for those periods.

**12b-1 Plan.** The Trust has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the *"Plan"*) pursuant to which the Fund may reimburse the Distributor up to a maximum annual rate of 0.25% of its average daily net assets.

Under the Plan and as required by Rule 12b-1, the Trustees will receive and review after the end of each calendar quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made. With the exception of the Distributor and its affiliates, no "interested person" of the Trust (as that term is defined in the 1940 Act) and no Trustee of the Trust has a direct or indirect financial interest in the operation of the Plan or any related agreement.

No fee is currently paid by the Fund under the Plan and, pursuant to a contractual agreement, the Fund will not pay 12b-1 fees any time before June 23, 2027.

**Aggregations.** Fund shares in less than Creation Unit Aggregations are not distributed by the Distributor. The Distributor will deliver the Prospectus and, upon request, this SAI to persons purchasing Creation Unit Aggregations and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the 1934 Act and a member of the Financial Industry Regulatory Authority (*"FINRA"*).

The Distribution Agreement provides that it may be terminated at any time, without the payment of any penalty, on at least 60 days' written notice by the Trust to the Distributor (i) by vote of a majority of the Independent Trustees or (ii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

The Distributor has entered into agreements with participants that utilize the facilities of the Depository Trust Company (the "*DTC Participants*"), which have international, operational, capabilities and place orders for Creation Unit Aggregations of Fund shares. Participating Parties (which are participants in the Continuous Net Settlement System of the National Securities Clearing Corporation) shall be DTC Participants.

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**Exchange.** The only relationship that the Exchange has with First Trust or the Distributor of the Fund in connection with the Fund is that the Exchange lists the shares of the Fund and disseminates the intra-day portfolio values of the Fund pursuant to its listing agreement with the Trust. The Exchange is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the shares of the Fund or in the determination or calculation of the net asset value of the Fund. The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Fund.

**Additional Payments to Financial Intermediaries**

First Trust or its affiliates may from time to time make payments, out of their own resources, to certain broker-dealers, registered investment advisers, banks or other intermediaries (collectively, *"intermediaries"*) that sell shares of First Trust mutual funds and ETFs (*"First Trust Funds"*) to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by intermediary. The level of payments that First Trust is willing to provide to a particular intermediary may be affected by, among other factors, (i) the firm's total assets or Fund shares held in and recent net investments into First Trust Funds, (ii) the value of the assets invested in the First Trust Funds by the intermediary's customers, (iii) redemption rates, (iv) its ability to attract and retain assets, (v) the intermediary's reputation in the industry, (vi) the level and/or type of marketing assistance and educational activities provided by the intermediary, (vii) the firm's level of participation in First Trust Funds' sales and marketing programs, (viii) the firm's compensation program for its registered representatives who sell Fund shares and provide services to Fund shareholders, and (ix) the asset class of the First Trust Funds for which these payments are provided. Such payments are generally asset-based but also may include the payment of a lump sum.

First Trust and/or its affiliates may make payments, out of its own assets, to those firms as compensation and/or reimbursement for marketing support and/or program servicing to selected intermediaries that are registered as holders or dealers of record for accounts invested in one or more of the First Trust Funds or that make First Trust Fund shares available through certain selected Fund no-transaction fee institutional platforms and fee-based wrap programs at certain financial intermediaries. Program servicing payments typically apply to employee benefit plans, such as retirement plans, or fee-based advisory programs but may apply to retail sales and assets in certain situations. The payments are based on such factors as the type and nature of services or support furnished by the intermediary and are generally asset-based. Services for which an intermediary receives marketing support payments may include, but are not limited to, business planning assistance, advertising, educating the intermediary's personnel about First Trust Funds in connection with shareholder financial planning needs, placement on the intermediary's preferred or recommended fund list, and access to sales meetings, sales representatives and management representatives of the intermediary. In addition, intermediaries may be compensated for enabling representatives of First Trust and/or its affiliates to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other events sponsored by the intermediary. Services for which an intermediary receives program servicing payments typically include, but are not limited to, record keeping, reporting or transaction processing and shareholder communications and other account administration services, but may also include services rendered in connection with Fund/investment selection and monitoring, employee enrollment and education, plan balance rollover or separation, or other similar services. An intermediary may perform program services itself or may arrange with a third party to perform program services. These payments, if any, are in addition to the service fee and any applicable omnibus sub-accounting fees paid to these firms with respect to these services by the First Trust Funds out of Fund assets.

From time to time, First Trust and/or its affiliates, at its expense, may provide other compensation to intermediaries that sell or arrange for the sale of shares of the First Trust Funds, which may be in addition to marketing support and program servicing payments described above. For example, First Trust and/or its affiliates may: (i) compensate intermediaries for National Securities Clearing Corporation networking system services (*e.g.*, shareholder communication, account statements, trade confirmations and tax reporting) on an asset-based or per-account basis; (ii) compensate intermediaries for providing Fund shareholder trading information; (iii) make one-time or periodic payments to reimburse selected intermediaries for items such as ticket charges (*i.e.*, fees that an intermediary charges its representatives for effecting transactions in Fund shares) or exchange order, operational charges (*e.g.*, fees that an intermediary charges for establishing the Fund on its trading system), and literature printing and/or distribution costs; (iv) at the direction of a retirement plan's sponsor, reimburse or pay direct expenses of an employee benefit plan that would otherwise be payable by the plan; (v) provide payments to broker-dealers to help defray their technology or infrastructure costs; and (vi) make payments for expenses associated with intermediaries' use of First Trust Funds including, but not limited to, the use of First Trust Funds in model portfolios.

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When not provided for in a marketing support or program servicing agreement, First Trust and/ or its affiliates may also pay intermediaries for enabling First Trust and/or its affiliates to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other intermediary employees, client and investor events and other intermediary-sponsored events, and for travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, asset retention and due diligence trips. These payments may vary depending upon the nature of the event. First Trust and/or its affiliates make payments for such events as it deems appropriate, subject to its internal guidelines and applicable law.

First Trust and/or its affiliates occasionally sponsor due diligence meetings for registered representatives during which they receive updates on various First Trust Funds and are afforded the opportunity to speak with portfolio managers. Although invitations to these meetings are not conditioned on selling a specific number of shares, those who have shown an interest in First Trust Funds are more likely to be considered. To the extent permitted by their firm's policies and procedures, all or a portion of registered representatives' expenses in attending these meetings may be covered by First Trust and/or its affiliates.

The amounts of payments referenced above made by First Trust and/or its affiliates could be significant and may create an incentive for an intermediary or its representatives to recommend or offer shares of the First Trust Funds to its customers. The intermediary may elevate the prominence or profile of the First Trust Funds within the intermediary's organization by, for example, placing the First Trust Funds on a list of preferred or recommended funds and/or granting First Trust and/or its affiliates preferential or enhanced opportunities to promote the First Trust Funds in various ways within the intermediary's organization. These payments are made pursuant to negotiated agreements with intermediaries. The payments do not change the price paid by investors for the purchase of a share or the amount the Fund will receive as proceeds from such sales. Furthermore, many of these payments are not reflected in the fees and expenses listed in the fee table section of the Fund's Prospectus because they are not paid by the Fund. The types of payments described herein are not mutually exclusive, and a single intermediary may receive some or all types of payments as described.

Other compensation may be offered to the extent not prohibited by state laws or any self-regulatory agency, such as FINRA. Investors can ask their intermediaries for information about any payments they receive from First Trust and/or its affiliates and the services it provides for those payments. Investors may wish to take intermediary payment arrangements into account when considering and evaluating any recommendations relating to Fund shares.

Payments to intermediaries, in certain circumstances, may also be made in connection with the distribution of model portfolios developed by First Trust, such as the inclusion of such model portfolios on an intermediary's platform, as well as in connection with the marketing and sale of, and/or product training regarding such model portfolios, or servicing of accounts tracking such model portfolios. Such payments may be variable or fixed fee payments for platform support, or other payments in the form of a variable or fixed fee or a per position fee, or may relate to the amount of assets an intermediary's clients have invested in the First Trust Funds in such models developed by First Trust, the management fee, the total expense ratio, or sales of the First Trust Funds in such models developed by First Trust. Some intermediaries also provide related data regarding transactions in specific model portfolios, First Trust Funds and investment strategies to First Trust in exchange for a fee.

First Trust and/or its affiliates may enter into arrangements with third parties, such as a software provider, whereby First Trust may license certain technology or other services from such entity in exchange for licensing or other fees which may be, in whole or in part, dependent on the value of First Trust mutual funds or ETFs held through such software or other service. Such third party may also offer price concessions to broker dealers, investment advisers or other financial intermediaries that license technology or other services that may be dependent, in whole or in part, on the value of First Trust mutual funds or ETFs held through such software or other service.

**Additional Information**

**Book Entry Only System.** The following information supplements and should be read in conjunction with the Prospectus.

**DTC Acts as Securities Depository for Fund Shares.** Shares of the Fund are represented by securities registered in the name of The Depository Trust Company (*"DTC"*) or its nominee, Cede & Co., and deposited with, or on behalf of, DTC.

DTC, a limited-purpose trust company, was created to hold securities of its participants (the *"DTC Participants"*) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through

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electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange (the *"NYSE"*) and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the *"Indirect Participants"*).

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as *"Beneficial Owners"*) is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to a letter agreement between DTC and the Trust, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the shares of the Fund held by each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participants a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Fund distributions shall be made to DTC or its nominee, as the registered holder of all Fund shares. DTC or its nominee, upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares of the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a *"*street name,*"* and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

**Proxy Voting Policies and Procedures**

The Trust has adopted a proxy voting policy that seeks to ensure that proxies for securities held by the Fund are voted consistently with the best interests of the Fund.

The Board of Trustees is responsible for oversight of the Fund's proxy voting process. The Board has delegated day-to-day proxy voting responsibility to the Sub-Advisor. The Proxy Voting Guidelines of the Sub-Advisor are set forth in *Exhibit A* to this SAI.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available upon request and without charge on the Fund's website at http://www.ftportfolios.com, by calling (800) 621-1675 or by accessing the SEC's website at http://www.sec.gov.

**Portfolio Schedule.** The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at http://www.sec.gov. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual financial statements

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and other information provided to shareholders, respectively, and is filed with the SEC on Form N-CSR. A semi-annual or annual financial statement and other information provided for the Fund will become available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

**Policy Regarding Disclosure of Portfolio Holdings.** The Trust has adopted a policy regarding the disclosure of information about the Fund's portfolio holdings. The Board of Trustees must approve all material amendments to this policy. The Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services, including publicly accessible Internet websites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for Fund shares, together with estimates and actual cash components, is publicly disseminated each day the New York Stock Exchange (the *"NYSE"*) is open for trading via the National Securities Clearing Corporation (*"NSCC"*). Pursuant to Rule 6c-11 under the 1940 Act, information regarding the Fund's current portfolio holdings will be available on a daily basis at http://www.ftportfolios.com/Retail/etf/home.aspx. The Trust, First Trust, FTP, the Sub-Advisor and BNY will not disseminate non-public information concerning the Trust.

**Codes of Ethics.** In order to mitigate the possibility that the Fund will be adversely affected by personal trading, the Trust, First Trust, the Sub-Advisor and the Distributor have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes of Ethics contain policies restricting securities trading in personal accounts of the officers, Trustees and others who normally come into possession of information on portfolio transactions. Personnel subject to the Codes of Ethics may invest in securities that may be purchased or held by the Fund; however, the Codes of Ethics require that each transaction in such securities be reviewed by the Chief Compliance Officer or his or her designee. These Codes of Ethics are on public file with, and are available from, the SEC.

**Creation and Redemption of Creation Units**

**General.** ETFs, such as the Fund, generally issue and redeem their shares in primary market transactions through a creation and redemption mechanism and do not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with an ETF or one of the ETF's service providers to purchase and redeem ETF shares directly with the ETF in large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, an ETF publishes through the National Securities Clearing Corporation (*"NSCC"*) the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the ETF's shares. An Authorized Participant that wishes to effectuate a creation of an ETF's shares deposits with the ETF the "basket" of securities, cash or other assets identified by the ETF that day, and then receives the Creation Unit of the ETF's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the ETF's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of ETF shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in ETF shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of ETF shares at or close to the NAV per share of the ETF.

**Authorized Participants.** An *"Authorized Participant"* is a member or participant of a clearing agency registered with the SEC that has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase or redemption of Creation Units (a *"Participant Agreement"*). Orders to purchase Creation Units must be delivered through an Authorized Participant that has executed a Participant Agreement and must comply with the applicable provisions of such Participant Agreement. Investors wishing to purchase or sell shares generally do so on an exchange. Institutional investors other than Authorized Participants are responsible for making arrangements for a redemption request to be made through an Authorized Participant.

**Business Day.** A *"Business Day"* is generally any day on which the New York Stock Exchange (*"NYSE"*), the Exchange and the Trust are open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Business Day on which an order to purchase or redeem Creation Units is received in proper form is referred to as the "Transmittal Date."

**Basket Composition.** Rule 6c-11(c)(3) under of the 1940 Act requires an ETF relying on the exemptions offered by Rule 6c-11 to adopt and implement written policies and procedures governing the construction of baskets and the process that the ETF will use for the acceptance of baskets. In general, in connection with the construction and acceptance of baskets, the Advisor may consider various factors, including, but not limited to: (1) whether the securities, assets and

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other positions comprising a basket are consistent with the ETF's investment objective(s), policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the ETF and/or Authorized Participant(s), as applicable; (3) whether to utilize cash, either in lieu of securities or other instruments or as a cash balancing amount; and (4) in the case of an ETF that tracks an index, whether the securities, assets and other positions aid index tracking.

The Fund may utilize a pro rata basket or a custom basket in reliance on Rule 6c-11. A "pro rata basket" is a basket that is a pro rata representation of the ETF's portfolio holdings, except for minor deviations when it is not operationally feasible to include a particular instrument within the basket, except to the extent that the Fund utilized different baskets in transactions on the same Business Day.

Rule 6c-11 defines "custom baskets" to include two categories of baskets. First, a basket containing a non-representative selection of the ETF's portfolio holdings would constitute a custom basket. These types of custom baskets include, but are not limited to, baskets that do not reflect: (i) a pro rata representation of the Fund's portfolio holdings; (ii) a representative sampling of an ETF's portfolio holdings; or (iii) changes due to a rebalancing or reconstitution of an ETF's securities market index, if applicable. Second, if different baskets are used in transactions on the same Business Day, each basket after the initial basket would constitute a custom basket. For example, if an ETF exchanges a basket with either the same or another Authorized Participant that reflects a representative sampling that differs from the initial basket, that basket (and any such subsequent baskets) would be a custom basket. Similarly, if an ETF substitutes cash in lieu of a portion of basket assets for a single Authorized Participant, that basket would be a custom basket. The Advisor's Rule 6c-11 Committee defines any deviation from a pro rata basket to be a "custom basket." Rebalancing and reconstitution baskets do not constitute custom baskets. All cash baskets that are the initial basket on a Business Day also do not constitute custom baskets.

Under a variety of circumstances, an ETF and its shareholders may benefit from the flexibility afforded by custom baskets. In general terms, the use of custom baskets may reduce costs, increase efficiency and improve trading. Because utilizing custom baskets provides a way for an ETF to add, remove and re-weight portfolio securities without transacting in the market, it may help the ETF to avoid transaction costs and adverse tax consequences. Rule 6c-11 provides an ETF with flexibility to use "custom baskets" if the ETF has adopted written policies and procedures that: (1) set forth detailed parameters for the construction and acceptance of custom baskets that are in the best interests of the ETF and its shareholders, including the process for any revisions to, or deviations from, those parameters; and (2) specify the titles or roles of employees of the ETF's investment advisor who are required to review each custom basket for compliance with those parameters.

The use of baskets that do not correspond pro rata to an ETF's portfolio holdings has historically created concern that an Authorized Participant could take advantage of its relationship with an ETF and pressure the ETF to construct a basket that favors an Authorized Participant to the detriment of the ETF's shareholders. For example, because ETFs rely on Authorized Participants to maintain the secondary market by promoting an effective arbitrage mechanism, an Authorized Participant holding less liquid or less desirable securities potentially could pressure an ETF into accepting those securities in its basket in exchange for liquid ETF shares (*i.e.*, dumping). An Authorized Participant also could pressure the ETF into including in its basket certain desirable securities in exchange for ETF shares tendered for redemption (*i.e.*, cherry-picking). In either case, the ETF's other investors would be disadvantaged and would be left holding shares of an ETF with a less liquid or less desirable portfolio of securities. The Advisor has adopted policies and procedures designed to mitigate these concerns but there is ultimately no guarantee that such policies and procedures will be effective.

**Basket Dissemination.** Basket files are published for consumption through the NSCC, a subsidiary of Depository Trust & Clearing Corporation, and can be utilized for pricing, creations, redemptions, rebalancing and custom scenarios. In most instances, pro rata baskets are calculated and supplied by the ETF's custodial bank based on ETF holdings, whereas non-pro rata, custom and forward-looking pro rata baskets are calculated by the Fund's investment advisor and disseminated by the ETF's custodial bank through the NSCC process.

**Placement of Creation or Redemption Orders.** All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern Standard Time) on each day the NYSE is open for business (the *"Closing Time"*) in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of the Fund as next determined on such date after receipt of the order in proper form. However, at its discretion, the Fund may require an Authorized Participant to submit orders to

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purchase or redeem Creation Units be placed earlier in the day (such as instances where an applicable market for a security comprising a creation or redemption basket closes earlier than usual).

**Delivery of Redemption Proceeds.** Deliveries of securities to Authorized Participants in connection with redemption orders are generally expected to be made within one Business Day. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds for the Fund may take longer than one Business Day after the day on which the redemption request is received in proper form. Section 22(e) of the 1940 Act generally prohibits a registered open-end management investment company from postponing the date of satisfaction of redemption requests for more than seven days after the tender of a security for redemption. This prohibition can cause operational difficulties for ETFs that hold foreign investments and exchange in-kind baskets for Creation Units. For example, local market delivery cycles for transferring foreign investments to redeeming investors, together with local market holiday schedules, can sometimes require a delivery process in excess of seven days. However, Rule 6c-11 grants relief from Section 22(e) to permit an ETF to delay satisfaction of a redemption request for more than seven days if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants, or the combination thereof prevents timely delivery of the foreign investment included in the ETF's basket. Under this exemption, an ETF must deliver foreign investments as soon as practicable, but in no event later than 15 days after the tender to the ETF. The exemption therefore will permit a delay only to the extent that additional time for settlement is actually required, when a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents timely delivery of the foreign investment included in the ETF's basket. If a foreign investment settles in less than 15 days, Rule 6c-11 requires an ETF to deliver it pursuant to the standard settlement time of the local market where the investment trades. Rule 6c-11 defines "foreign investment" as any security, asset or other position of the ETF issued by a foreign issuer (as defined by Rule 3b-4 under the 1934 Act), and that is traded on a trading market outside of the United States. This definition is not limited to "foreign securities," but also includes other investments that may not be considered securities. Although these other investments may not be securities, they may present the same challenges for timely settlement as foreign securities if they are transferred in kind.

**Creation Transaction Fees.** The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

**Redemption Transaction Fees.** The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**Suspension of Creations.** The SEC has stated its position that an ETF generally may reject or suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the ETF's portfolio holdings are traded are closed for a limited period of time. The SEC has also stated that an ETF could not set transaction fees so high as to effectively suspend the issuance of Creation Units. Circumstances in which the Fund may suspend or reject creations include, but are not limited to: (i) the order is not in proper form; (ii) the purchaser or group of related purchasers, upon obtaining the Creation Units of Fund shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the required consideration is not delivered; (iv) the acceptance of the basket would, in the opinion of the Fund, be unlawful; or (v) there exist circumstances outside the control of the Fund that make it impossible to process purchases of Creation Units for all practical purposes. Examples of such circumstances include: acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Fund, First Trust, the Distributor, DTC, NSCC, the transfer agent, the

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custodian, any sub-custodian or any other participant in the purchase process; and similar extraordinary events. The Fund reserves the right to reject a creation order transmitted to it provided that such action does not result in a suspension of sales of creation units in contravention of 6c-11 and the SEC's positions thereunder. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of such prospective creator of the rejection of the order of such person. The Trust, the Fund, the Transfer Agent, the custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of baskets, nor shall any of them incur any liability for the failure to give any such notification.

**Suspension of Redemptions.** An ETF may suspend the redemption of Creation Units only in accordance with Section 22(e) of the 1940 Act. Section 22(e) stipulates that no registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of such security to the company or its agent designated for that purpose for redemption, except (1) for any period (A) during which the NYSE is closed other than customary week-end and holiday closings or (B) during which trading on the NYSE is restricted; (2) for any period during which an emergency exists as a result of which (A) disposal by the investment company of securities owned by it is not reasonably practicable or (B) it is not reasonably practicable for such company fairly to determine the value of its net assets; or (3) for such other periods as the SEC may by order permit for the protection of security holders of the investment company.

**Exceptions to Use of Creation Units.** Under Rule 6c-11 of the 1940 Act, ETFs are permitted to sell or redeem individual shares on the day of consummation of a reorganization, merger, conversion, or liquidation. In these limited circumstances, an ETF may need to issue or redeem individual shares and may need to transact without utilizing Authorized Participants.

**Federal Tax Matters**

This section summarizes some of the main U.S. federal income tax consequences of owning shares of the Fund. This section is current as of the date of the SAI. Tax laws and interpretations change frequently, and these summaries do not describe all of the tax consequences to all taxpayers. For example, these summaries generally do not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer or other investor with special circumstances. In addition, this section does not describe your state, local or foreign tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Fund. The Internal Revenue Service (*"IRS"*) could disagree with any conclusions set forth in this section. The following disclosure may not be sufficient for prospective investors to use for the purpose of avoiding penalties under federal tax law.

As with any investment, prospective investors should seek advice based on their individual circumstances from their own tax advisor.

The Fund intends to qualify annually and to elect to be treated as a regulated investment company (a *"RIC"*) under the Internal Revenue Code of 1986, as amended (the *"Code"*).

To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stock, securities or foreign currencies or other income derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in certain publicly traded partnerships; (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the market value of the Fund's assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other RICs and other securities, with such other securities of any one issuer generally limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or the securities of other RICs) of any one issuer, or two or more issuers which the Fund controls which are engaged in the same, similar or related trades or businesses, or the securities of one or more of certain publicly traded partnerships; and (iii) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends, interest and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its net tax-exempt interest income each taxable year. There are certain exceptions for failure to qualify if the failure is for reasonable cause or is *de minimis*, and certain corrective action is taken and certain tax payments are made by the Fund.

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As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes to shareholders. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain. If the Fund retains any net capital gain or investment company taxable income, it will generally be subject to federal income tax at regular corporate rates on the amount retained. In addition, amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax unless, generally, the Fund distributes during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. In order to prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Subject to certain reasonable cause and *de minimis* exceptions, if the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in any taxable year, the Fund would be taxed as an ordinary corporation on its taxable income (even if such income were distributed to its shareholders) and all distributions out of earnings and profits would be taxed to shareholders as ordinary income. Some portion of the ordinary income distributions that are attributable to dividends received by the Fund from shares in certain real estate investment trusts may be designated by the Fund as eligible for a deduction for qualified business income, provided certain holding period requirements are satisfied.

**Distributions**

Dividends paid out of the Fund's investment company taxable income are generally taxable to a shareholder as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares. However, certain ordinary income distributions received from the Fund may be taxed at capital gains tax rates. In particular, ordinary income dividends received by an individual shareholder from a RIC such as the Fund are generally taxed at the same rates that apply to net capital gain, provided that certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by the Fund itself. Dividends received by the Fund from REITs and foreign corporations are qualifying dividends eligible for this lower tax rate only in certain circumstances. The Fund will provide notice to its shareholders of the amount of any distributions that may be taken into account as a dividend which is eligible for the capital gains tax rates. The Fund cannot make any guarantees as to the amount of any distribution which will be regarded as a qualifying dividend.

Income from the Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to net investment income if the taxpayer's adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals. Interest that is excluded from gross income and exempt-interest dividends from the Fund are generally not included in net investment income for purposes of this tax.

A corporation that owns shares generally will not be entitled to the dividends received deduction with respect to many dividends received from the Fund because the dividends received deduction is generally not available for distributions from RICs. However, certain ordinary income dividends on shares that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be reported by the Fund as being eligible for the dividends received deduction.

Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, properly reported as capital gain dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund shares. An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements. Shareholders receiving distributions in the form of additional shares, rather than cash, generally will have a tax basis in each such share equal to the value of a share of the Fund on the reinvestment date. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's basis in his or

------

her shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares.

Shareholders will be notified annually as to the U.S. federal income tax status of distributions and shareholders receiving distributions in the form of additional shares will receive a report as to the value of those shares.

**Sale or Exchange of Fund Shares**

Upon the sale or other disposition of shares of the Fund, which a shareholder holds as a capital asset, such a shareholder may realize a capital gain or loss which will be long-term or short-term, depending upon the shareholder's holding period for the shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the shares have been held for more than one year. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

Any loss realized on a sale or exchange will be disallowed to the extent that shares disposed of are replaced (including through reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after disposition of shares or to the extent that the shareholder, during such period, acquires or enters into an option or contract to acquire substantially identical stock or securities. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of Fund shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of long-term capital gain received by the shareholder with respect to such shares.

**Taxes on Purchase and Redemption of Creation Units**

If a shareholder exchanges securities for Creation Units, the shareholder will generally recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the shareholder's aggregate basis in the securities surrendered and the Cash Component paid. If a shareholder exchanges Creation Units for securities, then the shareholder will generally recognize a gain or loss equal to the difference between the shareholder's basis in the Creation Units and the aggregate market value of the securities received and the Cash Redemption Amount. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

**Nature of Fund Investments**

Certain of the Fund's investment practices are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur; and (vi) adversely alter the characterization of certain complex financial transactions.

**Futures Contracts and Options**

The Fund's transactions in futures contracts and options will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (*i.e.*, may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate recognition of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing of distributions to shareholders. These provisions also (i) will require the Fund to mark-to-market certain types of the positions in its portfolio (*i.e.*, treat them as if they were closed out); and (ii) may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed as a RIC and the distribution requirements for avoiding excise taxes.

**Investments in Certain Foreign Corporations**

If the Fund holds an equity interest in any "passive foreign investment companies" (*"PFICs"*), which are generally certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest,

------

dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. The Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. The Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, the Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, the Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax (described above). Dividends paid by PFICs are not treated as qualified dividend income.

**Backup Withholding**

The Fund may be required to withhold U.S. federal income tax from all taxable distributions and sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or fail to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. This withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability.

**Non-U.S. Shareholders**

U.S. taxation of a shareholder who, as to the United States, is a nonresident alien individual, a foreign trust or estate, a foreign corporation or foreign partnership (*"non-U.S. shareholder"*) depends on whether the income of the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

In addition to the rules described in this section concerning the potential imposition of withholding on distributions to non-U.S. persons, distributions to non-U.S. persons that are "financial institutions" may be subject to a withholding tax of 30% unless an agreement is in place between the financial institution and the U.S. Treasury to collect and disclose information about accounts, equity investments or debt interests in the financial institution held by one or more U.S. persons or the institution is resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury. For these purposes, a "financial institution" means any entity that (i) accepts deposits in the ordinary course of a banking or similar business; (ii) holds financial assets for the account of others as a substantial portion of its business; or (iii) is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting or trading in securities, partnership interests, commodities or any interest (including a futures contract or option) in such securities, partnership interests or commodities. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

Distributions to non-financial non-U.S. entities (other than publicly traded foreign entities, entities owned by residents of U.S. possessions, foreign governments, international organizations or foreign central banks) will also be subject to a withholding tax of 30% if the entity does not certify that the entity does not have any substantial U.S. owners or provide the name, address and TIN of each substantial U.S. owner. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

**Income Not Effectively Connected.** If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions.

Distributions of capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax at the rate of 30% (or lower treaty rate) unless the non-U.S. shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% U.S. tax. In the case of a non-U.S. shareholder who is a

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nonresident alien individual, the Fund may be required to withhold U.S. income tax from distributions of net capital gain unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption. If a non-U.S. shareholder is a nonresident alien individual, any gain such shareholder realizes upon the sale or exchange of such shareholder's shares of the Fund in the United States will ordinarily be exempt from U.S. tax unless the gain is U.S. source income and such shareholder is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. shareholders, provided that the Fund makes certain elections and certain other conditions are met. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income. In addition, capital gain distributions attributable to gains from U.S. real property interests (including certain U.S. real property holding corporations) will generally be subject to United States withholding tax and will give rise to an obligation on the part of the non-U.S. shareholder to file a United States tax return.

**Income Effectively Connected.** If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains and any gains realized upon the sale or exchange of shares of the Fund will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code. The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Capital Loss Carry-forward**

Under the Regulated Investment Company Modernization Act of 2010, net capital losses of the Fund incurred in taxable years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. To the extent that these loss carry-forwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to Fund shareholders. Pursuant to the Reorganization, the Predecessor Fund's capital loss carryforwards were transferred to the Fund. As of November 30, 2024, the Predecessor Fund had capital loss carry-forwards in the amount below. The Fund is subject to certain limitations, under U.S. tax rules, on the use of capital loss carry-forwards and net unrealized built-in losses. These limitations generally apply when there has been a 50% change in ownership.

---

| |
|:---|
| **Total**<br> **Non-Expiring**<br> **Capital Loss**<br> **Available**<br>|
| $54324360 |

---

**Other Taxation**

Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Determination of Net Asset Value**

The Fund's net asset value is determined as set forth in the Prospectus in the section entitled "Net Asset Value."

------

**Dividends and Distributions**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions and Taxes."

**General Policies.** Dividends from net investment income of the Fund, if any, are declared and paid monthly. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

To the extent that distributions exceed the Fund's earnings and profits, distributions are generally not treated as taxable income for the investor. Instead, Fund shareholders will experience a reduction in the basis of their shares, which may increase the capital gain or reduce capital loss, realized upon the sale of such shares. Thus, if the Fund's capital was the source of a distribution and the payment amounted to a return of capital, the Fund would be required to provide a written notice to that effect. A "return of capital" represents a return on a shareholder's original investment in the Fund, and should not be confused with a dividend from earnings and profits. Upon the sale of Fund shares, shareholders generally will recognize capital gain or loss measured by the difference between the sale proceeds received by the shareholder and the shareholder's federal income tax basis in shares sold, as adjusted to reflect return of capital. Accordingly, Fund shareholders should carefully review any written disclosure accompanying a distribution and should not assume that the source of payment is the Fund's income.

Dividends and other distributions of Fund shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Fund.

**Dividend Reinvestment Service.** No reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund for reinvestment of their dividend distributions. Beneficial Owners should contact their brokers in order to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

**Miscellaneous Information**

**Counsel.** Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, is counsel to the Trust.

**Independent Registered Public Accounting Firm.** Deloitte & Touche LLP, 111 South Wacker Drive, Chicago, Illinois 60606, serves as the Fund's independent registered public accounting firm. The firm audits the Fund's financial statements and performs other related audit services.

**Financial Statements**

As a result of the Reorganization, the audited financial statements and notes thereto for the Predecessor Fund, contained in the Predecessor Fund's Annual Report to Shareholders dated November 30, 2024, are incorporated by reference into this Statement of Additional Information and have been audited by Deloitte & Touche LLC, whose report appears in the Predecessor Fund's Annual Report and is also incorporated by reference herein. No other parts of the Annual Report are incorporated by reference herein. The Annual Reports is available without charge by calling (800) 621-1675 or by visiting the SEC's website at http://www.sec.gov.

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**Exhibit A—Proxy Voting Guidelines**

**CONFLUENCE INVESTMENT MANAGEMENT LLC**

**PROXY VOTING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**

**Introduction**

As a registered investment adviser, Confluence Investment Management LLC ("Confluence") has a fiduciary duty to act solely in the best interests of its clients. If the client is a registered investment company under the Investment Company Act of 1940 or the client requests Confluence to do so in writing, Confluence will vote proxy materials for its clients.

In cases where the discretionary client has delegated proxy voting responsibility and authority to Confluence, Confluence has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best interests of its clients. In pursuing this policy, proxies should be voted in a manner that is intended to maximize value to the client. In situations where Confluence accepts such delegation and agrees to vote proxies, Confluence will do so in accordance with these Policies and Procedures. Confluence may delegate its responsibilities under these Policies and Procedures to a third party, provided that no such delegation shall relieve Confluence of its responsibilities hereunder and Confluence shall retain final authority and fiduciary responsibility for such proxy voting.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** 

**Voting Guidelines**

Confluence has adopted the Broadridge Proxy Policies and Insights Shareholder Value ("Proxy Policies and Insights") to determine how each issue on proxy ballots is to be voted. The Proxy Policies and Insights is incorporated herein by this reference, and a copy of the Proxy Policies and Insights, as may be revised from time to time, is maintained with Confluence's proxy voting policy.

The Proxy Policies and Insights seeks to maximize shareholder value in proxy voting. While the Proxy Policies and Insights is created using voting trends of the top 10 fund families that also seek to maximize shareholder value, Confluence seeks to review the template no less frequently than annually (and make revisions when necessary) to better enhance the shareholder's value maximization objective. Proxy statements will be voted in accordance with this template unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence determines it has a conflict,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence investment team determines there is a valid reason not to follow the Proxy Policies and Insights recommendation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No recommendation is provided by the Proxy Policies and Insights, in which case Confluence will independently determine how a particular issue is to be voted and will document that determination for the record.

In the event proxy ballots are received with respect to debt securities, Confluence will vote on a case by case basis in a manner it believes to be in the best economic interest of clients.

Any decision to override the PPI on a particular ballot issue must receive approval by the relevant CIO or his/her delegate (typically a Director of Research). The reason for not following the Proxy Policies and Insights must be documented for recordkeeping purposes.

Confluence may determine not to vote a particular proxy, if the costs and burdens exceed the benefits of voting (e.g., when securities are subject to loan or to share blocking restrictions) or if a determination is made that not voting is in the best interest of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** 

**Responsibility**

Confluence utilizes Broadridge Financial Solutions, Inc. ("Broadridge"), an outsourcing provider to the global financial services industry, to coordinate, process, manage and maintain electronic records of Confluence proxy votes.

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Confluence has adopted the Broadridge Proxy Policy and Insights. It is the responsibility of the Proxy Committee to at least annually, review the Proxy Policies and Insights for continued relevancy. Confluence is generally responsible for responding to any corporate actions as well as address any proxy ballot issues for which a recommendation is not provided by Proxy Policy and Insights.

Confluence compliance is responsible for maintaining this policy, reviewing it at least annually, and updating it as required.

All client accounts are to be directed to Broadridge in order for proxy ballots to be listed and voted on Broadridge's Proxy Edge system. Occasionally, however, proxy ballots are forwarded directly to Confluence, which must then vote the proxy ballots independent of the Proxy Edge system. Confluence is not responsible for voting proxies it does not receive, but will make reasonable efforts to obtain missing proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** 

**Registered Investment Companies**

In cases in which the client is a registered investment company under the Investment Company Act of 1940 and the client delegates proxy voting, Confluence will vote proxies pursuant to this policy. Where Confluence acts as a sub-adviser of a closed-end fund that invests in other investment company securities, Confluence (as required) will vote such proxies in the same proportion as the vote of all other shareholders of the fund (i.e. "echo vote" or "mirror vote"), unless otherwise required by law. When required by law, Confluence will also echo vote proxies of securities in unaffiliated investment vehicles. For example, section 12(d)(1)(F) of the Investment Company Act of 1940 requires echo voting of registered investment companies that sub-advise or manage securities of other registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** 

**Conflicts of Interest**

In the event an employee determines that Confluence has a conflict of interest due to, for example, a relationship with a company or an affiliate of a company, or for any other reason which could influence the advice given, the employee will advise the Chief Compliance Officer and the Proxy Committee, and the Proxy Committee will decide whether Confluence should either (1) disclose to the client the conflict to enable the client to evaluate the advice in light of the conflict or (2) disclose to the client the conflict and decline to provide the advice.

Confluence shall use commercially reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist only if one or more members of the Confluence Investment Committee (on which the Chief Investment Officer is a member) knows or should have known of the conflict. Confluence is sensitive to conflicts of interest that may arise in the proxy decision-making process and has identified the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A principal of Confluence or any person involved in the proxy decision-making process currently serves on the Board of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An immediate family member of a principal of Confluence or any person involved in the proxy decision-making process currently serves as a director or executive officer of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence or any affiliate holds a material ownership interest in the portfolio company.

This list is not intended to be exclusive. All employees are obligated to disclose any potential conflict to Confluence's Chief Compliance Officer.

If a material conflict is identified, Confluence management may (i) disclose the potential conflict to the client and obtain consent; or (ii) establish an ethical wall or other informational barriers between the person(s) that are involved in the conflict and the persons making the voting decisions.

Confluence will resolve identified conflicts of interest in the best interest of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** 

**Oversight of Third Parties**

Annually, the Proxy Policies and Insights will be reviewed by the Proxy Committee. Annually, Confluence compliance will request documents necessary to evaluate Broadridge's continuing ability to adequately provide services to Confluence and its clients (e.g. SOC-1 report).

Confluence will perform periodic review of Broadridge through reports available on the Broadridge Proxy Edge site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** 

**Client Requests for Information**

All client requests for information regarding proxy votes, or policies and procedures, received by any employee should be forwarded to Confluence compliance. Confluence compliance will prepare a written response to the client with the information requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**

**Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence will provide required disclosures in response to Item 17 of Form ADV Part 2A summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how Confluence voted client's proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence will also disclose how clients may obtain a copy of the firm's proxy voting policies and procedures, however Confluence will not disclose how proxies were voted to third-party non-clients, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confluence shall make known its proxy voting policy in its advisory agreement or along with its advisory agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** 

**Recordkeeping**

The Chief Compliance Officer or his/her designate is responsible for maintaining the following records, however Confluence may rely on its third-party service provider to retain certain records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● proxy statements (provided, however, that Confluence may rely on the Securities and Exchange Commission's EDGAR system if the issuer filed its proxy statements via EDGAR or may rely on a third party as long as the third party has provided Confluence with a copy of the proxy statement promptly upon request);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● records of electronic votes cast and abstentions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any records prepared by Confluence that were material to a proxy voting decision or that memorialized a decision.

Policy:

Revised: 2023-12-31

First Trust Exchange-Traded Fund VIII

Part C – Other Information

Item 28. Exhibits

Exhibit No. Description

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Amended and Restated Declaration of Trust of the Registrant is incorporated by reference to the Post-Effective Amendment No. 10 filed on Form N-1A (File No. 333-210186) for Registrant on December 29, 2017.](https://www.sec.gov/Archives/edgar/data/1667919/000144554617005735/exhibit_a2.txt)

(2) [Amended and Restated Establishment and Designation of Series is incorporated by reference to the Post-Effective Amendment No. 585 filed on Form N-1A (File No. 333-210186) for Registrant on June 13, 2025.](https://www.sec.gov/Archives/edgar/data/1667919/000144554625004063/exhibit_a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws of the Registrant is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-210186) filed on March 14, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616007456/exhibit_b.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) [Investment Management Agreement, dated January 12, 2023, is incorporated by reference to the Post-Effective Amendment No. 371 filed on Form N-1A (File No. 333-210186) for Registrant on January 12, 2023.](https://www.sec.gov/Archives/edgar/data/1667919/000144554623000193/exhibit_d1.htm)

(2) Amended Schedule A to Investment Management Agreement between Registrant and First Trust Advisors L.P. is filed herewith.

(3) Investment Sub-Advisory Agreement between First Trust Advisors L.P. and Confluence Investment Management LLC, is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Distribution Agreement is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_e.txt)

(2) Exhibit A to Distribution Agreement by and between the Registrant and First Trust Portfolios L.P. is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [Custody Agreement between the Registrant and The Bank of New York Mellon Corporation is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_g.txt)

(2) Schedule I to Custody Agreement between the Registrant and The Bank of New York Mellon Corporation is filed herewith.

(3) Schedule II to Custody Agreement between the Registrant and The Bank of New York Mellon Corporation is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Administration and Accounting Agreement between the Registrant and The Bank of New York Mellon Corporation is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_h1.txt)

(2) Amendment to Exhibit A of the Administration and Accounting Agreement is filed herewith.

(3) [Transfer Agency and Service Agreement between the Registrant and The Bank of New York Mellon Corporation is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_h2.txt) <br>

(4) Amendment to Exhibit A of the Transfer Agency Agreement is filed herewith.

(5) [Form of Subscription Agreement is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_h3.txt)

(6) [Form of Participant Agreement is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_h4.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) Opinion and Consent of Morgan, Lewis & Bockius LLP is filed herewith .

(2) Opinion and Consent of Chapman and Cutler LLP is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Consent of Independent Registered Public Accounting Firm is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) [12b-1 Service Plan is incorporated by reference to the Pre-Effective Amendment No. 2 filed on Form N-1A (File No. 333-210186) for Registrant on September 26, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616010549/exhibit_m.txt)

(2) Exhibit A to 12b-1 Service Plan is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [First Trust Advisors L.P., First Trust Portfolios L.P. Code of Ethics, amended on July 1, 2013 is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-210186) filed on March 14, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616007456/exhibit_p1.txt)

(2) [First Trust Funds Code of Ethics, amended on October 30, 2013 is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-210186) filed on March 14, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616007456/exhibit_p2.txt)<br>(3) Confluence Investment Management LLC Code of Ethics is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (1) [Powers of Attorney for Messrs. Bowen, Erickson, Kadlec, Keith and Nielson dated March 14, 2016, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-210186) filed on March 14, 2016.](https://www.sec.gov/Archives/edgar/data/1667919/000144554616007456/exhibit_q.txt)

(2) [Powers of Attorney for Ms. Keefe dated November 1, 2021, is incorporated by reference to the Post-Effective Amendment No. 320 filed on Form N-1A (File No. 333-210186) for Registrant on November 4, 2021.](https://www.sec.gov/Archives/edgar/data/1667919/000144554621005471/exhibit_q2.htm)

(3) [Powers of Attorney for Ms. Wright dated September 11, 2023, is incorporated by reference to the Post-Effective Amendment No. 419 filed on Form N-1A (File No. 333-210186) for Registrant on September 15, 2023.](https://www.sec.gov/Archives/edgar/data/1667919/000144554623005836/exhibit_p3.htm)

__________________

Item 29. Persons Controlled By or Under Common Control with Registrant

Not Applicable.

Item 30. Indemnification

Section 9.5 of the Registrant's Declaration of Trust provides as follows:

Section 9.5. Indemnification and Advancement of Expenses. Subject to the exceptions and limitations contained in this Section 9.5, every person who is, or has been, a Trustee, officer, or employee of the Trust, including persons who serve at the request of the Trust as directors, trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person"*),* shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee, director, officer, employee or agent and against amounts paid or incurred by him in settlement thereof.

No indemnification shall be provided hereunder to a Covered Person to the extent such indemnification is prohibited by applicable federal law.

The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such a Covered Person and shall inure to the benefit of the heirs, executors and administrators of such a person.

Subject to applicable federal law, expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under this Section 9.5 shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 9.5.

To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

As used in this Section 9.5, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, demands, actions, suits, investigations, regulatory inquiries, proceedings or any other occurrence of a similar nature, whether actual or threatened and whether civil, criminal, administrative or other, including appeals, and the words "liability" and "expenses" shall include without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

Item 31. Business and Other Connections of the Investment Adviser

First Trust Advisors L.P. ("First Trust"), investment adviser to the Registrant, serves as adviser or sub-adviser to various other open-end and closed-end management investment companies and is the portfolio supervisor of certain unit investment trusts. The principal business of certain of First Trust's principal executive officers involves various activities in connection with the family of unit investment trusts sponsored by First Trust Portfolios L.P. ("FTP"). The principal address for all these investment companies, First Trust, FTP and the persons below is 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187.

A description of any business, profession, vocation or employment of a substantial nature in which the officers of First Trust who serve as officers or trustees of the Registrant have engaged during the last two years for his or her account or in the capacity of director, officer, employee, partner or trustee appears under "Management of the Fund" in the Statement of Additional Information. Such information for the remaining senior officers of First Trust appears below:

---

| | |
|:---|:---|
| Name and Position with First Trust | Employment During Past Two Years |
| &nbsp;&nbsp;Andrew S. Roggensack, President | &nbsp;&nbsp;Managing Director and President, First Trust |
| &nbsp;&nbsp;R. Scott Hall, Managing Director | &nbsp;&nbsp;Managing Director, First Trust |
| &nbsp;&nbsp;David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director | &nbsp;&nbsp;Managing Director; Senior Vice President, First Trust |
| &nbsp;&nbsp;Kelly C. Dehler, Chief Compliance Officer | &nbsp;&nbsp;Assistant General Counsel, First Trust |
| &nbsp;&nbsp;Brian Wesbury, Chief Economist and Senior Vice President | &nbsp;&nbsp;Chief Economist and Senior Vice President, First Trust |

---

Item 32. Principal Underwriter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) FTP serves as principal underwriter of the shares of the Registrant, First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II, First Trust Variable Insurance Trust and First Trust Series Fund. FTP serves as principal underwriter and depositor of the following investment companies registered as unit investment trusts: 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 and the First Trust GNMA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ---

| | | |
|:---|:---|:---|
| Name and Principal<br> Business Address\* | Positions and Offices<br> with Underwriter | Positions and<br> Offices with Fund |
| &nbsp;&nbsp;The Charger Corporation | &nbsp;&nbsp;General Partner |  |
| &nbsp;&nbsp;Grace Partners of DuPage L.P. | &nbsp;&nbsp;Limited Partner |  |
| &nbsp;&nbsp;James A. Bowen | &nbsp;&nbsp;Chief Executive Officer and Managing Director | &nbsp;&nbsp;Trustee and Chairman of the Board |
| &nbsp;&nbsp;James M. Dykas | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;President and Chief Executive Officer |
| &nbsp;&nbsp;Frank L. Fichera | &nbsp;&nbsp;Managing Director |  |
| &nbsp;&nbsp;R. Scott Hall | &nbsp;&nbsp;Managing Director |  |
| &nbsp;&nbsp;W. Scott Jardine | &nbsp;&nbsp;General Counsel, Secretary and Managing Director | &nbsp;&nbsp;Secretary |
| &nbsp;&nbsp;Daniel J. Lindquist | &nbsp;&nbsp;Managing Director | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;David G. McGarel | &nbsp;&nbsp;Chief Investment Officer, Chief Operating Officer and Managing Director |  |
| &nbsp;&nbsp;Richard A. Olson | &nbsp;&nbsp;Managing Director |  |
| &nbsp;&nbsp;Marisa Bowen | &nbsp;&nbsp;Managing Director |  |
| &nbsp;&nbsp;Andrew S. Roggensack | &nbsp;&nbsp;President and Managing Director |  |
| &nbsp;&nbsp;Kristi A. Maher | &nbsp;&nbsp;International General Counsel | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary |
| &nbsp;&nbsp; <br> \* All addresses are<br> 120 East Liberty Drive,<br> Wheaton, Illinois 60187. |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

Item 33. Location of Accounts and Records

First Trust, 120 East Liberty Drive, Wheaton, Illinois 60187, maintains the Registrant's organizational documents, minutes of meetings, contracts of the Registrant and all advisory material of the investment adviser.

Item 34. Management Services

Not Applicable.

Item 35. Undertakings

Not Applicable.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Wheaton, and State of Illinois, on the 20th day of June, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;First Trust Exchange-Traded Fund VIII | &nbsp;&nbsp;First Trust Exchange-Traded Fund VIII |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;James M. Dykas, President and<br> Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signature |  | &nbsp;&nbsp;Date |
| &nbsp;&nbsp;/s/ James M. Dykas | &nbsp;&nbsp;President and Chief Executive<br> Officer | &nbsp;&nbsp; June 20, 2025 |
| &nbsp;&nbsp;James M. Dykas |  |  |
| &nbsp;&nbsp;/s/ Derek D. Maltbie | &nbsp;&nbsp;Treasurer, Chief Financial Officer<br> and Chief Accounting Officer | &nbsp;&nbsp;June 20, 2025 |
| &nbsp;&nbsp;Derek D. Maltbie |  |  |
| &nbsp;&nbsp;James A. Bowen\* |  |  |
| &nbsp;&nbsp;Richard E. Erickson\* |  |  |
| &nbsp;&nbsp;Thomas R. Kadlec\* |  |  |
| &nbsp;&nbsp;Denise M. Keefe\* |  |  |
| &nbsp;&nbsp;Robert F. Keith\* |  |  |
|  | &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ W. Scott Jardine |
| &nbsp;&nbsp;Niel B. Nielson\* |  | &nbsp;&nbsp;W. Scott Jardine<br> Attorney-In-Fact |
|  |  | &nbsp;&nbsp;June 20, 2025 |
| &nbsp;&nbsp;Bronwyn Wright\* |  |  |

---

\* Original powers of attorney dated [March 14, 2016](https://www.sec.gov/Archives/edgar/data/1667919/000144554616007456/exhibit_q.txt) or [November 1, 2021](https://www.sec.gov/Archives/edgar/data/1667919/000144554621005471/exhibit_q2.htm) or [September 11, 2023](https://www.sec.gov/Archives/edgar/data/1667919/000144554623005836/exhibit_p3.htm), authorizing James A. Bowen, W. Scott Jardine, James M. Dykas, Eric F. Fess and Kristi A. Maher to execute Registrant's Registration Statement, and Amendments thereto, for each of the trustees of the Registrant on whose behalf this Registration Statement is filed, were previously executed, filed as an exhibit and are incorporated by reference herein.

Index to Exhibits

[(d)(2)](exhibit_d2.htm) [Amended Schedule A to Investment Management Agreement between Registrant and First Trust Advisors L.P.](exhibit_d2.htm)

[(d)(3)](exhibit_d3.htm) [Investment Sub-Advisory Agreement between First Trust Advisors L.P. and Confluence Investment Management LLC.](exhibit_d3.htm)

[(e)(2)](exhibit_e2.htm) [Exhibit A to Distribution Agreement by and between the Registrant and First Trust Portfolios L.P.](exhibit_e2.htm)

[(g)(2)](exhibit_g2.htm) [Schedule I to Custody Agreement between the Registrant and The Bank of New York Mellon Corporation.](exhibit_g2.htm)

[(g)(3)](exhibit_g3.htm) [Schedule II to Custody Agreement between the Registrant and The Bank of New York Mellon Corporation.](exhibit_g3.htm)

[(h)(2)](exhibit_h2.htm) [Amendment to Exhibit A of the Administration and Accounting Agreement.](exhibit_h2.htm)

[(h)(4)](exhibit_h4.htm) [Amendment to Exhibit A of the Transfer Agency Agreement.](exhibit_h4.htm)

[(i)(1)](exhibit_i1.htm) [Opinion and Consent of Morgan, Lewis & Bockius LLP.](exhibit_i1.htm)

[(i)(2)](exhibit_i2.htm) [Opinion and Consent of Chapman and Cutler LLP.](exhibit_i2.htm)

[(j)](exhibit_j.htm) [Consent of Independent Registered Public Accounting Firm.](exhibit_j.htm)

[(m)(2)](exhibit_m2.htm) [Exhibit A to 12b-1 Service Plan.](exhibit_m2.htm)

[(p)(3)](exhibit_p3.htm) [Confluence Investment Management LLC Code of Ethics.](exhibit_p3.htm)

------

## Ex-99.D

**Schedule A**

**Funds**

*For each Fund, the investment management fee shall be accrued daily and calculated in accordance with the corresponding schedule set forth below:*

 

*As of the Effective Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.10000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.09750% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.09500% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.09250% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion up to and including $15 billion | &nbsp;&nbsp;0.09000% |
| &nbsp;&nbsp;Fund net assets greater than $15 billion | &nbsp;&nbsp;0.08500% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** **:** |
| &nbsp;&nbsp;FT Vest Laddered Moderate Buffer ETF (BUFZ) | &nbsp;&nbsp;June 30, 2025 |
| &nbsp;&nbsp;FT Vest Laddered Small Cap Buffer ETF (BUFS) | &nbsp;&nbsp;June 30, 2025 |
| &nbsp;&nbsp;FT Vest Laddered International Moderate Buffer ETF (BUFY) | &nbsp;&nbsp;June 30, 2025 |

---

*As of the Effective Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.20000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.19500% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.19000% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.18500% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion up to and including $15 billion | &nbsp;&nbsp;0.18000% |
| &nbsp;&nbsp;Fund net assets greater than $15 billion | &nbsp;&nbsp;0.17000% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** **:** |
| &nbsp;&nbsp;First Trust Multi-Strategy Alternative ETF (LALT) | &nbsp;&nbsp;January 27, 2023 |

---

*Effective as of the Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.85000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.82875% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.80750% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.78625% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion | &nbsp;&nbsp;0.76500% |

---

**** 

**<br>** 

<br> ---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** **:** |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN) | &nbsp;&nbsp;January 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB) | &nbsp;&nbsp;February 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR) | &nbsp;&nbsp;March 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR) | &nbsp;&nbsp;March 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR) | &nbsp;&nbsp;April 17, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY) | &nbsp;&nbsp;May 15, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – July (XJUL) | &nbsp;&nbsp;July 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – August (XAUG) | &nbsp;&nbsp;July 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF - September (XISE) | &nbsp;&nbsp;September 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – October (XOCT) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – November (XNOV) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – January (XJAN) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – February (XFEB) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – April (XAPR) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETFs – May (XMAY) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;First Trust Active Global Quality Income ETF (AGQI) | &nbsp;&nbsp;November 17, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF - December (XIDE) | &nbsp;&nbsp;December 4, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – March (MARM) | &nbsp;&nbsp;March 15, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF - March (XIMR) | &nbsp;&nbsp;March 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF - June (XIJN) | &nbsp;&nbsp;June 10, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – June (JUNM) | &nbsp;&nbsp;June 10, 2024 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN) | &nbsp;&nbsp;June 14, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – July (JULM) | &nbsp;&nbsp;July 24, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – August (AUGM) | &nbsp;&nbsp;August 12, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – September (SEPM) | &nbsp;&nbsp;August 12, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE) | &nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE) | &nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR) | &nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – October (OCTM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – November (NOVM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – December (DECM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – January (JANM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – February (FEBM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – April (APXM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – May (MAYM) | &nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) | &nbsp;&nbsp;October 16, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC) | &nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA) | &nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP) | &nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) | &nbsp;&nbsp;November 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) | &nbsp;&nbsp;December 16, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – July (UXJL) | &nbsp;&nbsp;TBD |

---

 

*As of the Effective Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.85000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.82875% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.80750% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.78625% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion up to and including $15 billion | &nbsp;&nbsp;0.76500% |
| &nbsp;&nbsp;Fund net assets greater than $15 billion | &nbsp;&nbsp;0.72250% |

---

 

 

 

FT Raymond James Multicap Growth Equity ETF (RJMG) <u>January 12, 2024</u>

 

*\*As of the Effective as of the Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.90000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.87750% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.85500% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.83250% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion | &nbsp;&nbsp;0.81000% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY) | &nbsp;&nbsp;May 15, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG) | &nbsp;&nbsp;August 7, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV) | &nbsp;&nbsp;November 6, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB) | &nbsp;&nbsp;February 5, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Conservative Buffer ETF – April (QCAP) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Conservative Buffer ETF – July (QCJL) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Conservative Buffer ETF – October (QCOC) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Conservative Buffer ETF – January (QCJA) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY) | &nbsp;&nbsp;May 5, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Moderate Buffer ETF – August (QMAG) | &nbsp;&nbsp;May 5, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV) | &nbsp;&nbsp;May 5, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq-100 Moderate Buffer ETF – February (QMFE) | &nbsp;&nbsp;May 5, 2024 |

---

 

*\*As of the Effective as of the Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.95000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.92625% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.90250% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.87875% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion | &nbsp;&nbsp;0.85500% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FT Vest Emerging Market Buffer ETF – September (TSEP) | &nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest Emerging Market Buffer ETF – December (TDEC) | &nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest Emerging Market Buffer ETF – March (TMAR) | &nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest Emerging Market Buffer ETF – June (TJUN) | &nbsp;&nbsp;June 13, 2025 |
| &nbsp;&nbsp;FT Confluence BDC & Specialty Finance Income ETF (FBDC) | &nbsp;&nbsp;June 23, 2025 |

---

*<br>* 

**

<br> *Effective as of the Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;1.10000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;1.07250% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;1.04500% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;1.01750% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion | &nbsp;&nbsp;0.99000% |

---

 ****

FT Energy Income Partners Enhanced Income ETF (EIPI) <u>May 1, 2024</u>

*As of the Effective Date, with respect to each Fund listed below, the investment management fee shall be accrued daily and calculated in accordance with the following schedule:* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Average Daily Net Assets</u>** | &nbsp;&nbsp;**<u>Annual Rate</u>** |
| &nbsp;&nbsp;Fund net assets up to and including $2.5 billion | &nbsp;&nbsp;0.10000% |
| &nbsp;&nbsp;Fund net assets greater than $2.5 billion up to and including $5 billion | &nbsp;&nbsp;0.09750% |
| &nbsp;&nbsp;Fund net assets greater than $5 billion up to and including $7.5 billion | &nbsp;&nbsp;0.09500% |
| &nbsp;&nbsp;Fund net assets greater than $7.5 billion up to and including $10 billion | &nbsp;&nbsp;0.09250% |
| &nbsp;&nbsp;Fund net assets greater than $10 billion up to and including $15 billion | &nbsp;&nbsp;0.09000% |
| &nbsp;&nbsp;Fund net assets greater than $15 billion | &nbsp;&nbsp;0.08500% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** **:** |
| &nbsp;&nbsp;FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX) | &nbsp;&nbsp;June 16, 2025 |
| &nbsp;&nbsp;FT Vest Laddered Max Buffer ETF (BUFH) | &nbsp;&nbsp;June 16, 2025 |

---

## Ex-99.D

**Investment Sub-Advisory Agreement**

Agreement made as of this 23rd of June 2025, by and among First Trust Exchange-Traded Fund VIII, a Massachusetts business trust (the *"Trust"*), First Trust Advisors L.P., an Illinois limited partnership (the *"Manager"*) and a registered investment adviser with the Securities and Exchange Commission (*"SEC"*), and Confluence Investment Management LLC, a Delaware limited liability company and a registered investment adviser with the SEC (the *"Sub-Adviser"*).

Whereas, the First Trust BDC & Specialty Finance Income ETF (the *"Fund"*) is a series of the Trust, an open-end investment company registered under the Investment Company Act of 1940, as amended (the *"1940 Act"*);

Whereas, the Trust has retained the Manager to serve as the investment manager for the Fund pursuant to an Investment Management Agreement between the Manager and the Trust dated January 12, 2023 (as such agreement may be modified from time to time, the *"Management Agreement"*);

Whereas, pursuant to the Management Agreement, the Fund will pay to the Manager, at the end of each calendar month, and the Manager agrees to accept as full compensation therefor, an investment management fee equal to the annual rate of the Fund's average daily net assets as set forth in the Management Agreement (the *"Investment Management Fee"*);

Whereas, the Management Agreement provides that the Manager may, subject to certain requirements, appoint one or more sub-advisers at its own cost and expense for the purpose of furnishing certain services required under the Management Agreement; and

Whereas, the Trust and the Manager desire to retain the Sub-Adviser to furnish investment advisory services for the Fund's investment portfolio, upon the terms and conditions hereafter set forth, and the Sub-Adviser is willing to furnish such services to the Fund;

Now, Therefore, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

 *Section 1. Appointment*. The Trust and the Manager hereby appoint the Sub-Adviser to serve as Sub-Adviser and to provide certain investment sub-advisory services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. The Sub-Adviser shall, for all purposes herein provided, be deemed an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for nor represent the Trust, the Fund or the Manager in any way, nor otherwise be deemed an agent of the Trust, the Fund or the Manager.<br>

 *Section 2. Services to Be Performed*. Subject always to the supervision of the Trust's Board of Trustees (the *"Board of Trustees"* or the *"Board"*) and the Manager, the Sub-Adviser will act as sub-adviser for, and manage on a discretionary basis the investment and reinvestment of the assets of the Fund, furnish an investment program in respect of, make investment decisions for, and place all orders for the purchase and sale of securities and other assets for the Fund's investment portfolio, all on behalf of the Fund and as described in the Fund's most current effective registration statement on Form N-1A, and as the same may thereafter be amended from time to time. In the performance of its duties, the Sub-Adviser will in all material respects (a) satisfy any applicable fiduciary duties it may have to the Fund, (b) monitor the Fund's investments or other instruments, (c) comply with the provisions of the Trust's Declaration of Trust and By-laws, as amended from time to time and communicated by the Fund or the Manager to the Sub-Adviser in writing, (d) comply with (i) the investment objectives, policies and restrictions stated in the Fund's most recently effective prospectus and statement of additional information, (ii) such other investment objectives, policies, restrictions or instructions as the Manager or Trust's Board of Trustees may communicate to the Sub-Adviser in writing, and (iii) any changes to the objectives, policies, restrictions or instructions required under the foregoing (i) and (ii) as communicated to the Sub-Adviser in writing, and (e) assist in the valuation of portfolio assets held by the Fund as requested by the Manager or the Fund. The Sub-Adviser and the Manager will each make its officers and employees available to the other from time to time at reasonable times to review the investment objective, policies and restrictions of the Fund and to consult with each other regarding the investment affairs of the Fund. The Fund or the Manager has provided the Sub-Adviser with current copies of the Fund's Declaration of Trust, By-laws, prospectus, statement of additional information and any amendments thereto, and any objectives, policies or limitations not appearing therein as they may be relevant to the Sub-Adviser's performance under this Agreement.

Unless otherwise provided by the Manager, the Sub-Adviser is responsible for voting in respect to securities and other assets held in the Fund's portfolio and will exercise or not exercise a right to vote in accordance with the Sub-Adviser's proxy voting policy, a copy of which has been provided to the Manager. The Sub-Adviser shall promptly notify the Manager and the Fund of any material change in the voting policy. Unless otherwise provided by the Manager, the Sub-Adviser is permitted to represent any holdings on behalf of the Fund at any ordinary or special meeting of shareholders and has the right to exercise any voting rights or any other similar connected rights.

The Sub-Adviser is authorized to select the brokers, dealers, futures commission merchants, banks and other agents or counterparties that will execute the purchases and sales of portfolio investments for the Fund, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of the Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Fund's Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Fund and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 of the 1940 Act), the Sub-Adviser may select brokers or dealers affiliated with the Sub-Adviser. [Subject to any applicable policies and procedures and to the extent authorized by Section 28(e) of the Securities Exchange Act of 1934,] it is understood that the Sub-Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund, or be in breach of any obligation owing to the Fund under this Agreement, or otherwise, solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Sub-Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker or dealer, viewed in terms of that particular transaction or the Sub-Adviser's overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion.<br>

In addition, the Sub-Adviser may, to the extent permitted by applicable law, aggregate purchase and sale orders of securities or other instruments placed with respect to the assets of the Fund with similar orders being made simultaneously for other accounts managed by the Sub-Adviser or its affiliates, if in the Sub-Adviser's reasonable judgment such aggregation shall result in an overall economic benefit to the Fund, taking into consideration the selling or purchase price, brokerage commissions and other expenses. In the event that a purchase or sale of an asset of the Fund occurs as part of any aggregate sale or purchase orders, the objective of the Sub-Adviser and any of its affiliates involved in such transaction shall be to allocate the asset so purchased or sold, as well as expenses incurred in the transaction, among the Fund and other accounts in a fair and equitable manner. Nevertheless, the Fund and the Manager acknowledge that under some circumstances, such allocation may adversely affect the Fund with respect to the price or size of the securities positions obtainable or salable, and neither the Fund nor the Manager shall object to any such fair and equitable allocation. Whenever the Fund and one or more other investment advisory clients of the Sub-Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Sub-Adviser to be equitable to each, although such allocation may result in a delay in one or more client accounts being fully invested that would not occur if such an allocation were not made. Moreover, it is possible that due to differing investment objectives or for other reasons, the Sub-Adviser and its affiliates may purchase securities or other instruments of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities, assets or instruments for another client.

The Sub-Adviser will not arrange purchases or sales of securities or instruments between the Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser reasonably believes the purchase or sale is in the best interests of the Fund, and (c) the Fund's Board of Trustees has approved these types of transactions.

The Fund may adopt policies and procedures that modify or restrict the Sub-Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. However, no such policy or procedure shall be binding on the Sub-Adviser unless it is communicated to the Sub-Adviser in writing.<br>

For purposes of complying with Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act, the Sub-Adviser hereby agrees that it will not consult with any other sub-adviser of an investment company or a series of an investment company that is advised by the Manager (the *"First Trust Fund Complex"*) or an affiliated person of a sub-adviser (including any sub-adviser that is a principal underwriter or an affiliated person of such principal underwriter), concerning transactions for the Fund or any fund in the First Trust Fund Complex in securities or other fund assets. In addition, with respect to a fund in the First Trust Fund Complex with multiple sub-advisers, the Sub-Adviser shall be limited to providing investment advice with respect to only the discrete portion of a fund's portfolio as may be determined from time to time by the Board of Trustees or the Manager, and shall not consult with a sub-adviser (including any sub-adviser that is a principal underwriter or an affiliated person of such principal underwriter) as to any other portion of a fund's portfolio concerning transactions for a fund in securities or other assets. Notwithstanding the foregoing, the provisions of this paragraph do not apply to consultations between the Sub-Adviser and any sub-adviser retained by the Sub-Adviser pursuant to Section 4 hereof.

The Sub-Adviser will communicate to the officers and Trustees of the Trust such information relating to transactions for the Fund as they may reasonably request. In no instance will the Fund's portfolio assets be knowingly purchased from or sold to the Manager, the Sub-Adviser or any affiliated person of either the Trust, the Manager, or the Sub-Adviser, except as may be permitted under the 1940 Act and under no circumstances will the Sub-Adviser select brokers or dealers for Fund transactions on the basis of Fund share sales by such brokers or dealers.

The Sub-Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing such services as it uses in providing services to other accounts for which it has investment responsibilities under the Investment Advisers Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) will (i) conform in all material respects to all applicable rules and regulations of the SEC, the Commodity Futures Trading Commission and any other applicable regulatory authority, (ii) comply in all material respects with all policies and procedures adopted by the Board of Trustees for the Fund and communicated to the Sub-Adviser in writing, (iii) conduct its activities under this Agreement in all material respects in accordance with any applicable law and regulations of any governmental authority pertaining to its investment advisory activities and commodity trading advisory activities and (iv) promptly notify the Manager and the Fund if the Sub-Adviser intends to engage in any derivative transactions on behalf of the Fund's portfolio that are not included in the Fund's principal investment strategies stated in its most recently effective prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) will report to the Manager and to the Board of Trustees of the Fund on a quarterly basis and will make appropriate persons available for the purpose of reviewing with representatives of the Manager and the Board of Trustees on a regular basis at such times as the Manager or the Board of Trustees may reasonably request in writing regarding the management of the Fund, including, without limitation, review of the general investment strategies of the Fund, the performance of the Fund's investment portfolio in relation to relevant standard industry indices and general conditions affecting the marketplace and will provide various other reports from time to time as reasonably requested by the Manager or the Board of Trustees of the Fund;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will prepare and maintain such books and records with respect to the Fund's assets and other transactions for the Fund's investment portfolio as required for registered investment advisers under applicable law or as otherwise reasonably agreed to by the parties and will prepare and furnish the Manager and the Fund's Board of Trustees such periodic and special reports as the Board or the Manager may reasonably request. The Sub-Adviser further agrees that all records that it maintains for the Fund are the property of the Fund and the Sub-Adviser will surrender promptly to the Fund any such records upon the request of the Manager or the Fund (*provided, however,* that the Sub-Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals (with copies to the Fund) to the extent required under Rule 204-2 of the Investment Advisers Act of 1940 or other applicable law; and

[(e) will monitor the pricing of portfolio assets, and events relating to the issuers of those assets and the markets in which the securities or other assets trade in the ordinary course of managing the portfolio investments of the Fund, and will notify the Manager promptly of any issuer-specific or market events or other situations that occur (particularly those that may occur after the close of a foreign market in which the investments may primarily trade but before the time at which the Fund's investments are priced on a given day) that may materially impact the pricing of one or more securities or other assets in the Fund's portfolio. In addition, the Sub-Adviser will at the Manager's request assist the Manager in evaluating the impact that such an event may have on the net asset value of the Fund and in determining a recommended fair value of the affected investment or investments.]

 *Section 3. Expenses*. During the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Sub-Adviser will pay one-half of all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any) but excluding (i) the fee payment under this Agreement, (ii) the Investment Management Fee, (iii) interest, taxes, acquired fund fees and expenses (if any), and brokerage commissions and other expenses connected with the execution of portfolio transactions (such as dividend and distribution expenses from securities sold short and/or other investment related costs), (iv) distribution and service fees payable pursuant to a Rule 12b-1 plan (if any), and (v) extraordinary expenses (the portion of such expenses payable by the Sub-Adviser being referred to herein collectively as the *"Fund Expenses"*) in the manner set forth in Section 5 below. [At the reasonable request of the Sub-Adviser, the Manager shall provide the Sub-Adviser with an accounting reasonably satisfactory to the Sub-Adviser of the calculation of the Fund Expenses.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, other than the cost of securities and other assets (including brokerage commissions, if any) purchased for the Fund.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser agrees to bear any and all costs and expenses of the Fund arising in connection with any actual, proposed, expected or possible assignment of this Agreement by the Sub-Adviser, including, without limitation, a change in control of the Sub-Adviser (even if a proposed, expected or possible assignment ultimately does not take place). For the avoidance of doubt, without limiting the immediately preceding sentence, if there is a termination (or possible or anticipated termination) of this Agreement as a result of an assignment (or possible or anticipated assignment) by the Sub-Adviser, then the Sub-Adviser shall bear, without limitation, (i) the expenses and costs incurred in connection with preparing, printing, filing and mailing an information statement or proxy statement, as applicable and (ii) if relevant, solicitation and other costs associated with the use of a proxy statement. For the avoidance of doubt, the preceding two sentences, shall not apply in the event of an assignment or proposed assignment by the Manager, including any termination of this Agreement that results from an assignment of the Management Agreement or this Agreement, in each case, arising from a change in control of the Manager. The costs and expenses set forth in this paragraph together with the Fund Expenses are collectively, the *"Sub-Adviser's Expenses."*

*Section 4. Additional Sub-Advisers*. Subject to obtaining the initial and periodic approvals required under Section 15 of the 1940 Act (after taking into effect any exemptive order, amendment thereto, no-action assurance or other relief, rule or regulation upon which the Fund may rely) and the approval of the Manager, the Sub-Adviser may retain one or more additional sub-advisers at the Sub-Adviser's own cost and expense for the purpose of furnishing one or more of the services described herein with respect to the Fund. Retention of a sub-adviser hereunder shall in no way reduce the responsibilities or obligations of the Sub-Adviser under this Agreement and the Sub-Adviser shall be responsible to the Fund for all acts or omissions of any sub-adviser in connection with the performance of the Sub-Adviser's duties hereunder.

*Section 5. Compensation*. For the services provided and the expenses assumed pursuant to this Agreement, the Manager will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a portfolio management fee (the *"Sub-Advisory Fee"*) equal to 50% of the Investment Management Fee; *provided, however,* such Sub-Advisory Fee payment shall be reduced by the amount of Sub-Adviser's Expenses owed by the Sub-Adviser under Section 3 hereof. The Sub-Advisory Fee net of the Fund Expenses shall be payable in arrears. [If the Sub-Adviser's Expenses owed by the Sub-Adviser are greater than the Sub-Advisory Fee, the amount of Sub-Adviser's Expenses that exceed the Sub-Advisory Fee payable in such month and each subsequent month as necessary to pay the Sub-Adviser's Expenses. For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement is in effect during the month and year, respectively. At the reasonable request of the Sub-Adviser, the Manager shall provide the Sub-Adviser with an accounting reasonably satisfactory to the Sub-Adviser of the calculation of the Sub-Advisory Fee. The Manager shall provide prompt notice to the Sub-Adviser of any change to the Manager's compensation arrangements with respect to the Fund, which change may require approval by the Board of Trustees.]

*Section 6. Services to Others*. The Fund and the Manager acknowledge that the Sub-Adviser now acts, or may in the future act, as an investment adviser to other managed accounts and as investment adviser or investment sub-adviser to one or more other investment companies. In addition, the Fund and the Manager acknowledge that the persons employed by the Sub-Adviser to assist in the Sub-Adviser's duties under this Agreement will not devote their full time to such efforts. It is also agreed that the Sub-Adviser may use any supplemental research obtained for the benefit of the Fund in providing investment advice to its other investment advisory accounts and for managing its own accounts.<br>

*Section 7. Limitation of Liability*. The Sub-Adviser shall not be liable for, and the Fund and the Manager will not take any action against the Sub-Adviser to hold the Sub-Adviser liable for, any error of judgment or mistake of law or for any loss suffered by the Fund or the Manager (including, without limitation, by reason of the purchase, sale or retention of any security) in connection with the performance of the Sub-Adviser's duties under this Agreement, except for a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser in the performance of its duties under this Agreement, or by reason of its reckless disregard of its obligations and duties under this Agreement.

*Section 8. Term; Termination*. This Agreement shall become effective on the date provided above (the *"Effective Date"*) provided that it has been approved in the manner required by the 1940 Act (after taking into effect any exemptive order, amendment thereto, no-action assurance or other relief, rule or regulation upon which the Fund may rely), and shall remain in full force until the two-year anniversary following the date of its effectiveness unless sooner terminated as hereinafter provided. This Agreement shall continue in force from year to year thereafter, but only as long as such continuance is specifically approved for the Fund at least annually in the manner required by the 1940 Act and the rules and regulations thereunder; *provided, however,* that if the continuation of this Agreement is not approved for the Fund, the Sub-Adviser may continue to serve in such capacity for the Fund in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder.

This Agreement shall automatically terminate in the event of its assignment and may be terminated at any time without the payment of any penalty by the Manager or the Sub-Adviser upon sixty (60) days' written notice to the other parties. This Agreement may also be terminated by the Fund by action of the Board of Trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund upon sixty (60) days' written notice to the Sub-Adviser by the Fund without payment of any penalty.

This Agreement may be terminated at any time without the payment of any penalty by the Manager, the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund in the event that it shall have been established by a court of competent jurisdiction that the Sub-Adviser or any officer or director of the Sub-Adviser has taken any action that results in a breach of the material covenants of the Sub-Adviser set forth herein.

The terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the meanings set forth in the 1940 Act and the rules and regulations thereunder.

This Agreement shall automatically terminate in the event the Management Agreement between the Manager and the Trust on behalf of the Fund is terminated, assigned or not renewed.

Termination of this Agreement shall not affect the right of the Sub-Adviser to receive payments on any unpaid balance of the compensation described in Section 5 or the obligation of the Sub-Adviser to pay the Sub-Adviser's Expenses described in Sections 3 and 5, earned prior to such termination and for any additional period during which the Sub-Adviser serves as such for the Fund, subject to applicable law.<br>

*Section 9. Compliance Certification*. From time to time the Sub-Adviser shall provide such certifications with respect to Rule 38a-l under the 1940 Act, as are reasonably requested by the Fund or the Manager. In addition, the Sub-Adviser will, from time to time, provide a written assessment of its compliance program in conformity with current industry standards that is reasonably acceptable to the Fund to enable the Fund to fulfill its obligations under Rule 38a-l under the 1940 Act.

*Section 10. Notice*. Any notice under this Agreement shall be sufficient in all respects if given in writing and delivered by commercial courier providing proof of delivery; or (ii) electronic means, and addressed as follows or addressed to such other person or address as such party may designate for receipt of such notice.<br>

---

| | |
|:---|:---|
| If to the Manager or the Fund: | If to the Sub-Adviser: |
| &nbsp;&nbsp; First Trust Exchange-Traded Fund VIII on behalf of First Trust BDC & Specialty Finance Income ETF<br> First Trust Advisors L.P.<br> 120 E. Liberty Drive, Suite 400<br> Wheaton, Illinois 60187<br> Attention: Secretary'<br> Email:<br>| &nbsp;&nbsp; Confluence Investment Management LLC<br> 349 Marshall Avenue, Suite 302<br> St. Louis, Missouri 63119<br> Attention: Brian N. Hansen, President<br> Email: |

---

[The Manager and the Fund also hereby consent to the electronic delivery of the Sub-Adviser's Form ADV, privacy policy and other periodic disclosures and notice to the email address listed above or through other electronic means as agreed to by the parties from time to time. The Sub-Adviser also consents to the electronic delivery of any materials provided by the Manager or the Fund in the course of the Sub-Adviser's services to the Fund hereunder to the email address listed above or through other electronic means as agreed to by the parties from time to time.]

*Section 11. Additional Limitations on Liability*. All parties hereto are expressly put on notice of the Trust's Declaration of Trust and all amendments thereto, a copy of which is on file with the Secretary of the Commonwealth of Massachusetts, and the limitation of shareholder and Trustee liability contained therein and a copy of which has been provided to the Sub-Adviser prior to the date hereof. This Agreement is executed by the Trust on behalf of the Fund by the Trust's officers in their capacity as officers and not individually and is not binding upon any of the Trustees, officers or shareholders of the Trust individually but the obligations imposed upon the Trust or the Fund by this Agreement are binding only upon the assets and property of the Fund, and persons dealing with the Trust or the Fund must look solely to the assets of the Fund for the enforcement of any claims.<br>

*Section 12. Miscellaneous*. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement will be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

*Section 13. Applicable Law*. This Agreement shall be construed in accordance with applicable federal law and (except as to Section 11 hereof, which shall be construed in accordance with the laws of Massachusetts) the laws of the State of Illinois. For the avoidance of doubt, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation, no-action assurance, order (including any amendment thereto) or other relief of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation, no-action assurance, order (including any amendment thereto) or other relief.

*Section 14. Amendment.* This Agreement may only be amended, or its provisions modified or waived, in a writing signed by the party against which such amendment, modification or waiver is sought to be enforced.

*Section 15. Authority*. Each party represents to the others that it is duly authorized and fully empowered to execute, deliver and perform this Agreement. The Trust represents that engagement of the Sub-Adviser has been duly authorized by the Board of Trustees of the Trust and is in accordance with the Trust's Declaration of Trust and other governing documents of the Fund.

*Section 16. Third-Party Beneficiaries.* None of the provisions of this Agreement shall be for the benefit of, or enforceable by, any person or entity that is not a party hereto.

*Section 17. Forum Selection.* Any action brought on or with respect to this Agreement or any other document executed in connection herewith or therewith by a party to this Agreement against another party to this Agreement shall be brought only in a court of competent jurisdiction in Chicago, Cook County, Illinois, or if venue does not lie in any such court only in a court of competent jurisdiction within the State of Illinois (the *"Chosen Courts"*). Each party to this Agreement (a) consents to jurisdiction in the Chosen Courts; (b) waives any objection to venue in any of the Chosen Courts; and (c) waives any objection that any of the Chosen Courts is an inconvenient forum. In any action commenced by a party hereto against another party to the Agreement, there shall be no right to a jury trial. THE RIGHT TO A TRIAL BY JURY IS EXPRESSLY WAIVED TO THE FULLEST EXTENT PERMITTED BY LAW.

*Section 18. Severability*. Each provision of this Agreement is intended to be severable from the others so that if any provision or term hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining provisions and terms hereof; *provided, however,* that the provisions governing payment of the Sub-Advisory Fee described in Section 5 and the obligation to pay Sub-Adviser's Expenses described in Sections 3 and 5 are not severable.<br>

*Section 19. Entire Agreement; Counterparts*. This Agreement constitutes the sole and entire agreement of the parties hereto with respect to the subject matter expressly set forth herein. This Agreement may be signed in any number of counterparts, each of which shall be an original with the same effect as if the signatures were upon the same instrument.

[*Signature page follows*]

In Witness Whereof, the Fund, the Manager and the Sub-Adviser have caused this Agreement to be executed as of the day and year first above written.<br>

First Trust Advisors L.P. Confluence Investment Management LLC <br> By<u> </u> By<u> </u> <br> Title:<u> </u> Title:<u> </u>

First Trust Exchange-Traded Fund VIII on behalf of First Trust BDC & Specialty Finance Income ETF

By:_________________________________

Title:____________________________

## Ex-99.E

**Exhibit A**

**Series of the Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SERIES** | &nbsp;&nbsp;**EFFECTIVE DATE** |
| &nbsp;&nbsp;First Trust Income Opportunities ETF (FCEF) | &nbsp;&nbsp;September 28, 2016 |
| &nbsp;&nbsp;First Trust Flexible Municipal High Income ETF (MFLX) | &nbsp;&nbsp;September 28, 2016 |
| &nbsp;&nbsp;First Trust Smith Opportunistic Fixed Income ETF (FIXD) | &nbsp;&nbsp;February 13, 2017 |
| &nbsp;&nbsp;First Trust Smith Unconstrained Bond ETF (UCON) | &nbsp;&nbsp;May 29, 2018 |
| &nbsp;&nbsp;First Trust Low Duration Strategic Focus ETF (LDSF) | &nbsp;&nbsp;December 18, 2018 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – August (FAUG) | &nbsp;&nbsp;November 1, 2019 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – August (DAUG) | &nbsp;&nbsp;November 1, 2019 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – November (FNOV) | &nbsp;&nbsp;November 1, 2019 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – November (DNOV) | &nbsp;&nbsp;November 1, 2019 |
| &nbsp;&nbsp;First Trust Active Factor Large Cap ETF (AFLG) | &nbsp;&nbsp;November 24, 2019 |
| &nbsp;&nbsp;First Trust Active Factor Mid Cap ETF (AFMC) | &nbsp;&nbsp;November 24, 2019 |
| &nbsp;&nbsp;First Trust Active Factor Small Cap ETF (AFSM) | &nbsp;&nbsp;November 24, 2019 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – February (FFEB) | &nbsp;&nbsp;February 5, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – February (DFEB) | &nbsp;&nbsp;February 5, 2020 |
| &nbsp;&nbsp;First Trust Securitized Plus ETF (DEED) | &nbsp;&nbsp;April 6, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – May (FMAY) | &nbsp;&nbsp;May 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – May (DMAY) | &nbsp;&nbsp;May 1, 2020 |
| &nbsp;&nbsp;First Trust Multi-Manager Large Growth ETF (MMLG) | &nbsp;&nbsp;May 15, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – June (FJUN) | &nbsp;&nbsp;June 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – June (DJUN) | &nbsp;&nbsp;June 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – July (FJUL) | &nbsp;&nbsp;July 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – July (DJUL) | &nbsp;&nbsp;July 1, 2020 |
| &nbsp;&nbsp;FT Vest Laddered Buffer ETF (BUFR) | &nbsp;&nbsp;August 10, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – September (FSEP) | &nbsp;&nbsp;September 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – September (DSEP) | &nbsp;&nbsp;September 1, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – October (FOCT) | &nbsp;&nbsp;October 5, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – October (DOCT) | &nbsp;&nbsp;October 5, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – December (FDEC) | &nbsp;&nbsp;December 8, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – December (DDEC) | &nbsp;&nbsp;December 8, 2020 |
| &nbsp;&nbsp;FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC) | &nbsp;&nbsp;December 9, 2020 |
| &nbsp;&nbsp;FT Vest International Equity Moderate Buffer ETF – December (YDEC) | &nbsp;&nbsp;December 9, 2020 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – January (FJAN) | &nbsp;&nbsp;January 4, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – January (DJAN) | &nbsp;&nbsp;January 4, 2021 |
| &nbsp;&nbsp;FT Vest Laddered Deep Buffer ETF (BUFD) | &nbsp;&nbsp;January 15, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – March (FMAR) | &nbsp;&nbsp;March 8, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – March (DMAR) | &nbsp;&nbsp;March 8, 2021 |
| &nbsp;&nbsp;FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QMAR) | &nbsp;&nbsp;March 8, 2021 |
| &nbsp;&nbsp;FT Vest International Equity Moderate Buffer ETF – March (YMAR) | &nbsp;&nbsp;March 8, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer ETF – April (FAPR) | &nbsp;&nbsp;April 15, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Deep Buffer ETF – April (DAPR) | &nbsp;&nbsp;April 15, 2021 |
| &nbsp;&nbsp;First Trust Innovation Leaders ETF (ILDR) | &nbsp;&nbsp;May 24, 2021 |
| &nbsp;&nbsp;First Trust Expanded Technology ETF (XPND) | &nbsp;&nbsp;June 8, 2021 |
| &nbsp;&nbsp;FT Vest International Equity Moderate Buffer ETF – June (YJUN) | &nbsp;&nbsp;June 17, 2021 |

---

**Exhibit A**

**Series of the Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SERIES** | &nbsp;&nbsp;**EFFECTIVE DATE** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN) | &nbsp;&nbsp;June 17, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN) | &nbsp;&nbsp;June 28, 2021 |
| &nbsp;&nbsp;FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSEP) | &nbsp;&nbsp;September 16, 2021 |
| &nbsp;&nbsp;FT Vest International Equity Moderate Buffer ETF – September (YSEP) | &nbsp;&nbsp;September 16, 2021 |
| &nbsp;&nbsp;First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) | &nbsp;&nbsp;September 16, 2021 |
| &nbsp;&nbsp;First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) | &nbsp;&nbsp;October 8, 2021 |
| &nbsp;&nbsp;FT Vest Buffered Allocation Defensive ETF (BUFT) | &nbsp;&nbsp;October 25, 2021 |
| &nbsp;&nbsp;FT Vest Buffered Allocation Growth ETF (BUFG) | &nbsp;&nbsp;October 25, 2021 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC) | &nbsp;&nbsp;December 10, 2021 |
| &nbsp;&nbsp;FT Vest Laddered Nasdaq Buffer ETF (BUFQ) | &nbsp;&nbsp;June 14, 2022 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP) | &nbsp;&nbsp;September 20, 2022 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN) | &nbsp;&nbsp;January 12, 2023 |
| &nbsp;&nbsp;First Trust Multi-Strategy Alternative ETF (LALT) | &nbsp;&nbsp;January 27, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB) | &nbsp;&nbsp;February 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR) | &nbsp;&nbsp;March 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR) | &nbsp;&nbsp;March 10, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR) | &nbsp;&nbsp;April 14, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY) | &nbsp;&nbsp;May 15, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY) | &nbsp;&nbsp;May 15, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG) | &nbsp;&nbsp;June 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL) | &nbsp;&nbsp;July 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG) | &nbsp;&nbsp;July 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG) | &nbsp;&nbsp;August 7, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC) | &nbsp;&nbsp;September 8, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) | &nbsp;&nbsp;September 9, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY) | &nbsp;&nbsp;October 12, 2023 |
| &nbsp;&nbsp;FT Vest Laddered Moderate Buffer ETF (BUFZ) | &nbsp;&nbsp;October 19, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV) | &nbsp;&nbsp;November 6, 2023 |
| &nbsp;&nbsp;First Trust Active Global Quality Income ETF (AGQI) | &nbsp;&nbsp;November 17, 2023 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF – December (XIDE) | &nbsp;&nbsp;December 4, 2023 |
| &nbsp;&nbsp;FT Raymond James Multicap Growth Equity ETF (RJMG) | &nbsp;&nbsp;January 12, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB) | &nbsp;&nbsp;February 5, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF – March (XIMR) | &nbsp;&nbsp;March 18, 2023 |

---

**Exhibit A**

**Series of the Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SERIES** | &nbsp;&nbsp;**EFFECTIVE DATE** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – March (MARM) | &nbsp;&nbsp;March 22, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA) | &nbsp;&nbsp;April 8, 2024 |
| &nbsp;&nbsp;FT Energy Income Partners Enhanced Income ETF (EIPI) | &nbsp;&nbsp;&nbsp;&nbsp;May 1, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – May (QMMY) | &nbsp;&nbsp;&nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – August (QMAG) | &nbsp;&nbsp;&nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – November (QMNV) | &nbsp;&nbsp;&nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – February (QMFE) | &nbsp;&nbsp;&nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS) | &nbsp;&nbsp;&nbsp;&nbsp;May 21, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN) | &nbsp;&nbsp;&nbsp;&nbsp;June 10, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – June (JUNM) | &nbsp;&nbsp;&nbsp;&nbsp;June 10, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN) | &nbsp;&nbsp;&nbsp;&nbsp;June 14, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – July (JULM) | &nbsp;&nbsp;&nbsp;&nbsp;July 24, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – August (AUGM) | &nbsp;&nbsp;&nbsp;&nbsp;August 12, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – September (SEPM) | &nbsp;&nbsp;&nbsp;&nbsp;August 12, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE) | &nbsp;&nbsp;&nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE) | &nbsp;&nbsp;&nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR) | &nbsp;&nbsp;&nbsp;&nbsp;September 6, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – September (TSEP) | &nbsp;&nbsp;&nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – December (TDEC) | &nbsp;&nbsp;&nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Equal Weight Buffer ETF – March (TMAR) | &nbsp;&nbsp;&nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;FT Vest Laddered International Moderate Buffer ETF (BUFY) | &nbsp;&nbsp;&nbsp;&nbsp;September 23, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – October (OCTM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – November (NOVM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – December (DECM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – January (JANM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – February (FEBM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – April (APXM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Max Buffer ETF – May (MAYM) | &nbsp;&nbsp;&nbsp;&nbsp;October 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG) | &nbsp;&nbsp;&nbsp;&nbsp;October 16, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC) | &nbsp;&nbsp;&nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA) | &nbsp;&nbsp;&nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP) | &nbsp;&nbsp;&nbsp;&nbsp;October 18, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) | &nbsp;&nbsp;&nbsp;&nbsp;November 8, 2024 |
| &nbsp;&nbsp;FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) | &nbsp;&nbsp;&nbsp;&nbsp;December 16, 2024 |
| &nbsp;&nbsp;FT Vest Emerging Markets Buffer ETF - June (TJUN) | &nbsp;&nbsp;&nbsp;&nbsp;June 13, 2025 |
| &nbsp;&nbsp;FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX) | &nbsp;&nbsp;&nbsp;&nbsp;June 16, 2025 |
| &nbsp;&nbsp;FT Vest Laddered Max Buffer ETF (BUFH) | &nbsp;&nbsp;&nbsp;&nbsp;June 16, 2025 |
| &nbsp;&nbsp;FT Confluence BDC & Specialty Finance Income ETF (FBDC) | &nbsp;&nbsp;&nbsp;&nbsp;June 23, 2025 |

---

## Ex-99.G

**SCHEDULE I**

**Funds of the Trust**

(as of June 23, 2025)

First Trust Income Opportunities ETF (FCEF)

First Trust Flexible Municipal High Income ETF (MFLX)

First Trust Smith Opportunistic Fixed Income ETF (FIXD)

First Trust Smith Unconstrained Bond ETF (UCON)

First Trust Low Duration Strategic Focus ETF (LDSF)

FT Vest U.S. Equity Buffer ETF – August (FAUG)

FT Vest U.S. Equity Deep Buffer ETF – August (DAUG)

FT Vest U.S. Equity Buffer ETF – November (FNOV)

FT Vest U.S. Equity Deep Buffer ETF – November (DNOV)

First Trust Active Factor Large Cap ETF (AFLC)

First Trust Active Factor Mid Cap ETF (AFMC)

First Trust Active Factor Small Cap ETF (AFSM)

FT Vest U.S. Equity Buffer ETF – February (FFEB)

FT Vest U.S. Equity Deep Buffer ETF – February (DFEB)

First Trust Securitized Plus ETF (DEED)

FT Vest U.S. Equity Buffer ETF – May (FMAY)

FT Vest U.S. Equity Deep Buffer ETF – May (DMAY)

First Trust Multi-Manager Large Growth ETF (MMLG)

FT Vest U.S. Equity Buffer ETF – June (FJUN)

FT Vest U.S. Equity Deep Buffer ETF – June (DJUN)

FT Vest U.S. Equity Buffer ETF – July (FJUL)

FT Vest U.S. Equity Deep Buffer ETF – July (DJUL)

FT Vest Laddered Buffer ETF (BUFR)

FT Vest U.S. Equity Buffer ETF – September (FSEP)

FT Vest U.S. Equity Deep Buffer ETF – September (DSEP)

FT Vest U.S. Equity Buffer ETF – October (FOCT)

FT Vest U.S. Equity Deep Buffer ETF – October (DOCT)

FT International Equity Moderate Buffer ETF – December (YDEC)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC)

FT Vest U.S. Equity Buffer ETF – December (FDEC)

FT Vest U.S. Equity Deep Buffer ETF – December (DDEC)

FT Vest U.S. Equity Buffer ETF – January (FJAN)

FT Vest U.S. Equity Deep Buffer ETF – January (DJAN)

FT Vest Laddered Deep Buffer ETF (BUFD)

FT Vest U.S. Equity Buffer ETF – March (FMAR)

FT Vest U.S. Equity Deep Buffer ETF – March (DMAR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – March (QMAR)

FT International Equity Moderate Buffer ETF – March (YMAR)

FT Vest U.S. Equity Buffer ETF – April (FAPR)

FT Vest U.S. Equity Deep Buffer ETF – April (DAPR)<br>

**Schedule I (Continued)**

**Funds of the Trust**

First Trust Innovation Leaders ETF (ILDR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN)

FT Vest International Equity Moderate Buffer ETF – June (YJUN)

First Trust Expanded Technology ETF (XPND)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSPT)

FT Vest International Equity Moderate Buffer ETF – September (YSEP)

First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT)

* FT Cayman Subsidiary VI

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC)

FT Vest Buffered Allocation Defensive ETF (BUFT)

FT Vest Buffered Allocation Growth ETF (BUFG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC)

FT Vest Laddered Nasdaq Buffer ETF (BUFQ)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP)

FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN)

FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB)

First Trust Multi-Strategy Alternative ETF (LALT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR)

FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR)

FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR)

FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY)

FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY)

FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN)

FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL)

FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG)

FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG)

FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP)

FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE)

FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV)

FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV)

FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV)

FT Vest Laddered Moderate Buffer ETF (BUFZ)

First Trust Active Global Quality Income ETF (AGQI)

FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC)

FT Vest U.S. Equity Buffer & Premium Income ETF – December (XIDE)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN)

FT Raymond James Multicap Growth Equity ETF (RJMG)

FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB)<br>

**Schedule I (Continued)**

**Funds of the Trust**

FT Vest U.S. Equity Buffer & Premium Income ETF – March (XIMR)

FT Vest U.S. Equity Max Buffer ETF – March (MARM)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP)

FT Energy Income Partners Enhanced Income ETF (EIPI)

FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY)

FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY)

FT Vest Nasdaq-100 Moderate Buffer ETF – August (QMAG)

FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV)

FT Vest Nasdaq-100 Moderate Buffer ETF – February (QMFE)

FT Vest U.S. Equity Max Buffer ETF – June (JUNM)

FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN)

FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN)

FT Vest U.S. Equity Max Buffer ETF – July (JULM)

FT Vest U.S. Equity Max Buffer ETF – August (AUGM)

FT Vest U.S. Equity Max Buffer ETF – September (SEPM)

FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE)

FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE)

FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR)

FT Vest Emerging Market Buffer – September (TSEP)

FT Vest Emerging Market Buffer – December (TDEC)

FT Vest Emerging Market Buffer – March (TMAR)

FT Vest Laddered International Moderate Buffer ETF (BUFY)

FT Vest U.S. Equity Max Buffer ETF – October (OCTM)

FT Vest U.S. Equity Max Buffer ETF – November (NOVM)

FT Vest U.S. Equity Max Buffer ETF – December (DECM)

FT Vest U.S. Equity Max Buffer ETF – January (JANM)

FT Vest U.S. Equity Max Buffer ETF – February (FEBM)

FT Vest U.S. Equity Max Buffer ETF – April (APXM)

FT Vest U.S. Equity Max Buffer ETF – May (MAYM)

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG)

FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC)

FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA)

FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP)

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)

FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)

FT Vest Emerging Markets Buffer ETF - June (TJUN)

FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX)

FT Vest Laddered Max Buffer ETF (BUFH)

FT Confluence BDC & Specialty Finance Income ETF (FBDC)

## Ex-99.G

**Schedule II**

**Funds of the Trust<br> (as of June 23, 2025)**

First Trust Income Opportunities ETF (FCEF)

First Trust Flexible Municipal High Income ETF (MFLX)

First Trust Smith Opportunistic Fixed Income ETF (FIXD)

First Trust Smith Unconstrained Bond ETF (UCON)

First Trust Low Duration Strategic Focus ETF (LDSF)

FT Vest U.S. Equity Buffer ETF – August (FAUG)

FT Vest U.S. Equity Deep Buffer ETF – August (DAUG)

FT Vest U.S. Equity Buffer ETF – November (FNOV)

FT Vest U.S. Equity Deep Buffer ETF – November (DNOV)

First Trust Active Factor Large Cap ETF (AFLC)

First Trust Active Factor Mid Cap ETF (AFMC)

First Trust Active Factor Small Cap ETF (AFSM)

FT Vest U.S. Equity Buffer ETF – February (FFEB)

FT Vest U.S. Equity Deep Buffer ETF – February (DFEB)

First Trust Securitized Plus ETF (DEED)

FT Vest U.S. Equity Buffer ETF – May (FMAY)

FT Vest U.S. Equity Deep Buffer ETF – May (DMAY)

First Trust Multi-Manager Large Growth ETF (MMLG)

FT Vest U.S. Equity Buffer ETF – June (FJUN)

FT Vest U.S. Equity Deep Buffer ETF – June (DJUN)

FT Vest U.S. Equity Buffer ETF – July (FJUL)

FT Vest U.S. Equity Deep Buffer ETF – July (DJUL)

FT Vest Laddered Buffer ETF (BUFR)

FT Vest U.S. Equity Buffer ETF – September (FSEP)

FT Vest U.S. Equity Deep Buffer ETF – September (DSEP)

FT Vest U.S. Equity Buffer ETF – October (FOCT)

FT Vest U.S. Equity Deep Buffer ETF – October (DOCT)

FT International Equity Moderate Buffer ETF – December (YDEC)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC)

FT Vest U.S. Equity Buffer ETF – December (FDEC)

FT Vest U.S. Equity Deep Buffer ETF – December (DDEC)

FT Vest U.S. Equity Buffer ETF – January (FJAN)

FT Vest U.S. Equity Deep Buffer ETF – January (DJAN)

FT Vest Laddered Deep Buffer ETF (BUFD)

FT Vest U.S. Equity Deep Buffer ETF – March (FMAR)

FT Vest U.S. Equity Deep Buffer ETF – March (DMAR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – March (QMAR)

FT International Equity Moderate Buffer ETF – March (YMAR)

FT Vest U.S. Equity Buffer ETF – April (FAPR)

FT Vest U.S. Equity Deep Buffer ETF – April (DAPR)<br>

**Schedule II (Continued)**

**Funds of the Trust**

First Trust Innovation Leaders ETF (ILDR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN)

FT Vest International Equity Moderate Buffer ETF – June (YJUN)

First Trust Expanded Technology ETF (XPND)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSPT)

FT Vest International Equity Moderate Buffer ETF – September (YSEP)

First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT)

* FT Cayman Subsidiary VI

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC)

FT Vest Buffered Allocation Defensive ETF (BUFT)

FT Vest Buffered Allocation Growth ETF (BUFG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC)

FT Vest Laddered Nasdaq Buffer ETFs (BUFQ)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP)

FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN)

FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB)

First Trust Multi-Strategy Alternative ETF (LALT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR)

FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR)

FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR)

FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY)

FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY)

FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN)

FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL)

FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG)

FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG)

FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP)

FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE)

FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV)

FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV)

FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV)

FT Vest Laddered Moderate Buffer ETF (BUFZ)

First Trust Active Global Quality Income ETF (AGQI)

FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC)

FT Vest U.S. Equity Buffer & Premium Income ETF – December (XIDE)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN)

FT Raymond James Multicap Growth Equity ETF (RJMG)

FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB)<br>

**Schedule II (Continued)**

**Funds of the Trust**

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB)

FT Vest U.S. Equity Buffer & Premi um Income ETF – March (XIMR)

FT Vest U.S. Equity Max Buffer ETF – March (MARM)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP)

FT Energy Income Partners Enhanced Income ETF (EIPI)

FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY)

FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY)

FT Vest Nasdaq-100 Moderate Buffer ETF – August (QMAG)

FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV)

FT Vest Nasdaq-100 Moderate Buffer ETF – February (QMFE)

FT Vest U.S. Equity Max Buffer ETF – June (JUNM)

FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN)

FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN)

FT Vest U.S. Equity Max Buffer ETF – July (JULM)

FT Vest U.S. Equity Max Buffer ETF – August (AUGM)

FT Vest U.S. Equity Max Buffer ETF – September (SEPM)

FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE)

FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE)

FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR)

FT Vest Emerging Market Buffer – September (TSEP)

FT Vest Emerging Market Buffer – December (TDEC)

FT Vest Emerging Market Buffer – March (TMAR)

FT Vest Laddered International Moderate Buffer ETF (BUFY)

FT Vest U.S. Equity Max Buffer ETF – October (OCTM)

FT Vest U.S. Equity Max Buffer ETF – November (NOVM)

FT Vest U.S. Equity Max Buffer ETF – December (DECM)

FT Vest U.S. Equity Max Buffer ETF – January (JANM)

FT Vest U.S. Equity Max Buffer ETF – February (FEBM)

FT Vest U.S. Equity Max Buffer ETF – April (APXM)

FT Vest U.S. Equity Max Buffer ETF – May (MAYM)

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG)

FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC)

FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA)

FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP)

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)

FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)

FT Vest Emerging Markets Buffer ETF - June (TJUN)

FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX)<br>

**Schedule II (Continued)**

**Funds of the Trust**

FT Vest Laddered Max Buffer ETF (BUFH)

FT Confluence BDC & Specialty Finance Income ETF (FBDC)

## Ex-99.H

**Exhibit A**

**Funds of the Trust**

(as of June 23, 2025)

First Trust Income Opportunities ETF (FCEF)

First Trust Flexible Municipal High Income ETF (MFLX)

First Trust Smith Opportunistic Fixed Income ETF (FIXD)

First Trust Smith Unconstrained Bond ETF (UCON)

First Trust Low Duration Strategic Focus ETF (LSDF)

FT Vest U.S. Equity Buffer ETF – August (FAUG)

FT Vest U.S. Equity Deep Buffer ETF – August (DAUG)

FT Vest U.S. Equity Buffer ETF – November (FNOV)

FT Vest U.S. Equity Deep Buffer ETF – November (DNOV)

First Trust Active Factor Large Cap ETF (AFLG)

First Trust Active Factor Mid Cap ETF (AFMC)

First Trust Active Factor Small Cap ETF (AFSM)

FT Vest U.S. Equity Buffer ETF – February (FFEB)

FT Vest U.S. Equity Deep Buffer ETF – February (DFEB)

First Trust Securitized Plus ETF (DEED)

FT Vest U.S. Equity Buffer ETF – May (FMAY)

FT Vest U.S. Equity Deep Buffer ETF – May (DMAY)

First Trust Multi-Manager Large Growth ETF (MMLG)

FT Vest U.S. Equity Buffer ETF – June (FJUN)

FT Vest U.S. Equity Deep Buffer ETF – June (DJUN)

FT Vest U.S. Equity Buffer ETF – July (FJUL)

FT Vest U.S. Equity Deep Buffer ETF – July (DJUL)

FT Vest Laddered Buffer ETFs (BUFR)

FT Vest U.S. Equity Buffer ETF – September (FSEP)

FT Vest U.S. Equity Deep Buffer ETF – September (DSEP)

FT Vest U.S. Equity Buffer ETF – October (FOCT)

FT Vest U.S. Equity Deep Buffer ETF – October (DOCT)

FT Vest U.S. Equity Buffer ETF – December (FDEC)

FT Vest U.S. Equity Deep Buffer ETF – December (DDEC)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC)

FT International Equity Moderate Buffer ETF – December (YDEC)

FT Vest U.S. Equity Buffer ETF – January (FJAN)

FT Vest U.S. Equity Deep Buffer ETF – January (DJAN)

FT Vest Laddered Deep Buffer ETF (BUFD)

FT Vest U.S. Equity Buffer ETF – March (FMAR)

FT Vest U.S. Equity Deep Buffer ETF – March (DMAR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – March (QMAR)

FT International Equity Moderate Buffer ETF – March (YMAR)

FT Vest U.S. Equity Buffer ETF – April (FAPR)

FT Vest U.S. Equity Deep Buffer ETF – April (DAPR)

First Trust Innovation Leaders ETF (ILDR)<br>

**Exhibit A (Continued)**

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN)

FT Vest International Equity Moderate Buffer ETF – June (YJUN)

First Trust Expanded Technology ETF (XPND)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSEP)

FT Vest International Equity Moderate Buffer ETF – September (YSEP)

First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT)

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC)

FT Vest Buffered Allocation Defensive ETF (BUFT)

FT Vest Buffered Allocation Growth ETF (BUFG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC)

FT Vest Laddered Nasdaq Buffer ETF (BUFQ)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP)

FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN)

FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB)

First Trust Multi-Strategy Alternative ETF (LALT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR)

FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR)

FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR)

FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY)

FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY)

FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN)

FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL)

FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG)

FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG)

FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP)

FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE)

FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR)

FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV)

FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV)

FT Vest Laddered Moderate Buffer ETF (BUFZ)

First Trust Active Global Quality Income ETF (AGQI)

FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC)

FT Vest U.S. Equity Buffer & Premium Income ETF – December (XIDE)

FT Raymond James Multicap Growth Equity ETF (RJMG)

FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB)

FT Vest U.S. Equity Buffer & Premium Income ETF – March (XIMR)

FT Vest U.S. Equity Max Buffer ETF – March (MARM)<br>

**Exhibit A (Continued)**

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA)

FT Energy Income Partners Enhanced Income ETF (EIPI)

FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY)

FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY)

FT Vest Nasdaq-100 Moderate Buffer ETF – August (QMAG)

FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV)

FT Vest Nasdaq-100 Moderate Buffer ETF – February (QMFE)

FT Vest U.S. Equity Max Buffer ETF – June (JUNM)

FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN)

FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN)

FT Vest U.S. Equity Max Buffer ETF – July (JULM)

FT Vest U.S. Equity Max Buffer ETF – August (AUGM)

FT Vest U.S. Equity Max Buffer ETF – September (SEPM)

FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE)

FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE)

FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR)

FT Vest Emerging Markets Buffer ETF – September (TSEP)

FT Vest Emerging Markets Buffer ETF – December (TDEC)

FT Vest Emerging Markets Buffer ETF – March (TMAR)

FT Vest Laddered International Moderate Buffer ETF (BUFY)

FT Vest U.S. Equity Max Buffer ETF – October (OCTM)

FT Vest U.S. Equity Max Buffer ETF – November (NOVM)

FT Vest U.S. Equity Max Buffer ETF – December (DECM)

FT Vest U.S. Equity Max Buffer ETF – January (JANM)

FT Vest U.S. Equity Max Buffer ETF – February (FEBM)

FT Vest U.S. Equity Max Buffer ETF – April (APXM)

FT Vest U.S. Equity Max Buffer ETF – May (MAYM)

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG)

FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC)

FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA)

FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP)

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)

FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)

FT Vest Emerging Markets Buffer ETF - June (TJUN)

FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX)

FT Vest Laddered Max Buffer ETF (BUFH)

FT Confluence BDC & Specialty Finance Income ETF (FBDC)

## Ex-99.H

**Exhibit A**

Funds of First Trust Exchange-Traded Fund VIII

(as of June 23, 2025)

First Trust Income Opportunities ETF (FCEF)

First Trust Flexible Municipal High Income ETF (MFLX)

First Trust Smith Opportunistic Fixed Income ETF (FIXD)

First Trust Smith Unconstrained Bond ETF (UCON)

First Trust Low Duration Strategic Focus ETF (LSDF)

FT Vest U.S. Equity Buffer ETF – August (FAUG)

FT Vest U.S. Equity Deep Buffer ETF – August (DAUG)

FT Vest U.S. Equity Buffer ETF – November (FNOV)

FT Vest U.S. Equity Deep Buffer ETF – November (DNOV)

First Trust Active Factor Large Cap ETF (AFLG)

First Trust Active Factor Mid Cap ETF (AFMC)

First Trust Active Factor Small Cap ETF (AFSM)

FT Vest U.S. Equity Buffer ETF – February (FFEB)

FT Vest U.S. Equity Deep Buffer ETF – February (DFEB)

First Trust Securitized Plus ETF (DEED)

FT Vest U.S. Equity Buffer ETF – May (FMAY)

FT Vest U.S. Equity Deep Buffer ETF – May (DMAY)

First Trust Multi-Manager Large Growth ETF (MMLG)

FT Vest U.S. Equity Buffer ETF – June (FJUN)

FT Vest U.S. Equity Deep Buffer ETF – June (DJUN)

FT Vest U.S. Equity Buffer ETF – July (FJUL)

FT Vest U.S. Equity Deep Buffer ETF – July (DJUL)

FT Vest Laddered Buffer ETFs (BUFR)

FT Vest U.S. Equity Buffer ETF – September (FSEP)

FT Vest U.S. Equity Deep Buffer ETF – September (DSEP)

FT Vest U.S. Equity Buffer ETF – October (FOCT)

FT Vest U.S. Equity Deep Buffer ETF – October (DOCT)

FT Vest U.S. Equity Buffer ETF – December (FDEC)

FT Vest U.S. Equity Deep Buffer ETF – December (DDEC)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC)

FT International Equity Moderate Buffer ETF – December (YDEC)

FT Vest U.S. Equity Buffer ETF – January (FJAN)

FT Vest U.S. Equity Deep Buffer ETF – January (DJAN)

FT Vest Laddered Deep Buffer ETFs (BUFD)

FT Vest U.S. Equity Buffer ETF – March (FMAR)

FT Vest U.S. Equity Deep Buffer ETF – March (DMAR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – March (QMAR)

FT International Equity Moderate Buffer ETF – March (YMAR)

FT Vest U.S. Equity Buffer ETF – April (FAPR)

FT Vest U.S. Equity Deep Buffer ETF – April (DAPR)<br>

**Exhibit A<br> (Continued)**

First Trust Innovation Leaders ETF (ILDR)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN)

FT Vest International Equity Moderate Buffer ETF – June (YJUN)

First Trust Expanded Technology ETF (XPND)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN)

FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSEP)

FT Vest International Equity Moderate Buffer ETF – September (YSEP)

First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT)

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC)

FT Vest Buffered Allocation Defensive ETF (BUFT)

FT Vest Buffered Allocation Growth ETF (BUFG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC)

FT Vest Laddered Nasdaq Buffer ETFs (BUFQ)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP)

FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN)

FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB)

First Trust Multi-Strategy Alternative ETF (LALT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR)

FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR)

FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR)

FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY)

FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY)

FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN)

FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL)

FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG)

FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG)

FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP)

FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE)

FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR)

FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV)

FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV)

FT Vest Laddered Moderate Buffer ETF (BUFZ)

First Trust Active Global Quality Income ETF (AGQI)

FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC)

FT Vest U.S. Equity Buffer & Premium Income ETF – December (XIDE)

FT Raymond James Multicap Growth Equity ETF (RJMG)

FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB)<br>

<br>**<br> Exhibit A<br> (Continued)**<br>

FT Vest U.S. Equity Buffer & Premium Income ETF – March (XIMR)

FT Vest U.S. Equity Max Buffer ETF – March (MARM)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC)

FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA)

FT Energy Income Partners Enhanced Income ETF (EIPI)

FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS)

FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY)

FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY)

FT Vest Nasdaq-100 Moderate Buffer ETF – August (QMAG)

FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV)

FT Vest Nasdaq-100 Moderate Buffer ETF – February (QMFE)

FT Vest U.S. Equity Max Buffer ETF – June (JUNM)

FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN)

FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN)

FT Vest U.S. Equity Max Buffer ETF – July (JULM)

FT Vest U.S. Equity Max Buffer ETF – August (AUGM)

FT Vest U.S. Equity Max Buffer ETF – September (SEPM)

FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE)

FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE)

FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR)

FT Vest Emerging Markets Buffer ETF – September (TSEP)

FT Vest Emerging Markets Buffer ETF – December (TDEC)

FT Vest Emerging Markets Buffer ETF – March (TMAR)

FT Vest Laddered International Moderate Buffer ETF (BUFY)

FT Vest U.S. Equity Max Buffer ETF – October (OCTM)

FT Vest U.S. Equity Max Buffer ETF – November (NOVM)

FT Vest U.S. Equity Max Buffer ETF – December (DECM)

FT Vest U.S. Equity Max Buffer ETF – January (JANM)

FT Vest U.S. Equity Max Buffer ETF – February (FEBM)

FT Vest U.S. Equity Max Buffer ETF – April (APXM)

FT Vest U.S. Equity Max Buffer ETF – May (MAYM)

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG)

FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC)

FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA)

FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP)

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)

FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)

FT Vest Emerging Markets Buffer ETF - June (TJUN)

FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX)

FT Vest Laddered Max Buffer ETF (BUFH)

FT Confluence BDC & Specialty Finance Income ETF (FBDC)

## Ex-99.I

![cac_logo](ml.jpg)

June 20, 2025

First Trust Exchange-Traded Fund VIII

120 E. Liberty Street

Wheaton, Illinois 60187

Chapman and Cutler LLP

320 South Canal Street

Chicago, Illinois 60606

Re: <u>FT Confluence BDC & Specialty Finance Income ETF</u>

Ladies and Gentlemen:

We have acted as special Massachusetts counsel to First Trust Exchange-Traded Fund VIII (the "Trust") on behalf of its series, FT Confluence BDC & Specialty Finance Income ETF (the "Fund"), in connection with the Trust's Post-Effective Amendment to its Registration Statement on Form N-1A to be filed with the Securities and Exchange Commission on or about June 20, 2025 (as so amended, the "Registration Statement") with respect to the Fund's shares of beneficial interest, par value $.01 per share (the "Shares"). You have requested that we deliver this opinion to you in connection with the Trust's filing of such Registration Statement.

In connection with the furnishing of this opinion, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the Secretary of the Commonwealth of Massachusetts as to the existence of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy, as filed with the office of the Secretary of the Commonwealth of Massachusetts on June 16, 2017, of the Trust's Amended and Restated Declaration of Trust dated as of June 12, 2017 (the "Declaration");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy, as filed with the office of the Secretary of the Commonwealth of Massachusetts on May 9, 2025, of the Trust's Amended and Restated Establishment and Designation of Series of Shares of Beneficial Interest, effective as of May 9, 2025 (the "Designation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate executed by an Assistant Secretary of the Trust, certifying as to the Trust's Declaration, Designation, By-Laws, and the resolutions adopted by the Trust's Board of Trustees at a meeting held on September 9, 2024 (the "Resolutions"); and

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp** | **Morgan, Lewis & Bockius llp** |
| One Federal Street |  |
| Boston, MA 02110-1726 | T +1.617.341.7700 |
| United States  | F +1.617.341.7701 |

---

First Trust Exchange-Traded Fund VIII

Chapman and Cutler LLP

June 20, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a draft of the Registration Statement received on June 3, 2025.

In such examination, we have assumed the genuineness of all signatures, including electronic signatures, the conformity to the originals of all of the documents reviewed by us as copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence of each individual executing any document. We have also assumed that the Registration Statement, as filed with the Securities and Exchange Commission, will be in substantially the form of filing referred to in paragraph (e) above. We have further assumed that the Trust's Declaration, Designation, By-Laws and the Resolutions will not have been amended, modified or withdrawn with respect to matters relating to the Shares and will be in full force and effect on the date of the issuance of such Shares.

This opinion is based entirely on our review of the documents listed above and such investigation of law as we have deemed necessary or appropriate. We have made no other review or investigation of any kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents.

As to any opinion below relating to the existence of the Trust under the laws of the Commonwealth of Massachusetts, our opinion relies entirely upon and is limited by the certificate of public officials referred to in (a) above.

This opinion is limited solely to the internal substantive laws of the Commonwealth of Massachusetts, as applied by courts located in Massachusetts (other than Massachusetts securities laws, as to which we express no opinion), to the extent that the same may apply to or govern the transactions referred to herein. No opinion is given herein as to the choice of law which any tribunal may apply to such transaction. In addition, to the extent that the Trust's Declaration, Designation or By-Laws refer to, incorporate or require compliance with the Investment Company Act of 1940, as amended, or any other law or regulation applicable to the Trust, except for the internal substantive laws of the Commonwealth of Massachusetts, as aforesaid, we have assumed compliance by the Trust with such Act and such other laws and regulations.

We understand that all of the foregoing assumptions and limitations are acceptable to you.

First Trust Exchange-Traded Fund VIII

Chapman and Cutler LLP

June 20, 2025

Based upon and subject to the foregoing, please be advised that it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is existing under the Trust's Declaration of Trust and the laws of the Commonwealth of Massachusetts as a voluntary association with transferable shares of beneficial interest commonly referred to as a "Massachusetts business trust."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares, when issued and sold in accordance with the Resolutions and for the consideration described in the Registration Statement, will be validly issued, fully paid and nonassessable, except that, as set forth in the Registration Statement, shareholders of the Trust may under certain circumstances be held personally liable for its obligations.

This opinion is given as of the date hereof and we assume no obligation to update this opinion to reflect any changes in law or any other facts or circumstances which may hereafter come to our attention. We hereby consent to your reliance on this opinion in connection with your opinion to the Trust with respect to the Shares and to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

Very truly yours,

/s/ MORGAN, LEWIS & BOCKIUS LLP

MORGAN, LEWIS & BOCKIUS LLP

## Ex-99.I

---

| | |
|:---|:---|
| ![cac_logo](cac.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3000<br> F 312.701.2361<br> www.chapman.com |

---

June 20, 2025

First Trust Exchange-Traded Fund VIII

120 East Liberty Drive, Suite 400

Wheaton, Illinois 60187

Re: <u>First Trust Exchange-Traded Fund VIII</u>

Ladies and Gentlemen:

We have served as counsel for the First Trust Exchange-Traded Fund VIII (the *"Trust"*), which proposes to offer and sell shares of its series (the *"Shares"*) FT Confluence BDC & Specialty Finance Income ETF (the *"Fund"*), in the manner and on the terms set forth in Post-Effective Amendment No. 586 and Amendment No. 588 to its Registration Statement on Form N-1A filed on or about June 20, 2025 (the *"Amendment"*) with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively.

In connection therewith, we have examined such pertinent records and documents and matters of law, including the opinion of Morgan, Lewis & Bockius LLP issued to the Trust or Trust's counsel upon which we have relied as they relate to the laws of the Commonwealth of Massachusetts, as we have deemed necessary in order to enable us to express the opinion hereinafter set forth.

Based upon the foregoing, we are of the opinion that:

The Shares of the Fund may be issued from time to time in accordance with the Trust's Amended and Restated Declaration of Trust dated June 12, 2017 and the Trust's By-Laws, and subject to compliance with the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, and applicable state laws regulating the sale of securities and the receipt by the Fund of the purchase price of not less than the net asset value per Share, and such Shares, when so issued and sold by the Fund, will be legally issued, fully paid and non-assessable, except that, as set forth in the Amendment, shareholders of the Fund may under certain circumstances be held personally liable for its obligations.

June 20, 2025

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement (File No. 333-210186) relating to the Shares referred to above, to the use of our name and to the reference to our firm in said Registration Statement.

---

| |
|:---|
| Respectfully submitted, |
| /s/ Chapman and Cutler llp |
| Chapman and Cutler llp |

---

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated January 23, 2025, relating to the financial statements and financial highlights of First Trust Specialty Finance and Financial Opportunities Fund, appearing in the annual report in Form N-CSR of First Trust Specialty Finance and Financial Opportunities Fund for the year ended November 30, 2024, and to the references to us under the heading "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

June 20, 2025

## Ex-99.M

**Exhibit A<br>** 

<br> ---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |

---

---

| | |
|:---|:---|
| First Trust Income Opportunities ETF (FCEF) | September 28, 2016 |
| First Trust Flexible Municipal High Income ETF (MFLX) | September 28, 2016 |
| First Trust Smith Opportunistic Fixed Income ETF (FIXD) | February 13, 2017 |
| First Trust Smith Unconstrained Bond ETF (UCON) | May 29, 2018 |
| First Trust Low Duration Strategic Focus ETF (LSDF) | December 18, 2018 |
| FT Vest U.S. Equity Buffer ETF – August (FAUG) | November 1, 2019 |
| FT Vest U.S. Equity Deep Buffer ETF – August (DAUG) | November 1, 2019 |
| FT Vest U.S. Equity Buffer ETF – November (FNOV) | November 1, 2019 |
| FT Vest U.S. Equity Deep Buffer ETF – November (DNOV) | November 1, 2019 |
| First Trust Active Factor Large Cap ETF (AFLG) | November 24, 2019 |
| First Trust Active Factor Mid Cap ETF (AFMC) | November 24, 2019 |
| First Trust Active Factor Small Cap ETF (AFSM) | November 24, 2019 |
| FT Vest U.S. Equity Buffer ETF – February (FFEB) | February 5, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – February (DFEB) | February 5, 2020 |
| First Trust Securitized Plus ETF (DEED) | April 6, 2020 |
| FT Vest U.S. Equity Buffer ETF – May (FMAY) | May 1, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – May (DMAY) | May 1, 2020 |
| First Trust Multi-Manager Large Growth ETF (MMLG) | May 15, 2020 |
| FT Vest U.S. Equity Buffer ETF – June (FJUN) | June 1, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – June (DJUN) | June 1, 2020 |
| FT Vest U.S. Equity Buffer ETF – July(FJUL) | July 1, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – July (DJUL) | July 1, 2020 |
| FT Vest Laddered Buffer ETF (BUFR) | August 10, 2020 |
| FT Vest U.S. Equity Buffer ETF – September (FSEP) | September 1, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – September (DSEP) | September 1, 2020 |
| FT Vest U.S. Equity Buffer ETF – October (FOCT) | October 5, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – October (DOCT) | October 5, 2020 |
| FT Vest U.S. Equity Buffer ETF – December (FDEC) | December 8, 2020 |
| FT Vest U.S. Equity Deep Buffer ETF – December (DDEC) | December 8, 2020 |
| FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – December (QDEC) | December 9, 2020 |
| FT Vest International Equity Moderate Buffer ETF – December (YDEC) | December 9, 2020 |
| FT Vest U.S. Equity Buffer ETF – January (FJAN) | January 4, 2021 |
| FT Vest U.S. Equity Deep Buffer ETF – January (DJAN) | January 4, 2021 |
| FT Vest Laddered Deep Buffer ETF (BUFD) | January 15, 2021 |
| FT Vest U.S. Equity Buffer ETF – March (FMAR) | March 8, 2021 |

---

**Exhibit A** **(Continued)**

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |

---

---

| | |
|:---|:---|
| FT Vest U.S. Equity Deep Buffer ETF – March (DMAR) | March 8, 2021 |
| FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – March (QMAR) | March 8, 2021 |
| FT Vest International Equity Moderate Buffer ETF – March (YMAR) | March 8, 2021 |
| FT Vest U.S. Equity Buffer ETF – April (FAPR) | April 15, 2021 |
| FT Vest U.S. Equity Deep Buffer ETF – April (DAPR) | April 15, 2021 |
| First Trust Innovation Leaders ETF (ILDR) | May 24, 2021 |
| First Trust Expanded Technology ETF(XPND) | June 8, 2021 |
| FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – June (QJUN) | June 17, 2021 |
| FT Vest International Equity Moderate Buffer ETF – June (YJUN) | June 17, 2021 |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – June (XJUN) | June 28, 2021 |
| FT Vest Nasdaq-100<sup>®</sup> Buffer ETF – September (QSEP) | September 16, 2021 |
| FT Vest International Equity Moderate Buffer ETF – September (YSEP) | September 16, 2021 |
| First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) | September 16, 2021 |
| First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) | October 8, 2021 |
| FT Vest Buffered Allocation Defensive ETF (BUFT) | October 25, 2021 |
| FT Vest Buffered Allocation Growth ETF (BUFG) | October 25, 2021 |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – December (XDEC) | December 10, 2021 |
| **FT Vest Laddered Nasdaq Buffer ETF (BUFQ)** | June 14, 2022 |
| **FT Vest U.S. Equity Enhance & Moderate Buffer ETF – September (XSEP)** | September 20, 2022 |
| **FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN)** | January 12, 2023 |
| **First Trust Multi-Strategy Alternative ETF (LALT)** | January 27, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – February (GFEB)** | February 10, 2023 |
| **FT Vest U.S. Equity Enhance & Moderate Buffer ETF – March (XMAR)** | &nbsp;&nbsp;March 10, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – March (GMAR)** | March 10, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – April (GAPR)** | April 14, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY)** | May 15, 20232 |
| **FT Vest U.S. Small Cap Moderate Buffer ETF – May (SMAY)** | May 15, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN)** | June 9, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL)** | June 9, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG)** | June 9, 2023 |
| **FT Vest U.S. Equity Enhance & Moderate Buffer ETF – July (XJUL)** | July 12, 2023 |
| **FT Vest U.S. Equity Enhance & Moderate Buffer ETF – August (XAUG)** | July 12, 2023 |
| **FT Vest U.S. Small Cap Moderate Buffer ETF – August (SAUG)** | August 7, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP)** | September 8, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – October (GOCT)** | September 8, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV)** | September 8, 2023 |
| **FT Vest U.S. Equity Moderate Buffer ETF – December (GDEC)** | September 8, 2023 |

---

**Exhibit A** **(Continued)**

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |

---

---

| | |
|:---|:---|
| **FT Vest U.S. Equity Buffer & Premium Income ETF – September (XISE)** | **September 9, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – October (XOCT) | **October 12, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV) | **October 12, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – January (XJAN) | **October 12, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – February (XFEB) | **October 12, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – April (XAPR) | **October 12, 2023** |
| FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May (XMAY) | **October 12, 2023** |
| FT Vest Laddered Moderate Buffer ETF (BUFZ) | **October 19, 2023** |
| FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV) | **November 6, 2023** |
| First Trust Active Global Quality Income ETF (AGQI) | **November 17, 2023** |
| **FT Vest U.S. Equity Buffer & Premium Income ETF – September (XIDE)** | **December 4, 2023** |
| **FT Raymond James Multicap Growth Equity ETF (RJMG)** | **January 12, 2024** |
| **FT Vest U.S. Small Cap Moderate Buffer ETF – February (SFEB)** | **February 5, 2024** |
| **FT Vest U.S. Equity Buffer & Premium Income ETF – March (XIMR)** | **March 18, 2023** |
| **FT Vest U.S. Equity Max Buffer ETF – March (MARM)** | **March 22, 2024** |
| FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – April (QCAP) | **April 8, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – July (QCJL)** | **April 8, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – October (QCOC)** | **April 8, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Conservative Buffer ETF – January (QCJA)** | **April 8, 2024** |
| **FT Energy Income Partners Enhanced Income ETF (EIPI)** | **May 1, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – May (QMMY)** | **May 6, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – August (QMAG)** | **May 6, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – November (QMNV)** | **May 6, 2024** |
| **FT Vest Nasdaq<sup>®</sup>-100 Moderate Buffer ETF – February (QMFE)** | **May 6, 2024** |
| **FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS)** | **May 21, 2024** |
| **FT Vest U.S. Equity Buffer & Premium Income ETF – June (XIJN)** | **June 10, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – June (JUNM)** | **June 10, 2024** |
| **FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN)** | **June 14, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – July (JULM)** | **July 24, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – August (AUGM)** | **August 12, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – September (SEPM)** | **August 12, 2024** |
| **FT Vest U.S. Equity Equal Weight Buffer ETF – September (RSSE)** | **September 6, 2024** |
| **FT Vest U.S. Equity Equal Weight Buffer ETF – December (RSDE)** | **September 6, 2024** |

---

**Exhibit A** **(Continued)**

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |

---

---

| | |
|:---|:---|
| **FT Vest U.S. Equity Equal Weight Buffer ETF – March (RSMR)** | **September 6, 2024** |
| **FT Vest Emerging Markets Buffer ETF – September (TSEP)** | **September 11, 2024** |
| **FT Vest Emerging Markets Buffer ETF – December (TDEC)** | **September 11, 2024** |
| **FT Vest Emerging Markets Buffer ETF – March (TMAR)** | **September 11, 2024** |
| **FT Vest Laddered International Moderate Buffer ETF (BUFY)** | **September 23, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – October (OCTM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – November (NOVM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – December (DECM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – January (JANM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – February (FEBM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – April (APXM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Max Buffer ETF – May (MAYM)** | **October 8, 2024** |
| **FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG)** | **October 16, 2024** |
| **FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC)** | &nbsp;&nbsp;**October 18, 2024** |
| **FT Vest U.S. Equity Uncapped Accelerator ETF – January (UXJA)** | &nbsp;&nbsp;**October 18, 2024** |
| **FT Vest U.S. Equity Uncapped Accelerator ETF – April (UXAP)** | &nbsp;&nbsp;**October 18, 2024** |
| **FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)** | &nbsp;&nbsp;**November 8, 2024** |
| **FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)** | &nbsp;&nbsp;**December 16, 2024** |
| **FT Vest Emerging Markets Buffer ETF - June (TJUN)** | &nbsp;&nbsp;**June 13, 2025** |
| **FT Vest Laddered Enhance & Moderate Buffer ETF (BUFX)** | &nbsp;&nbsp;**June 16, 2025** |
| **FT Vest Laddered Max Buffer ETF (BUFH)** | &nbsp;&nbsp;**June 16, 2025** |
| FT Confluence BDC & Specialty Finance Income ETF (FBDC)<br>| &nbsp;&nbsp;**June 23, 2025** |

---

## Ex-99.P

![confluencelogo](image_001.jpg)

**CONFLUENCE COMPLIANCE MANUAL**

December 2020

<br> 20 Allen Avenue, Suite 300 \| Saint Louis, MO 63119 \| 314.743.5090<br>www.confluenceinvestment.com<br>

![confluencelogo](image_001.jpg)

**Code of Ethics**

**<u>Policy</u>**

Confluence, as a matter of policy and practice, and consistent with industry best practices and SEC requirements (SEC Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, which is applicable if the firm acts as investment adviser to a registered investment company), has adopted a written Code of Ethics covering all supervised persons. Our firm's Code of Ethics requires high standards of business conduct, compliance with federal securities laws, reporting and recordkeeping of personal securities transactions and holdings, reviews and sanctions. The firm's current Code of Ethics, and as amended, is incorporated by reference and made a part of these Policies and Procedures.

**<u>Background</u>**

In July 2004, the SEC adopted an important rule (Rule 204A-1) similar to Rule 17j-1 under the Investment Company Act, requiring SEC advisers to adopt a Code of Ethics. The new rule was designed to prevent fraud by reinforcing fiduciary principles that govern the conduct of advisory firms and their personnel.

The Code of Ethics rule had an effective date of 8/31/2004 and a compliance date of 2/1/2005. Among other things, the Code of Ethics rule requires the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ setting a high ethical standard of business conduct
reflecting an adviser's fiduciary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ compliance with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ access persons to periodically report personal securities
transactions and holdings, with limited exceptions, such as if the account is managed by the firm and is traded in accordance with other
like strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ prior approval for any IPO or private placement investments
by access persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ reporting of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ delivery and written acknowledgement of receipt of the
Code of Ethics by each supervised person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ reviews and sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ recordkeeping; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ summary Form ADV disclosure.

An investment adviser's Code of Ethics and related policies and procedures represent a strong internal control with supervisory reviews to detect and prevent possible insider trading, conflicts of interest and potential regulatory violations.

<br> 20 Allen Avenue, Suite 300 \| Saint Louis, MO 63119 \| 314.743.5090<br>www.confluenceinvestment.com<br>

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**<u>Responsibility</u>**

The Chief Compliance Officer has the primary responsibility for the preparation, distribution, administration, periodic reviews and monitoring of our Code of Ethics, practices, disclosures, sanctions and recordkeeping.

**<u>Procedure</u>**

Confluence has adopted these procedures to implement this policy on personal securities transactions and our Code of Ethics and reviews to monitor and ensure the firm's policy is observed, implemented properly and amended, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Formal adoption of the firm's Code of Ethics by management
(typically evidenced by their signature on their individual code of ethics/annual attestation form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer annually distributes the
current Code of Ethics to all supervised persons and to all new supervised persons upon hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Each supervised person must acknowledge receipt of the
firm's Code of Ethics initially upon hire and annually and return a signed acknowledgement/certification form to the Chief Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer, with other designated
officer(s), annually reviews the firm's Code of Ethics and updates the Code of Ethics as may be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer, or his/her designee, periodically
reviews access persons' personal transactions/holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer maintains a list of investment
personnel and access persons of the firm, which is updated as changes occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer, or his/her designee, retains
relevant Code of Ethics records as required, including but not limited to, Code of Ethics, as amended from time to time, acknowledgement/certification
forms, initial and annual holdings reports, quarterly reports of personal securities transactions, violations and sanctions, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The firm provides initial and periodic education
about the Code of Ethics, and each person's responsibilities and reporting requirements, under the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The firm's Form ADV Part 2/Disclosure Brochure is amended
and periodically reviewed by the Chief Compliance Officer to appropriately disclose a brief summary of the firm's Code of Ethics.

<br> 20 Allen Avenue, Suite 300 \| Saint Louis, MO 63119 \| 314.743.5090<br>www.confluenceinvestment.com<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Chief Compliance Officer is responsible for receiving
and responding to any client requests for the firm's Code of Ethics and maintaining required records.

<br> 20 Allen Avenue, Suite 300 \| Saint Louis, MO 63119 \| 314.743.5090<br>www.confluenceinvestment.com<br>

![confluencelogo](image_001.jpg)

**<u>CODE OF ETHICS</u>**

**<u>Statement of General Policy</u>**

Confluence Investment Management LLC (the "Adviser," "we," "our", or "us") seeks to foster a reputation for integrity and professionalism. The confidence and trust placed in us by our clients is something that is highly valued and must be protected. As a result, any activity that creates even the suspicion of misuse of material non-public information by the Adviser or any of our employees, which gives rise to or appears to give rise to any breach of fiduciary duty owed to our clients, or which creates any actual or potential conflict of interest between our client and the Adviser or any of our employees or even the appearance of any conflict of interest must be avoided and is prohibited. At the same time, we believe that individual investment activities by our officers and employees should not be unduly prohibited or discouraged.

SEC Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Rule"), requires that the Adviser adopt a code of ethics setting forth standards of conduct for us and our Supervised Persons (as defined below). In addition, SEC Rule 17j-1, under the Investment Company Act of 1940, as amended (the "Investment Company Act"), requires that the Adviser adopt a code of ethics containing provisions reasonably necessary to prevent access persons (as defined in Rule 17j-1 of the Investment Company Act) from engaging in any act, practice or course of business prohibited by Rule 17j-1. Accordingly, this Code of Ethics (the "Code") has been adopted to ensure that employees responsible for developing or implementing investment advice or who communicate such advice to clients will not be able to act thereon to the disadvantage of clients. The Code does not purport comprehensively to cover all types of conduct or transactions which may be prohibited or regulated by the laws and regulations applicable to Adviser and persons connected with it. It is the responsibility of each employee to conduct personal securities transactions in a manner that does not interfere with the transactions of the Adviser's clients or otherwise take unfair advantage of such clients, and to understand the various laws applicable to such employee. Likewise, each Supervisory Person is required to report any violations of this Code promptly to the Compliance Officer as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions of Terms Used</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means (i) any Supervised
Person of the Adviser or (ii) with respect to any Fund, any director, officer or general partner of the Fund, or any employee of the Fund
(A) who has access to nonpublic information regarding the Fund's purchase or sale of securities, or nonpublic information regarding
the portfolio holdings of the Fund; or (B) who is involved in making securities recommendations to the Fund, or who has access to such
recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;(b) "Automatic Investment Plan" means
a program, including a dividend reinvestment plan, in which regular periodic purchases (or withdrawals) are made automatically in (or
from) investment accounts in accordance with a predetermined schedule and allocation.

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&nbsp;&nbsp;&nbsp;&nbsp;(c) "Beneficial ownership" or "beneficial
interest" shall be interpreted in the same manner as beneficial ownership would be under Rule 16a-1(a)(2) under the Securities Exchange
Act of 1934 in determining whether a person has beneficial ownership of a security for purposes of Section 16 of that Act and the rules
and regulations thereunder, which includes any interest in which a person, directly or indirectly, has or shares a direct or indirect
pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from any
transaction. **Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial interest in or ownership of, all securities held by the Access Person, the Access Person's spouse, all minor children, all dependent adult children and adults sharing the same household with the Access Person** (other than mere roommates) and in all accounts subject to their direct or indirect
influence or control and/or through which they obtain the substantial equivalent of ownership, such as trusts in which they are a trustee
or beneficiary, partnerships in which they are the general partner (except where the amount invested by the general partner is limited
to an amount reasonably necessary in order to maintain the status as a general partner), corporations in which they are a controlling
shareholder (except any investment company, trust or similar entity registered under applicable U.S. or foreign law) or any other similar
arrangement. Any questions an Access Person may have about whether an interest in a security or an account constitutes beneficial interest
or ownership should be directed to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "Compliance Officer" shall mean the
Chief Compliance Officer, as may be designated by the Adviser from time to time, or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "Considering for purchase or sale"
shall mean when the portfolio manager communicates that he/she is seriously considering making such a transaction or when a recommendation
to the portfolio manager to purchase or sell has been made or communicated by an analyst at the Adviser and, with respect to the analyst
making the recommendation, when such analyst seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "Contemplated Security" shall mean
any security that the Adviser may recommend to its clients for purchase or sale, and any security related to or connected with such security.
The term security shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act of 1940, as amended, including any
right to acquire such security, such as puts, calls, other options or rights in such securities, and securities-based futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(g) "Covered Security" shall mean any
security, and any security related to or connected with such security. The term security shall have the meaning set forth in Section 202(a)(18)
of the Investment Advisers Act of 1940, as amended, including any right to acquire such security, such as puts, calls, other options or
rights in such securities, and securities-based futures contracts, except that it shall not include (1) securities which are direct obligations
of the government of the United States, (2) bankers' acceptances, bank certificates of deposit, commercial paper or high quality
short-term debt instruments, including repurchase agreements, (3) shares issued by money market Funds, (4) shares issued by U.S. registered
open-end Funds, other than Reportable Funds and (5) shares issued by unit investment

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trusts that are invested exclusively in one or more open-end Funds, none of which are Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "Federal Securities Laws" means the
Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, the Bank Secrecy Act, the Dodd- Frank Act of 2010 as it applies to investment
companies registered under the Investment Company Act of 1940 and investment advisers, each as may be amended or supplemented, and any
rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) "Fund" means any investment company
registered under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(j) "Initial Public Offering" means an
offering of securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration,
was not required to file reports under Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended, or an initial public offering
under comparable foreign law.

&nbsp;&nbsp;&nbsp;&nbsp;(k) "Investment Personnel" means any employee
of the Adviser (or of any company in a control relationship to the Adviser) who, in connection with his or her regular functions or duties,
makes or participates in making recommendations regarding the purchase or sale of securities for the Adviser's clients. Investment
Personnel also includes any natural person who controls the Adviser and who obtains information concerning recommendations made to the
Adviser's clients regarding the purchase or sale of securities for such clients.

&nbsp;&nbsp;&nbsp;&nbsp;(l) "Knowingly/Knows/Knew" means (i) actual
knowledge or (ii) reason to believe but shall exclude institutional knowledge, where there is no affirmative conduct by the employee to
obtain such knowledge, for example, querying the Adviser's trading system or Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;(m) "Limited Offering" or private placement means an offering that is
exempt from registration under Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended, or pursuant to Rule 504, Rule 505,
or Rule 506 under the Securities Act of 1933, as amended, and similar restricted offerings under comparable foreign law.

&nbsp;&nbsp;&nbsp;&nbsp;(n) "Personal Benefit" includes any intended
benefit for oneself or any other individual, company, group or organization of any kind whatsoever except a benefit for a client.

&nbsp;&nbsp;&nbsp;&nbsp;(o) "Reportable Fund" means (i) any Fund
for which we serve as an investment adviser, or (ii) any Fund whose investment adviser or principal underwriter controls us, we control
or is under common control with us. For purposes of this definition, "control" has the meaning given to it in Section 2(a)(9)
of the Investment Company Act of 1940.

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&nbsp;&nbsp;&nbsp;&nbsp;(p) "Supervised Person" means any (i) officer
of the Adviser, (ii) member of the Executive Committee or investment committee of the Adviser or (iii) employee of the Adviser or other
person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compliance with Laws and Regulations</u> 

Each Supervised Person must comply with all applicable Federal Securities Laws. Without limiting the generality of the foregoing, Supervised Persons shall not, directly or indirectly, in connection with the purchase or sale of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Defraud the client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Mislead the client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Engage in any act, practice or course of conduct which
operates or would operate as a fraud or deceit upon the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Engage in any manipulative practice with respect to the client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Engage in any manipulative practice with respect to securities, including
price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Preferential Treatment, Gifts and Entertainment</u> 

No Supervised Person shall seek or accept favors, preferential treatment or any other personal benefit because of his or her association with the Adviser, except those usual and normal benefits directly provided by the Adviser.

No Supervised Person shall accept or offer any entertainment, gift or other personal benefit that may create or appears to create a conflict between the interests of such person and the Adviser. Supervised Persons are prohibited from receiving any gift or other personal benefit of more than de minimis value from any person or entity that does business with or on behalf of the Adviser. In addition, Supervised Persons are prohibited from giving or offering any gift or other personal benefit of more than a de minimis value to any person or entity who is an existing or prospective client or any person that does business with or on behalf of the Adviser and shall be absolutely prohibited from giving or offering any gift or other personal benefit to any client or prospective client that is a governmental entity or official thereof or official of any governmental entity investment, retirement or pension fund. For purposes of this Code, de minimis is defined as reasonable and customary business entertainment, such as an occasional dinner, a ticket to a sporting event or the theater, or comparable entertainment which is neither so frequent nor so extensive as to raise any question of propriety. Employee limits for gifts and entertainment are outlined in the compliance manual. Any questions regarding the receipt of any gift or other personal benefit should be directed to the Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Conflicts of Interest</u> 

If any Supervised Person is aware of a personal interest or outside business activity that is, or might be, in conflict with the interest of any client, that Supervised Person should disclose the situation or transaction and the nature of the conflict to the Compliance Officer for appropriate consideration. In addition, no Supervised Person may use knowledge about pending or currently considered securities transactions for clients to directly or indirectly profit personally. Without limiting the foregoing, Supervised Persons who are planning to invest in or make a recommendation to invest in a security, and who have a material interest in the security or a related security, must first disclose such interest to his or her manager or the Compliance Officer. Such manager or the Compliance Officer shall conduct an independent review of the recommendation to purchase the security for clients and written evidence of such review shall be maintained by the Compliance Officer. Supervised Persons may not fail to timely recommend a suitable security to, or purchase or sell a suitable security for, a client in order to avoid an actual or apparent conflict with a personal transaction in a security.

Regarding SEC Rule 206(4)-5 "pay to play" practices, Supervised Persons are prohibited from making campaign contributions to elected officials in an attempt to influence the awarding of contracts for the management of public pension assets and similar government investment accounts. It is Confluence policy that if any employee seeks to make a political contribution on behalf of themselves or the Adviser to any federal, state or local candidate or to any political association or group, they must obtain pre-approval from the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Service as a Director</u> 

Access Persons are prohibited from accepting any appointment to the boards of directors of any portfolio companies, whether or not its securities are publicly traded, absent prior authorization of the Compliance Officer. In determining whether to authorize such appointment, the Compliance Officer shall consider whether the board service would be averse to the interests of the Adviser's clients, would interfere with or hinder the Adviser's ability to provide recommendations to its clients, and whether adequate procedures exist to ensure isolation from those making investment decisions. All Supervised Persons shall report existing board positions with for-profit corporations, business trusts or similar entities within ten (10) days of becoming a Supervised Person. All Supervised Persons must notify the Compliance Officer within ten (10) days before accepting a new appointment to serve on the board of directors of any for-profit corporation, business trust or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Inside Information</u> 

U.S. securities laws and regulations, and certain foreign laws, prohibit the misuse of "inside" or "material non-public" information when trading or recommending securities. In addition, Regulation FD prohibits certain selective disclosure of information to analysts.

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Inside information obtained by any Supervised Person from any source must be kept strictly confidential. All inside information should be kept secure, and access to files and computer files containing such information should be restricted. Persons shall not trade securities while in possession of or disclose material non-public or insider information except as may be necessary for legitimate business purposes on behalf of the Adviser as appropriate. Questions and requests for assistance regarding insider information should be promptly directed to the Compliance Officer. Inside information may include, but is not limited to, knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, advance earnings information, clients' securities holdings and transactions, and other material non-public information that could affect the price of a security.

A client's identity, financial circumstances and account information are also confidential and must not be discussed with any individual whose responsibilities do not require knowledge of such information. The Adviser has separate policies on privacy that also govern the use and disclosure of client account information.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Restrictions on Personal Security Transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Access Persons may not sell to, or purchase from,
any client any security or other property (except merchandise in the ordinary course of business), in which such Person has or would acquire
a beneficial interest, unless such purchase or sale involves shares of a Fund, or is otherwise permitted pursuant to Section 17 of the
1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Access Persons may only engage in the purchase
and sale of shares of any Reportable Fund during the periods allowed by the policies and procedures of such Reportable Fund. However,
even within those periods, no transactions should be entered into in violation of Rule 10b-5 prohibiting the use of inside information
and all transactions should be carried out in compliance with Section 16 of the Securities Exchange Act of 1934 and Rule 144 under the
Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Access Persons shall not discuss with or otherwise
inform others of any actual or contemplated security transaction by any client except in the performance of employment duties or in an
official capacity and then only for the benefit of the client, and in no event for personal benefit or for the benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Access Persons shall not release information to
dealers or brokers or others (except to those concerned with the execution and settlement of the transaction) as to any changes in any
client's investments, proposed or in process, except (i) upon the completion of such changes, (ii) when the disclosure results from
the publication of a prospectus by a Reportable Fund, (iii) in conjunction with a regular report to shareholders of a Reportable Fund,
or to any governmental authority resulting in such information becoming public knowledge, or (iv) in connection with any report to which
shareholders of a Reportable Fund are entitled by reason of provisions of the articles of incorporation, bylaws, rules and regulations,
contracts or similar documents governing the operations of such company.

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&nbsp;&nbsp;&nbsp;&nbsp;(e) Access Persons may not use knowledge of portfolio
transactions made or contemplated for any client to profit by the market effect of such transactions or otherwise engage in fraudulent
conduct in connection with the purchase or sale of a security sold or acquired by any client.

&nbsp;&nbsp;&nbsp;&nbsp;(f) No Access Person shall knowingly take advantage
of an opportunity of any client for personal benefit or take action inconsistent with such Access Person's fiduciary obligations
to the Adviser's clients. All personal securities transactions must be consistent with this Code and Access Persons must avoid any
actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Any transaction in a Covered Security in anticipation
of any client's transaction ("front- running") is prohibited. No Access Person shall purchase or sell, directly or indirectly,
any security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial interest after any client
trades in that security unless the transactions contemplated by the client in that security have been completed prior to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(h) No Access Person shall purchase or sell, directly
or indirectly, any Covered Security which such Access Person knows that the Adviser either is purchasing or selling, or is considering
for purchase or sale, for any client until either the client's transactions have been completed or consideration of such transaction
is abandoned.

&nbsp;&nbsp;&nbsp;&nbsp;(i) When anything in this Section 7 prohibits the
purchase or sale of a security, it also prohibits the purchase or sale of any related securities, such as puts, calls, other options or
rights in such securities and securities-based futures contracts and any securities convertible into or exchangeable for such security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) An Access Person who trades in violation of this
Section 7 may be required to unwind the trade or disgorge the profits. This decision is based on the discretion of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Preclearance</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) No Access Person may buy or sell any Contemplated
Security for an account beneficially owned by him/her without having first obtained specific permission from the Compliance Officer or
Chief Investment Officer. To seek approval for a personal securities transaction, an Access Person must request permission from the Compliance
Officer via the online personal trading compliance system. The request will be reviewed and approved/denied by the Compliance Officer
or Chief Investment Officer. After the request has been approved, the transaction may be affected. Transaction orders must be placed <u>within one week</u> of the day permission to trade is granted. The one-week time period is subject to change based on the facts and circumstances
of the transaction and discretion of the Compliance Officer. For the avoidance of doubt, exceptions noted under the definition of a Covered
Security are not required to be pre-cleared.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) No Access Person shall directly or indirectly acquire
a beneficial interest in securities through a Limited Offering or in an Initial Public Offering without obtaining the prior consent of
the Compliance Officer. Such Compliance Officer will review these proposed investments on a case-by-case basis and approval may be appropriate
when it is clear that conflicts are very unlikely to arise due to the nature of the opportunity for investing in the Initial Public Offering
or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Excluded Transactions</u> 

The trading restrictions in Section 7 and the preclearance requirements of Section 8 do not apply to the following types of transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Transactions effected for any account over which
the Access Person has no direct or indirect influence or control, and which has been approved by the Compliance Officer pursuant to Section
10(f) (e.g. managed accounts).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-volitional purchases and sales, such as dividend
reinvestment programs or "calls" or redemption of securities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The acquisition of securities by gift or inheritance
or disposition of securities by gift to charitable organizations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Standing orders for retirement plans provided that
prior clearance is obtained before an Access Person starts, increases, decreases or stops direct debits/standing orders for retirement
plans. Lump sum investments in or withdrawals from such plans must be pre- cleared on a case-by-case basis and are subject to trading
restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Exchange Traded Funds or ETFs other than the two-week
period preceding a rebalance (generally quarterly, buy may vary) through the asset allocation trading on the day of the rebalance (*i.e.* asset allocation rebalancing period). For the avoidance of doubt, options on ETFs (or equivalent transaction) must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Reporting Procedures</u> 

Access Persons shall submit to the Compliance Officer the reports set forth below. Any report required to be filed shall not be construed as an admission by the Access Person making such report that he/she has any direct or indirect beneficial interest in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Brokerage Accounts</u>. Before effecting personal
transactions through an external broker, each Access Person must (i) inform the brokerage firm of his/her affiliation with the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make prompt arrangements for copies of confirmations/transaction information to be sent to the Compliance Officer/personal trading compliance system; and (iii) make arrangements for the Compliance Officer to receive duplicate account statements for accounts that do not interface with the personal trading compliance system.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Initial Holdings Report</u>. Each Access Person
must provide an initial holdings report which includes the following information within ten (10) days of becoming an Access Person:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title, type of security, the exchange ticker
symbol or CUSIP number (as applicable), number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom
the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date that the report is submitted by the Access Person.

The information contained in the initial holdings report must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Transaction Reports</u>. Not later
than thirty (30) days following the end of a calendar quarter, each Access Person must submit a report which includes the following information
with respect to any transaction in the quarter in a Covered Security in which the Access Person had, or as a result of the transaction
acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, the exchange
ticker symbol or CUSIP number, as applicable, interest rate and maturity date (if applicable), the number of shares and principal amount
of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase,
sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or
through which the transaction was affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date that the report is submitted by the Access Person.

An Access Person need not make a quarterly transaction report if the report would duplicate information contained in broker trade confirmations or account statements, so long as the confirmations or account statements are received by the Compliance Officer no later than thirty (30) days after the end of the applicable quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Annual Holdings Report</u>. Each Access Person
shall submit the information required in Section 10(b) above annually within thirty (30) days of the end of each calendar year. The information
shall be current as of a date no more than forty-five (45) days before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Review of Reports</u>. The Compliance Officer
shall be responsible for identifying Access Persons, notifying them of their obligations under this Code and reviewing reports submitted
by Access Persons. The Compliance Officer will maintain the names of the persons responsible for reviewing these reports, as well as records
of all reports filed pursuant to these procedures. No person shall be permitted to review his/her own reports. Such reports shall be reviewed
by the Compliance Officer or other officer who is senior to the person submitting the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Exceptions from Reporting Requirements</u>. An
Access Person need not make reports or request duplicate confirms pursuant to this Section 10 with respect to transactions

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effected for, and Covered Securities held in, any account over which the Access Person has no direct or indirect influence or control. Specifically, this exception includes investments in Confluence investment strategies for which Confluence has discretion and the account is invested/traded along with similar accounts at that custodian. Access Persons wishing to rely on this exception must receive prior approval from the Compliance Officer. In addition, an Access Person need not make reports pursuant to Section 10(b), 10(c) or 10(d) with respect to transactions effected pursuant to an Automatic Investment Plan or with respect to Section 9(e) if they have provided the Compliance Officer the necessary attestation. Specifically, this provides a waiver from the preclearance trading and reporting requirements if an access person's account only holds ETFs and/or Covered Securities exceptions as described in Section 1(g) (e.g., mutual funds, US treasuries, UITs).

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Whistleblower Policy</u> 

Confluence owes a duty of trust and a fiduciary responsibility to each client. Employees must act in good faith as they complete their responsibilities and must always place client interests ahead of their own. When fiduciary responsibility as well as the duties of trust and good faith are breached, the client may be harmed and the trust that Confluence has strived to build with its clients is diminished. Each Confluence employee is obligated to promptly report misconduct, violations or suspected violations of rules, laws, internal policies, and of the Code of Ethics to the CCO or, in the absence of the Compliance Officer, to the Chief Operating Officer or Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Administration of Code</u> 

The Compliance Officer shall be responsible for all aspects of administering this Code and for all interpretative issues arising under the Code. The Compliance Officer is responsible for considering any requests for exceptions to, or exemptions from, the Code (e.g., due to personal financial hardship). Any exceptions to, or exemptions from, the Code shall be subject to such additional procedures, reviews and reporting as may be deemed appropriate by the Compliance Officer and shall be reported to the board of managers of the Adviser at the next regular meeting. The Compliance Officer will take whatever action he/she deems necessary with respect to any officer, member of the board of managers or employee of the Adviser who violates any provision of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Reports to Board</u> 

At least once a year, the Compliance Officer shall review the adequacy of the Code and the effectiveness of its implementation. In addition, on an annual basis, the Adviser must provide a written report to the Board of Directors of any Reportable Fund for which the Adviser serves as investment adviser that describes any issues arising under the Code since the last report to the Board of Directors, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. The report will also certify to the Board of Directors that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Report should also include significant conflicts

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of interest that arose involving the Adviser's personal investment policies, even if the conflicts have not resulted in a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Code Revisions</u> 

Any material changes to the Code will be submitted to the appropriate contact of any Reportable Fund for which the Adviser serves as investment adviser for approval.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Recordkeeping Requirements</u> 

The Adviser shall maintain records, at its principal place of business, of the following: a copy of each Code in effect during the past five years; a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs; a record of all written acknowledgments of receipt of the Code, and all amendments thereto, for each person who currently is, or within the past five years was, a Supervised Person; a copy of each report made by Access Persons as required in this Code, including any information provided in place of the reports for at least five years after the end of the fiscal year in which the report is made or the information is provided; a record of all persons required to make reports currently and during the past five years; a record of all who are or were responsible for reviewing these reports during the past five years; for at least five years after the end of the fiscal year in which approval is granted, a record of any decision and the reasons supporting that decision, to approve an Access Person's purchase of securities in an Initial Public Offering or a Limited Offering; and a copy of reports provided to the management committee of the Adviser regarding the Code.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Condition of Employment or Service</u> 

All Supervised Persons shall conduct themselves at all times in the best interests of the Company. Compliance with the Code shall be a condition of employment or continued affiliation with the Adviser and conduct not in accordance shall constitute grounds for actions which may include, but are not limited to, a reprimand, a restriction on activities, disgorgement, termination of employment or removal from office. All Supervised Persons shall certify upon becoming a Supervised Person and thereafter annually that they have received a copy of and read the Code, and all amendments thereto, and agree to comply in all respects with this Code and that they have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code.

\* \* \* \* \*

October 28, 2020

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**ACKNOWLEDGEMENT AND CERTIFICATION [or E-Acknowledgment]**

I acknowledge that I have read the Code of Ethics, which I will retain for future reference, and agree to comply in all respects with the terms and provisions thereof.

I have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code of Ethics and have complied with all provisions of this Code.

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