# EDGAR Filing Document

**Accession Number:** 0002087889
**File Stem:** 0001445546-25-008516
**Filing Date:** 2025-12
**Character Count:** 478991
**Document Hash:** 180267b017a62e656cb8a5acd5124b0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-008516.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001445546-25-008516

**CONFORMED SUBMISSION TYPE**: S-6/A

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FTP 1
- **CENTRAL INDEX KEY:** 0002087889

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-6/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291813
- **FILM NUMBER:** 251597961

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **STREET 2:** C/O FIRST TRUST PORTFOLIOS L.P.
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630 765 8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **STREET 2:** C/O FIRST TRUST PORTFOLIOS L.P.
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

Registration No. 333-291813

1940 Act No. 811-24141

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to Form S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

A.Exact name of trust:

FTP 1

B.Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

C.Complete address of depositor's principal executive offices:

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.Name and complete address of agents for service:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Copy to: |
| &nbsp;&nbsp;JAMES A. BOWEN | &nbsp;&nbsp;ERIC F. FESS |
| &nbsp;&nbsp;c/o First Trust Portfolios L.P. | &nbsp;&nbsp;c/o Chapman and Cutler LLP |
| &nbsp;&nbsp;120 East Liberty Drive | &nbsp;&nbsp;320 South Canal Street |
| &nbsp;&nbsp;Suite 400 | &nbsp;&nbsp;27th Floor |
| &nbsp;&nbsp;Wheaton, Illinois 60187 | &nbsp;&nbsp;Chicago, Illinois 60606 |

---

E.Title and Amount of Securities Being Registered:

An indefinite number of Units pursuant to Rule 24f-2 promulgated under the Investment Company Act of 1940, as amended.

F.Approximate date of proposed sale to public:

As soon as practicable after the effective date of the Registration Statement.

\| \|Check box if it is proposed that this filing will become effective on December 23, 2025 at 2:00 p.m. pursuant to Rule 487.

The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

**________________________________** 
```
<PRE>
               Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio

                                     FTP 1

FTP 1 is a series of a unit investment trust, the FTP Series. FTP 1 consists
of a single portfolio known as Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio
(the "Trust"). The Trust invests in a portfolio of FLexible EXchange(R) Options
("FLEX Options" or "Securities") and cash. The Trust is designed to participate in
positive price returns of the SPDR(R) S&P 500(R) ETF Trust ("SPY" or the
"Underlying ETF") up to a cap of 12.44% (before applicable sales charges and
organization costs), 8.95% (after sales charges and organization costs for
Units purchased through a traditional brokerage account) and 11.46% (after
sales charges and organization costs for Units purchased through a "wrap fee"
account), while seeking to provide a buffer against 100% of Underlying ETF
losses (before applicable sales charges and organization costs) ("Outcomes")
over the period from the Trust's inception (December 23, 2025) until the
Trust's termination date (December 23, 2027) (the "Outcome Period"). Returns
after application of the buffer will be reduced by -3.10% for Units purchased
through a traditional brokerage account and -0.86% for Units purchased through
a "wrap fee" account. THE TRUST SEEKS TO ACHIEVE SPECIFIED OUTCOMES BUT THERE
                      _______________________________________________________
IS NO GUARANTEE THAT THE OUTCOMES FOR THE OUTCOME PERIOD WILL BE ACHIEVED. YOU
______________________________________________________________________________
MAY LOSE SOME OR ALL OF YOUR MONEY BY INVESTING IN THE TRUST.
_____________________________________________________________

The Outcomes described in this prospectus are specifically designed to apply
only if you hold Units on the first day of the Outcome Period and continue to
hold them on the last day of the period. IF YOU SELL OR REDEEM YOUR UNITS
BEFORE THE OUTCOME PERIOD ENDS, YOU MAY RECEIVE A VERY DIFFERENT RETURN BASED
ON THE TRUST'S CURRENT VALUE.

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

                                 First Trust(R)

                                 800-621-1675

               The date of this prospectus is December 23, 2025

                               Table of Contents

Summary of Essential Information                                    3
Fee Table                                                           4
Report of Independent Registered Public Accounting Firm             5
Statement of Net Assets                                             6
Schedule of Investments                                             7
The FTP Series                                                      9
Portfolio                                                          10
Hypothetical Examples                                              15
Risk Factors                                                       19
Who Should Invest                                                  25
Public Offering                                                    26
Distribution of Units                                              27
The Sponsor's Profits                                              29
The Secondary Market                                               29
How We Purchase Units                                              29
Expenses and Charges                                               29
Tax Status                                                         30
Retirement Plans                                                   32
Rights of Unit Holders                                             33
Distributions                                                      33
Redeeming Your Units                                               33
Removing Securities from the Trust                                 34
Amending or Terminating the Indenture                              35
Information on Vest Financial LLC, the Sponsor and Trustee         36
Other Information                                                  38

Page 2

                  Summary of Essential Information (Unaudited)

               Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio
                                     FTP 1

  At the Opening of Business on the Initial Date of Deposit-December 23, 2025

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

Initial Number of Units (1)                                                                                   13,717
Fractional Undivided Interest in the Trust per Unit (1)                                                     1/13,717
Public Offering Price:
Public Offering Price per Unit (2)                                                                         $  10.321
    Less Initial Sales Charge per Unit (3)                                                                     (.233)
                                                                                                           _________
Aggregate Offering Price Evaluation of Securities per Unit (4)                                                10.088
                                                                                                           _________
Redemption Price per Unit (5)                                                                                 10.088
    Less Creation and Development Fee per Unit (3)(5)                                                          (.050)
    Less Organization Costs per Unit (5)                                                                       (.038)
                                                                                                           _________
Net Asset Value per Unit (5)                                                                               $  10.000
                                                                                                           =========
First Settlement Date                                                                              December 24, 2025
Mandatory Termination Date (6)                                                                     December 23, 2027
Cash CUSIP Number                                                                                         30324S 104
Fee Account CUSIP Number                                                                                  30324S 112
Ticker Symbol                                                                                                 FLMSHX

____________

(1) As of the Initial Evaluation Time (defined below in footnote 4) on the
Initial Date of Deposit, we may adjust the number of Units of the Trust so
that the Net Asset Value per Unit will equal approximately $10.00. If we make
such adjustment, the fractional undivided interest per Unit will vary from the
amount indicated above.

(2) The Public Offering Price shown above reflects the value of the Securities
on the business day prior to the Initial Date of Deposit. The price you pay
for your Units will be based on their valuation at the Evaluation Time on the
date you purchase your Units.

(3) You will pay a maximum sales charge of 2.75% of the Public Offering Price
per Unit (equivalent to 2.81% of the net amount invested) which consists of an
initial sales charge and a creation and development fee. Investors will not be
assessed a sales charge on the portion of their Units represented by cash
deposited to pay the Trust's organization costs and creation and development
fee.

(4) Each FLEX Option is generally valued based on the last quoted sale price
where readily available and appropriate as discussed under "Public Offering-
The Value of the Securities." On the Initial Date of Deposit, the evaluations
for purposes of determining the purchase, sale or redemption price of Units
will be at 2:30 p.m. Eastern time (the "Initial Evaluation Time"). Subsequent
to the Initial Date of Deposit, evaluations will be made as of the close of
trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern
time) on each day on which it is open (the "Evaluation Time").

(5) The Net Asset Value per Unit figure reflects the deduction of the creation
and development fee and estimated organization costs, which will be deducted
from the assets of the Trust at the end of the initial offering period. The
Redemption Price per Unit does not reflect the deduction of such creation and
development fee and estimated organization costs. See "Redeeming Your Units."

(6) Also known as the Mandatory Dissolution Date. See "Amending or Terminating
the Indenture."

Page 3

                             Fee Table (Unaudited)

This Fee Table describes the fees and expenses that you may, directly or
indirectly, pay if you buy and hold Units of the Trust. See "Public Offering"
and "Expenses and Charges." Although the Trust has a term of approximately two
years, and is a unit investment trust rather than a mutual fund, this
information allows you to compare fees.

                                                                                                                      Amount
                                                                                                                      per Unit
                                                                                                                      ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                                                 2.26%(a)      $.233
   Creation and development fee                                                                         0.49%(b)      $.050
                                                                                                        _____         _____
   Maximum sales charge (including creation and development fee)                                        2.75%         $.283
                                                                                                        =====         =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                                         .368%(c)      $.0380
                                                                                                        =====         ======
Estimated Annual Trust Operating Expenses(d)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees                               .077%         $.0080
   Trustee's fee and other operating expenses                                                           .155%(e)      $.0160
                                                                                                        _____         ______
      Total                                                                                             .232%         $.0240
                                                                                                        =====         ======

                                    Example

This example is intended to help you compare the cost of investing in the
Trust with the cost of investing in other investment products. The example
assumes that you invest $10,000 in the Trust for the periods shown. The
example also assumes a 5% return on your investment each year and that the
Trust's operating expenses stay the same. The example does not take into
consideration transaction fees which may be charged by certain broker/dealers
for processing redemption requests. Although your actual costs may vary, based
on these assumptions your costs, assuming you sell or redeem your Units at the
end of each period, would be:

                        1 Year           2 Years
                        ______           _________
                        $345             $369

The example will not differ if you hold rather than sell your Units at the end
of each period.

________________

(a) The "transactional sales charge" consists entirely of an initial sales
charge, deducted at the time of purchase. The initial sales charge is actually
equal to the difference between the maximum sales charge of 2.75% and the
amount of any remaining creation and development fee. Investors will not be
assessed a sales charge on the portion of their Units represented by cash
deposited to pay the Trust's organization costs and creation and development
fee.

(b) The creation and development fee compensates the Sponsor for creating and
developing the Trust. The creation and development fee is a charge of $.050
per Unit collected at the end of the initial offering period, which is
expected to be one day from the Initial Date of Deposit. If the price you pay
for your Units exceeds $10.321 per Unit, the creation and development fee will
be less than 0.49%; if the price you pay for your Units is less than $10.321
per Unit, the creation and development fee will exceed 0.49%. If you purchase
Units after the initial offering period, you will not be assessed the creation
and development fee.

(c) Estimated organization costs, which include a one-time licensing fee, will
be deducted from the assets of the Trust at the end of the initial offering
period. Estimated organization costs are assessed on a fixed dollar amount per
Unit basis which, as a percentage of average net assets, will vary over time.

(d) Each of the fees listed herein is assessed on a fixed dollar amount per
Unit basis which, as a percentage of average net assets, will vary over time.

(e) Other operating expenses do not include brokerage costs and other
portfolio transaction fees. In certain circumstances, the Trust may incur
additional expenses not set forth above. See "Expenses and Charges."

Page 4

                             Report of Independent
                       Registered Public Accounting Firm

To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FTP 1

Opinion on the Statement of Net Assets

We have audited the accompanying statement of net assets of FTP 1, comprising
Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio  (the "Trust"), one of the series
constituting the FTP Series, including the schedule of investments, as of the
opening of business on December 23, 2025 (Initial Date of Deposit), and the
related notes. In our opinion, the statement of net assets presents fairly, in
all material respects, the financial position of the Trust as of the opening
of business on December 23, 2025 (Initial Date of Deposit), in conformity with
accounting principles generally accepted in the United States of America.

Basis for Opinion

This statement of net assets is the responsibility of the Trust's Sponsor. Our
responsibility is to express an opinion on this statement of net assets based
on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to
be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statement of net assets is free of material
misstatement, whether due to error or fraud. The Trust is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audit we are required to obtain an
understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Trust's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material
misstatement of the statement of net assets, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the statement of net assets. Our audit also included evaluating
the accounting principles used and significant estimates made by the Trust's
Sponsor, as well as evaluating the overall presentation of the statement of
net assets. Our procedures included confirmation with the broker and
confirmation of the irrevocable letter of credit held by The Bank of New York
Mellon, the Trustee, and deposited in the Trust for the purchase of
securities, as shown in the statement of net assets, as of the opening of
business on December 23, 2025, by correspondence with the Trustee. We believe
that our audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
December 23, 2025

We have served as the auditor of one or more investment companies sponsored by
First Trust Portfolios L.P. since 2001.

Page 5

                            Statement of Net Assets

               Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio
                                     FTP 1

  At the Opening of Business on the Initial Date of Deposit-December 23, 2025

                                   NET ASSETS
Investment in Securities represented by contracts to purchase FLEX Options (1)(2)(3)                              $145,418
Cash (2)                                                                                                             1,879
Less liability for written FLEX Options (1) (3)                                                                     (8,916)
Less liability for reimbursement to Sponsor for organization costs (4)                                                (521)
Less liability for creation and development fee (5)                                                                   (686)
                                                                                                                  ________
Net assets                                                                                                        $137,174
                                                                                                                  ========
Units outstanding                                                                                                   13,717
Net asset value per Unit (6)                                                                                      $  10.00

                             ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                                             $141,574
Less maximum sales charge (7)                                                                                       (3,879)
Less estimated reimbursement to Sponsor for organization costs (7)                                                    (521)
                                                                                                                  ________
Net assets                                                                                                        $137,174
                                                                                                                  ========

______________

                        NOTES TO STATEMENT OF NET ASSETS

The Trust is registered as a unit investment trust under the Investment
Company Act of 1940. The Sponsor is responsible for the preparation of
financial statements in accordance with accounting principles generally
accepted in the United States which require the Sponsor to make estimates and
assumptions that affect amounts reported herein. Actual results could differ
from those estimates. The Trust intends to comply in its initial fiscal year
and thereafter with provisions of the Internal Revenue Code applicable to
regulated investment companies and as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gains) distributed to Unit holders.

(1) The Trust invests in a portfolio of purchased and written FLEX Options.
Aggregate cost of the purchased FLEX Options listed under "Schedule of
Investments" and the liability for the written FLEX Options are based on their
aggregate underlying value. The Securities were deposited at prices equal to
their market value as determined by the Sponsor. The Trust has a Mandatory
Termination Date of December 23, 2027.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon, of
which approximately $300,000 has been allocated to the Trust, has been
deposited with the Trustee as collateral, covering the monies necessary for
the purchase of the Securities according to their purchase contracts $145,418
and cash $1,879. Cash is included in the Trust to cover the cost of the
Trust's organization costs, the creation and development fee and the Trust's
annual operating expenses.

(3) The Trust will enter into option contracts which provide the option
purchaser with the right, but not the obligation, to buy a security at a
predetermined exercise price on the option's expiration date and the Trust
will also enter into option contracts which provide the option purchaser with
the right, but not the obligation, to sell a security to the Trust at a
predetermined price on the option's expiration date. The option purchaser pays
a premium to the option writer for the right to exercise the option. The
option writer is obligated to sell or buy the security underlying the contract
at a set price, if the option purchaser chooses to exercise the option. As a
writer of an option contract, the Trust is not subject to credit risk but is
subject to market risk, since the Trust is obligated to make payments under
the terms of the option contract if exercised.

(4) A portion of the Public Offering Price consists of an amount sufficient to
reimburse the Sponsor for all or a portion of the costs of establishing the
Trust. These costs have been estimated at $.0380 per Unit. A payment will be
made at the end of the initial offering period to an account maintained by the
Trustee from which the obligation of the investors to the Sponsor will be
satisfied. To the extent that actual organization costs of the Trust are
greater than the estimated amount, only the estimated organization costs added
to the Public Offering Price will be reimbursed to the Sponsor and deducted
from the assets of the Trust.

(5) The creation and development fee ($.050 per Unit) is payable by the Trust
on behalf of Unit holders out of assets of the Trust at the end of the initial
offering period. If Units are redeemed prior to the close of the initial
offering period, the fee will not be deducted from the proceeds.

(6) Net asset value per Unit, as rounded to the nearest penny, is calculated
by dividing the Trust's net assets by the number of Units outstanding. This
figure includes organization costs and the creation and development fee, which
will only be assessed to Units outstanding at the end of the initial offering
period.

(7) The aggregate cost to investors in the Trust, excluding the amount held in
cash deposited to pay the Trust's organization costs and creation and
development fee, includes a maximum sales charge computed at the rate of 2.75%
of the Public Offering Price per Unit (equivalent to 2.81% of the net amount
invested), assuming no reduction of sales charge as set forth under "Public
Offering."

Page 6

                            Schedule of Investments

               Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio
                                     FTP 1

  At the Opening of Business on the Initial Date of Deposit-December 23, 2025

                                                                            Percentage of              Market
                                                             Strike Price   Aggregate      Number of   Value per
                                                             per            Offering       FLEX        FLEX
Description                                                  Share          Price          Contracts   Option (3)   Value (3)
___________                                                  ____________   _____________  _________   __________   _________

FLexible EXchange(R) Options ("FLEX Options"):
Purchased Options (1)(2):
Call Options on SPDR(R) S&P 500(R) ETF Trust, Expire
December 23, 2027                                            $  0.01         98.47%           2        $67,538.00   $135,076
Put Options on SPDR(R) S&P 500(R) ETF Trust, Expire
December 23, 2027                                             685.87          7.54%           2          5,171.00     10,342
                                                                            _______                                 ________
   Total Purchased Options (cost, $145,418):                                106.01%                                 $145,418
                                                                            _______                                 ________
Written Options (1)(2):
Call Options on SPDR(R) S&P 500(R) ETF Trust,
Expire December 23, 2027                                      771.12        (6.50)%           2          4,458.00     (8,916)
                                                                            _______                                 ________
   Total Written Options (proceeds, $8,916):                                (6.50)%                                 $(8,916)
                                                                            _______                                 ________
Net Other Assets and Liabilities                                              0.49%                                 $    672
                                                                            _______                                 ________
Net Assets                                                                  100.00%                                 $137,174
                                                                            =======                                 ========

_____________

(1) All Securities are represented by regular way contracts to purchase such
Securities which are backed by an irrevocable letter of credit deposited with
the Trustee. The Sponsor entered into purchase contracts for the Securities on
December 23, 2025. Such purchase contracts are expected to settle within one
business day.

(2) Each FLEX Option contract entitles the holder thereof (i.e., the
purchaser) to purchase (for the call options) or sell (for the put options)
100 shares of the SPDR(R) S&P 500(R) ETF Trust on the FLEX Option Expiration
Date of December 23, 2027 at the FLEX Option's strike price multiplied by 100.
The notional value of the FLEX Options as of the Initial Date of Deposit are
as follows:

   Purchased Options:
      Call Options on SPY       $137,174
      Put Options on SPY        $137,174

   Written Options:
      Call Options on SPY       $137,174

(3) The cost or proceeds of the Securities to the Trust represents the
aggregate underlying value with respect to the Securities acquired, generally
determined based on the last quoted sale price where readily available and
appropriate. On the Initial Date of Deposit, the value of the Securities will
be based on the specific trade prices in which the Securities representing the
Trust are executed. If no trades occur for a specific trade date or the
Sponsor determines that market quotations are unavailable or inappropriate
(e.g., due to infrequent transactions or thin trading), the Sponsor will
determine the underlying value of the Securities based on their good faith
determination of the fair value of the Securities at their discretion. To
determine the fair value of the Securities, where available, the Sponsor will
start with values generated using model prices provided by an independent
third party, which uses a proprietary algorithm using standard option
valuation variables and calculations. Where such values are not available
through typical third party sources, the Sponsor will generate their own model-
based valuations of the Securities, including using the Black-Scholes model
for option valuation, and use current market quotations for comparable listed
options that are more actively traded. The valuation of the Securities has
been determined by the Sponsor. In accordance with Financial Accounting
Standards Board Accounting Standards Codification 820 ("ASC 820"), "Fair Value
Measurement," fair value is defined as the price that the Trust would either
receive upon selling an investment or pay to transfer an option's liability to
an independent buyer in a timely transaction in the principal or most
advantageous market of the investment. ASC 820 established a three-tier
hierarchy to maximize the use of the observable market data and minimize the
use of unobservable inputs and to establish classification of the fair value
measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability,
including the technique or pricing model used to measure fair value and the
risk inherent in the inputs to the valuation technique. Inputs may be

Page 7

observable or unobservable. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the asset or liability,
developed based on market data obtained from sources independent of the
reporting entity. Unobservable inputs are inputs that may reflect the
reporting entity's own assumptions about the assumptions market participants
would use in pricing the asset or liability, developed based on the best
information available in the circumstances. The three-tier hierarchy of inputs
is summarized in the three broad levels: Level 1 which represents quoted
prices in active markets for identical investments; Level 2 which represents
fair value based on other significant observable inputs (including, quoted
prices for similar investments in active markets, quoted prices for identical
or similar investments in markets that are non-active, inputs other than
quoted prices that are observable for the investment (for example, interest
rates and yield curves observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default rates) or inputs
that are derived from or corroborated by observable market data by correlation
or other means), and Level 3 which represents fair value based on significant
unobservable inputs (including the Trust's own assumptions in determining the
fair value of investments). The Trust's investments in purchased options of
$145,418 and written options of $(8,916) are classified as Level 2, whose
valuations on the date of deposit were determined by the Sponsor using model
prices provided by third-party pricing services. The inputs used by these
third party pricing services were based upon significant observable inputs
that included, but were not limited to, the items noted above. The cost of the
Securities to the Sponsor and the Sponsor's loss (which is the difference
between the cost of the Securities to the Sponsor and the cost of the
Securities to the Trust) are $136,532 and $30, respectively.

Page 8

                                 The FTP Series

The FTP Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created a unit
investment trust which we have named the FTP Series. The series to which this
prospectus relates, FTP 1, consists of a single portfolio known as Vest 2-Year
S&P 500(R) Deep Buffered 100 Portfolio.

The FTP Series is a statutory trust (the "Master Trust") organized under the
laws of Delaware created by a Master Trust Agreement among First Trust
Portfolios L.P., as Depositor (also referred to herein as Sponsor), First
Trust Advisors L.P., as Portfolio Supervisor, and The Bank of New York Mellon,
as trustee of the Master Trust.  The Master Trust Agreement authorizes the
Depositor, Portfolio Supervisor and Trustee to enter into separate Series
Trust Agreements establishing individual series of the Master Trust (each
individual series is referred to herein as a "Trust"). The Trust to which this
prospectus relates, FTP 1, consists of a single portfolio known as Vest 2-Year
S&P 500(R) Deep Buffered 100 Portfolio.

The Trust was created by a Series Trust Agreement (the "Trust Agreement")
dated the Initial Date of Deposit among the Sponsor, Portfolio Supervisor and
the Trustee.   This agreement, which incorporates a document called the
Standard Terms and Conditions of Trust, governs the operations of the Trust
(the Trust Agreement and the Standard Terms and Conditions of Trust are
collectively referred to as the "Indenture").

YOU MAY GET MORE SPECIFIC DETAILS CONCERNING THE NATURE, STRUCTURE AND RISKS
OF THIS PRODUCT IN AN "INFORMATION SUPPLEMENT" BY CALLING THE SPONSOR AT 800-
621-1675, DEPT. CODE 2.

How We Created the Trust.

On the Initial Date of Deposit, we deposited a portfolio of FLEX Options and
cash with the Trustee and, in turn, the Trustee delivered documents to us
representing our ownership of the Trust in the form of units ("Units").

After the Initial Date of Deposit, we may deposit additional Securities in the
Trust, or cash (including a letter of credit or the equivalent) with
instructions to buy more Securities, to create new Units for sale. If we
create additional Units, we will attempt, to the extent practicable, to
maintain the percentage relationship established among the Securities on the
Initial Date of Deposit (as set forth under "Schedule of Investments"),
adjusted to reflect the sale, redemption or liquidation of any of the
Securities or any stock split or a merger or other similar event affecting the
issuer of the Securities.

Since the prices of the Securities will fluctuate daily, the ratio of
Securities in the Trust, on a market value basis, will also change daily. The
portion of Securities represented by each Unit will not change as a result of
the deposit of additional Securities or cash in the Trust. If we deposit cash,
you and new investors may experience a dilution of your investment. This is
because prices of Securities will fluctuate between the time of the cash
deposit and the purchase of the Securities, and because the Trust pays the
associated brokerage fees. To reduce this dilution, the Trust will try to buy
the Securities as close to the Evaluation Time and as close to the evaluation
price as possible. You may also experience a dilution of your investment when
the Trust sells Securities to meet redemption requests as Securities are
typically sold after the redemption request is received. Because the Trust
pays the brokerage fees associated with the sale of Securities to meet
redemption and exchange requests, frequent redemption and exchange activity
will likely result in higher brokerage expenses. TO THE EXTENT THERE IS A
DILUTION TO YOUR INVESTMENT IT IS HIGHLY LIKELY THAT YOU WILL NOT RECEIVE THE
HYPOTHETICAL RETURNS SET FORTH IN THIS PROSPECTUS.

An affiliate of the Trustee may receive these brokerage fees or the Trustee
may retain and pay us (or our affiliate) to act as agent for the Trust to buy
Securities. If we or an affiliate of ours act as agent to the Trust, we will
be subject to the restrictions under the Investment Company Act of 1940, as
amended (the "1940 Act"). When acting in an agency capacity, we may select
various broker/dealers to execute securities transactions on behalf of the
Trust, which may include broker/dealers who sell Units of the Trust. We do not
consider sales of Units of the Trust or any other products sponsored by First
Trust as a factor in selecting such broker/dealers.

We cannot guarantee that the Trust will keep its present size and composition
for any length of time. Securities may be periodically sold under certain
circumstances to satisfy Trust obligations, to meet redemption requests and,
as described in "Removing Securities from the Trust," to maintain the sound
investment character of the Trust, and the proceeds received by the Trust will
be used to meet Trust obligations or distributed to Unit holders. However,
Securities will not be sold to take advantage of market fluctuations or
changes in anticipated rates of appreciation or depreciation, or if they no
longer meet the criteria by which they were selected. You will not be able to
dispose of or vote any of the Securities in the Trust. As the holder of the
Securities, the Trustee will vote the Securities and, except as described in

Page 9

"Removing Securities from the Trust," will endeavor to vote the Securities
such that the Securities are voted as closely as possible in the same manner
and the same general proportion as are the Securities held by owners other
than such Trust. The debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to the Trust shall be
enforceable against the assets of the Trust only, and not against the assets
of the FTP Series generally or any other trust in the FTP Series. Further,
none of the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the FTP Series generally or any
other trust in the FTP Series shall be enforceable against the assets of the
Trust.

Neither we nor the Trustee will be liable for a failure in any of the
Securities. However, if a contract for the purchase of any of the Securities
initially deposited in the Trust fails, unless we can purchase substitute
Securities ("Replacement Securities") we will refund to you that portion of
the purchase price and transactional sales charge resulting from the failed
contract. Any Replacement Security the Trust acquires will be identical to
those from the failed contract.

                                   Portfolio

Objective.

The Trust seeks to provide returns that match the price return of the
Underlying ETF up to a predetermined upside cap of 12.44% (before applicable
sales charges and organization costs) while providing a buffer against 100% of
Underlying ETF losses (before applicable sales charges and organization costs)
during the period from December 23, 2025 to December 23, 2027. Under normal
market conditions, the Trust will invest at least 80% of its net assets in
investments that provide exposure to companies in the S&P 500(R) Index. The
Trust is concentrated (i.e., invests 25% or more of Trust assets) in
investments that provide exposure to the information technology sector.

The Portfolio.

The Trust seeks to achieve its objective by investing in a portfolio
consisting of purchased and written FLEX Options and cash to pay for the
annual operating expenses, creation and development fee and organization costs
of the Trust. Because a portion of your investment is held in cash to pay for
these expenses, and the cap and buffer amounts are determined independent of
the cash component, such expenses will not further reduce the cap and buffer
amounts disclosed in this prospectus. The FLEX Options are listed on the
Chicago Board Options Exchange (the "CBOE") and are guaranteed by the Options
Clearing Corporation (the "OCC"). The FLEX Options reference shares of the
Underlying ETF which had a share price on the NYSE of $685.87 (the "Initial
Underlying ETF Level") at the time the FLEX Options were executed and entitle
or obligate the holder to purchase or sell shares of the Underlying ETF at
each FLEX Option's strike price on December 23, 2027 (the "FLEX Option
Expiration Date"). The FLEX Options are all European style options, which
means that they are exercisable at the strike price only on the FLEX Option
Expiration Date. The FLEX Options are intended to be liquidated on or prior to
the FLEX Option Expiration Date, rather than be exercised, in order to avoid
having the Trust receive shares of the Underlying ETF or be obligated to
deliver shares of the Underlying ETF.

The FLEX Options are intended to generate returns based on the price
performance of the Underlying ETF. Please note that the Trust's performance
will not reflect the payment of dividends by the Underlying ETF. The
Underlying ETF is an exchange-traded fund ("ETF") that seeks to track
performance of the S&P 500(R) Index (the "Underlying Index"). The Underlying
Index is composed of selected stocks from five hundred (500) issuers, all of
which are listed on national stock exchanges and spans a broad range of major
industries. See "The Underlying ETF and the Underlying Index" on page 14. The
Trust is designed for Unit holders who intend to purchase Units at the Trust's
inception, the only day Units are available for sale, and hold them until
December 23, 2027, the Trust's Mandatory Termination Date, and seek a
percentage total return per Unit that increases by any percentage increase in
the price of the Underlying ETF relative to the Initial Underlying ETF Level
up to a maximum total return of 12.44% (before applicable sales charges and
organization costs), 8.95% (after sales charges and organization costs for
Units purchased through a traditional brokerage account) and 11.46% (after
sales charges and organization costs for Units purchased through a "wrap fee"
account) (the "Capped Return"), while also providing downside "buffered"
protection of up to 100% of the decline in the Underlying ETF (before
applicable sales charges and organization costs) ("Buffered Protection"). The
Buffered Protection of up to 100% of Underlying ETF losses is taken into
account before applicable sales charges and organization costs, meaning a Unit
holder's maximum loss will be equal to -3.10% for Units purchased through a
traditional brokerage account and -0.86% for Units purchased through a "wrap
fee" account. See "Fee Table" in this prospectus for information regarding
these fees and expenses.

Page 10

The Capped Return and the Buffered Protection are based on the life of the
Trust and are not an annualized rate of return. The percentage increase or
decrease of the Underlying ETF described above is the percentage increase or
decrease of the Underlying ETF from when the FLEX Option strike levels are set
on the initial date of deposit to the close of the market on the FLEX Option
Expiration Date. The Trust's ability to achieve its investment objective is
dependent on Unit holders purchasing Units at a price equal to their initial
net asset value ($10 per Unit) and holding them until the Trust's Mandatory
Termination Date. The price at which you will be able to purchase Units will
be based on their valuation at the Evaluation Time on the Initial Date of
Deposit, which will be higher than $10 per Unit (the Trust's net asset value
per Unit on the Initial Date of Deposit) because of the Trust's sales charges
and organization costs, which will impact your potential returns.

THE TRUST MAY NOT BE ABLE TO ACHIEVE THE HYPOTHETICAL RETURNS SET FORTH IN
THIS PROSPECTUS. THE TRUST'S PERFORMANCE MAY BE IMPACTED BY A VARIETY OF
FACTORS, INCLUDING, BUT NOT LIMITED TO, REDEMPTION ACTIVITY, A DILUTION OF
YOUR INVESTMENT, UNUSUAL ECONOMIC EVENTS, MARKET MOVEMENTS AND CHANGES IN THE
LIQUIDITY OF THE FLEX OPTIONS. REDEMPTION ACTIVITY COULD CAUSE THE TRUST TO
RECOGNIZE INCOME THAT THE TRUST IS REQUIRED TO DISTRIBUTE TO MAINTAIN THE
TRUST'S RIC STATUS AND AVOID THE EXCISE TAX. SELLING SECURITIES TO MAKE THESE
DISTRIBUTIONS MAY IMPACT THE TRUST'S PERFORMANCE. THE TRUST'S PORTFOLIO IS NOT
MANAGED. IN THE UNLIKELY EVENT THAT THE FLEX OPTIONS CANNOT MAINTAIN THEIR
PROPER RATIOS, THERE MAY BE A SIGNIFICANT IMPACT TO THE TRUST'S ABILITY TO
MEET ITS INVESTMENT OBJECTIVE OR FOLLOW ITS PRINCIPAL INVESTMENT STRATEGY.

Illustrative Market Scenarios.

The Trust seeks to provide returns based on the price performance of the
Underlying ETF for Units purchased on the Trust's Initial Date of Deposit at
their initial net asset value of $10 per Unit and held until the Trust's
Mandatory Termination Date as follows:

- THE PRICE OF THE UNDERLYING ETF INCREASES ABOVE A CAPPED RETURN OF 12.43%. If,
at the FLEX Option Expiration Date, the price of the Underlying ETF increased
by greater than or equal to 12.43% compared to the price of the Underlying ETF
at the Trust's inception, the Trust seeks to provide Unit holders with a
maximum total return of 12.44% (before applicable sales charges and
organization costs), 8.95% (after sales charges and organization costs for
Units purchased through a traditional brokerage account) and 11.46% (after
sales charges and organization costs for Units purchased through a "wrap fee"
account). If the price of the Underlying ETF increases above the Capped
Return, Unit holders will not participate in those gains beyond the Capped
Return.

- THE PRICE OF THE UNDERLYING ETF INCREASES BETWEEN 0% AND A CAPPED RETURN OF
12.43%. If, at the FLEX Option Expiration Date, the price of the Underlying
ETF increased between 0% and 12.43% compared to the price of the Underlying
ETF at the Trust's inception, the Trust seeks to provide Unit holders with a
total return that increases by the approximate percentage increase of the
price of the Underlying ETF, up to a maximum return of 12.44% (before
applicable sales charges and organization costs), 8.95% (after sales charges
and organization costs for Units purchased through a traditional brokerage
account) and 11.46% (after sales charges and organization costs for Units
purchased through a "wrap fee" account).

- THE PRICE OF THE UNDERLYING ETF DECREASES BETWEEN 0% AND 100%. If, at the FLEX
Option Expiration Date, the price of the Underlying ETF decreased between 0%
and 100% compared to the price of the Underlying ETF at the Trust's inception,
the Trust seeks to provide Unit holders with a "buffered" total return of
approximately 0.01% less the applicable sales charges and organization costs,
meaning your maximum loss will be equal to -3.10% for Units purchased through
a traditional brokerage account and -0.86% for Units purchased through a "wrap
fee" account.

Page 11

                     Hypothetical Performance Return Chart

The following chart illustrates the hypothetical returns that the Trust seeks
to provide in certain illustrative scenarios. THIS CHART DOES NOT TAKE INTO
ACCOUNT PAYMENT BY UNIT HOLDERS OF APPLICABLE SALES CHARGES AND ORGANIZATION
COSTS, AS SUCH GAINS WILL BE DECREASED BY THE SALES CHARGES AND ORGANIZATION
COSTS AND LOSSES WILL BE INCREASED BY THE SALES CHARGES AND ORGANIZATION
COSTS. Please note that the chart assumes a capped return of approximately
12.44% (before applicable sales charges and organization costs) and a buffer
of 100% (before applicable sales charges and organization costs).

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<PRE>Page 12

What is a FLEX Option?

The Trust's initial portfolio includes several types of FLEX Options including
purchased and written put and call options (as further described below). The
FLEX Options are all European style options, which means that they are
exercisable at the strike price only on the FLEX Option Expiration Date. FLEX
Options are customized option contracts available through national securities
exchanges that are guaranteed for settlement by the OCC, a market
clearinghouse. The FLEX Options are listed on the CBOE. FLEX Options provide
investors with the ability to customize terms of an option, including exercise
prices, exercise styles (European style versus American style options which
are exercisable any time prior to the expiration date) and expiration dates,
while achieving price discovery in competitive, transparent auctions markets
and avoiding the counterparty exposure of the over-the-counter option positions.

Each FLEX Option contract entitles the holder thereof (i.e., the purchaser of
the FLEX Option) the option to purchase (for the call options) or sell (for
the put options) 100 shares of the Underlying ETF as of the close of the
market on the FLEX Option Expiration Date at the strike price multiplied by
100. The Trust is designed so that any amount owed by the Trust on the written
FLEX Options will be covered by payouts at expiration from the purchased FLEX
Options. As a result, the FLEX Options will be fully covered and no additional
collateral will be necessary during the life of the Trust. The Trust receives
premiums in exchange for the written FLEX Options and pays premiums in
exchange for the purchased FLEX Options. The OCC and securities exchange that
the FLEX Options are listed on do not charge ongoing fees to writers or
purchasers of the FLEX Options during their life for continuing to hold the
option contracts.

The OCC guarantees performance by each of the counterparties to FLEX Options,
becoming the "buyer for every seller and the seller for every buyer,"
protecting clearing members and options traders from counterparty risk.
Subject to determination by the Securities Committee of the OCC, adjustments
may be made to the FLEX Options for certain events (collectively, "Corporate
Actions") specified in the OCC's by-laws and rules: certain stock dividends or
distributions, stock splits, reverse stock splits, rights offerings,
distributions, reorganizations, recapitalizations, or reclassifications with
respect to an underlying security, or a merger, consolidation, dissolution or
liquidation of the issuer of the underlying security.  According to the OCC's
by-laws, the nature and extent of any such adjustment is to be determined by
the OCC's Securities Committee, in light of the circumstances known to it at
the time such determination is made, based on its judgment as to what is
appropriate for the protection of investors and the public interest, taking
into account such factors as fairness to holders and writers (or purchasers
and sellers) of the affected options, the maintenance of a fair and orderly
market in the affected options, consistency of interpretation and practice,
efficiency of exercise settlement procedures, and the coordination with other
clearing agencies of the clearance and settlement of transactions in the
underlying interest.

The information set forth above relating to the FLEX Options and the OCC has
been obtained from the OCC. The description and terms of the FLEX Options to
be entered into with the OCC are set forth in the by-laws and rules of the
OCC, available at www.optionsclearing.com, which is not considered part of
this prospectus nor is it incorporated by reference herein.

The Trust invests in in-the-money purchased call options, out-of-the-money
written call options and at-the-money purchased put options. The following
discussion describes each type of security.

In-The-Money Purchased Call Options ("ITM Purchased Call Options"). The ITM
Purchased Call Options are call options purchased by the Trust, each with a
strike price significantly lower than the Initial Underlying ETF Level. If the
price of the Underlying ETF is less than or equal to the strike price of the
ITM Purchased Call Options on the FLEX Option Expiration Date, the ITM
Purchased Call Options will expire without net proceeds being payable to the
Trust (i.e., the ITM Purchased Call Options will expire worthless). If the
price of the Underlying ETF is greater than the strike price on the FLEX
Option Expiration Date, then the ITM Purchased Call Options are intended to
provide a return to the Trust based on the difference between the strike price
of the ITM Purchased Call Options and the price of the Underlying ETF on the
FLEX Option Expiration Date equal to a per Unit dollar amount of proceeds of
$10.000 multiplied by ((the price of the Underlying ETF on the FLEX Option
Expiration Date divided by the Initial Underlying ETF Level) minus 0.00%) on
the FLEX Option Expiration Date. The ITM Purchased Call Options are intended
to provide approximately one-to-one exposure to the Underlying ETF.

Out-Of-The-Money Written Call Options ("OTM Written Call Options"). The OTM
Written Call Options are call options written by the Trust, each with a strike
price greater than the Initial Underlying ETF Level. If the price of the
Underlying ETF is less than or equal to the strike price of the OTM Written

Page 13

Call Options on the FLEX Option Expiration Date, the OTM Written Call Options
will expire without net proceeds being payable by the Trust (i.e., the OTM
Written Call Options will expire worthless). If the price of the Underlying
ETF is greater than the strike price on the FLEX Option Expiration Date, then
the OTM Written Call Options are intended to provide for the Trust to deliver
proceeds to the purchasers of the OTM Written Call Options based on the
increase of the price of the Underlying ETF over the strike price of the OTM
Written Call Options equal to a per Unit dollar amount of proceeds of $10.000
multiplied by ((the price of the Underlying ETF on the FLEX Option Expiration
Date divided by the Initial Underlying ETF Level) minus 112.43%) on the FLEX
Option Expiration Date. The OTM Written Call Options are intended to provide
premiums to the Trust that will offset the cost of the purchased FLEX Options
and are also intended to limit the increase from the FLEX Options to 12.44%
after deduction of the Trust's annual operating expenses.

At-The-Money Purchased Put Options ("ATM Purchased Put Options"). The ATM
Purchased Put Options are put options purchased by the Trust, each with a
strike price equal to the Initial Underlying ETF Level. If the price of the
Underlying ETF is greater than or equal to the strike price of the ATM
Purchased Put Options on the FLEX Option Expiration Date, the ATM Purchased
Put Options will expire without net proceeds being payable to the Trust (i.e.,
the ATM Purchased Put Options will expire worthless). If the price of the
Underlying ETF is less than the strike price on the FLEX Option Expiration
Date, then the ATM Purchased Put Options are intended to provide a return to
the Trust based on the decrease between the Initial Underlying ETF Level and
the price of the Underlying ETF on the FLEX Option Expiration Date equal to a
per Unit dollar amount of proceeds of $10.000 multiplied by (100.00% minus
(the price of the Underlying ETF on the FLEX Option Expiration Date divided by
the Initial Underlying ETF Level)) on the FLEX Option Expiration Date. The ATM
Purchased Put Options are intended to provide a buffer against 100% of
Underlying ETF losses based on the decrease between the Initial Underlying ETF
Level and the price of the Underlying ETF on the FLEX Option Expiration Date.

The Underlying ETF and the Underlying Index.

The SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF") is an exchange-traded
unit investment trust that uses a full replication strategy, meaning it
invests entirely in the securities which comprise the S&P 500(R) Index (the
"Underlying Index").. PDR Services, LLC ("PDR") serves as the Underlying ETF's
sponsor. The investment objective of the Underlying ETF is to seek to provide
investment results that, before expenses, correspond generally to the price
and yield performance of the Underlying ETF. See below for a description of
the Underlying ETF's principal investment strategies and risks. You can find
the Underlying ETF's prospectus and other information about the Underlying
ETF, including the statement of additional information and most recent reports
to shareholders, online at https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY.

The summary information below regarding the Underlying ETF comes from its
filings with the SEC (File No. 33-46080). You are urged to refer to the SEC
filings made by the Underlying ETF and to other publicly available information
(e.g., the Underlying ETF's annual reports) to obtain an understanding of the
Underlying  ETF's business and financial prospects.

The following description of the Underlying ETF's principal investment
strategies was taken directly from the Underlying ETF's prospectus, dated
January 27, 2025 (defined terms have been modified).

"SPY seeks to achieve its investment objective by holding a portfolio of the
common stocks that are included in the Index (the "Portfolio"), with the
weight of each stock in SPY's Portfolio substantially corresponding to the
weight of such stock in the Index.

In SPY's prospectus, the term "Portfolio Securities" refers to the common
stocks that are actually held by SPY and make up SPY's Portfolio, while the
term "Index Securities" refers to the common stocks that are included in the
Index, as determined by the index provider, S&P Dow Jones Indices LLC ("S&P").
At any time, SPY's Portfolio will consist of as many of the Index Securities
as is practicable. To maintain the correspondence between the composition and
weightings of Portfolio Securities and Index Securities, State Street Global
Advisors Trust Company (the "Trustee") or its parent company, State Street
Bank and Trust Company ("SSBT") adjusts SPY's Portfolio from time to time to
conform to periodic changes made by S&P to the identity and/or relative
weightings of Index Securities in the Index. SPY's Trustee or SSBT aggregates
certain of these adjustments and makes changes to SPY's Portfolio at least
monthly, or more frequently in the case of significant changes to the Index.

SPY may pay transaction costs, such as brokerage commissions, when it buys and
sells securities (or "turns over" its Portfolio). Such transaction costs may
be higher if there are significant rebalancings of Index Securities in the

Page 14

Index, which may also result in higher taxes when SPY's units are held in a
taxable account. These costs, which are not reflected in SPY's estimated
annual Trust ordinary operating expenses, affect SPY's performance. During the
most recent fiscal year, SPY's portfolio turnover rate was 3% of the average
value of its portfolio. SPY's portfolio turnover rate does not include
securities received or delivered from processing creations or redemptions of
SPY's units. Portfolio turnover will be a function of changes to the Index as
well as requirements of SPY's trust agreement....

Although SPY may fail to own certain Index Securities at any particular time,
SPY generally will be substantially invested in Index Securities, which should
result in a close correspondence between the performance of the Index and the
performance of SPY....SPY does not hold or trade futures or swaps and is not a
commodity pool....

The Index includes five hundred (500) selected companies, all of which are
listed on national stock exchanges and spans a broad range of major
industries....Since 1968, the Index has been a component of the U.S. Commerce
Department's list of Leading Indicators that track key sectors of the U.S.
economy. Current information regarding the market value of the Index is
available from market information services. The Index is determined, comprised
and calculated without regard to SPY."

As of December 19, 2025 the Underlying ETF had significant investments in
information technology companies.

Standard & Poor's(R), S&P(R) and SPDR(R) are registered trademarks of Standard
& Poor's Financial Services LLC (S&P) and these trademarks have been licensed
for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain
purposes by First Trust Portfolios L.P. The Trust is not sponsored, endorsed,
sold or promoted by SPDR(R) S&P 500(R) ETF Trust, PDR, Standard & Poor's(R) or
their affiliates. SPDR(R) S&P 500(R) ETF Trust, PDR, Standard & Poor's(R) or
their affiliates have not passed on the legality or suitability of, or the
accuracy or adequacy of, descriptions and disclosures relating to the Trust or
the FLEX Options. SPDR(R) S&P 500(R) ETF Trust, PDR, Standard & Poor's(R) or
their affiliates make no representations or warranties, express or implied,
regarding the advisability of investing in the Trust or the FLEX Options or
results to be obtained by the Trust or the FLEX Options, Unit holders or any
other person or entity from use of the Underlying ETF. SPDR(R) S&P 500(R) ETF
Trust, PDR, Standard & Poor's(R) or their affiliates have no liability in
connection with the management, administration, marketing or trading of the
Trust or the FLEX Options.

Shares of the Underlying ETF may be invested in directly without paying the
fees and expenses associated with the Trust. There are a variety of other
investments available that track or reference the Underlying Index.

You should be aware that the expected outcomes stated herein may not be
realized. Of course, as with any similar investment, there can be no guarantee
that the objectives of the Trust will be achieved. See "Risk Factors" for a
discussion of the risks of investing in the Trust.

                             Hypothetical Examples

The examples that follow illustrate various scenarios with respect to the FLEX
Options held by the Trust. The assumptions made in connection with these
examples may not reflect actual events. You should not take any example as an
indication or assurance of the expected performance of the Underlying ETF, the
FLEX Options or the Trust Units.

These examples do not attempt to present any projection of actual Trust
performance. These examples are merely intended to illustrate the operation of
the FLEX Options and the return or loss in certain situations. The
hypothetical returns shown below do not reflect the deduction of the Trust's
sales charges or organization costs. Please note that the examples assume a
capped return of approximately 12.44% (before the applicable sales charges and
organization costs) and a buffer of 100% (before applicable sales charges and
organization costs).

EXAMPLE 1 - FLEX OPTION EXPIRATION DATE CLOSING PRICE OF THE UNDERLYING ETF
INCREASES BY 40%

The following provides an example of how the FLEX Options and cash held by the
Trust would perform should the FLEX Option Expiration Date closing price of
the Underlying ETF increase by 40% over the Initial Underlying ETF Level.
Under this scenario, a $1,000.00 investment in the FLEX Options and cash held
by the Trust would provide a hypothetical return of approximately $1,124.37 on
the Trust's Mandatory Termination Date, consisting of:

- receiving value of approximately $1,399.98 on the ITM Purchased Call Options,

- no value being realized with respect to the ATM Purchased Put Options, as
they would expire worthless,

Page 15

- losing value of approximately $275.71 on the OTM Written Call Options, and

- receiving cash value of $0.10.

In this example, participation in the appreciation of the Underlying ETF is
capped by the Capped Return feature. Therefore, an investment in the FLEX
Options and cash held by the Trust does not benefit from the full appreciation
of the Underlying ETF during the term of the Trust. Because of the Capped
Return feature, return will be less than a direct investment in the Underlying
ETF, which would not be subject to such a Capped Return. In this example,
return on an investment in the FLEX Options and cash held by the Trust is not
affected by the Buffered Protection feature.

In this example, the hypothetical total return on an investment in the FLEX
Options and cash held by the Trust, after the Trust's annual operating
expenses, would be approximately 12.44%. The total return on an investment in
the Trust under this scenario would be less than 12.44% because the price of
Units will include the applicable sales charges and organization costs. The
price at which you will be able to purchase Units will be based on their
valuation at the Evaluation Time on the date you purchase your Units, which
will be higher than $10 per Unit, which will reduce your potential returns.
The hypothetical return above does not reflect the deduction of any sales
charges or organization costs.

EXAMPLE 2 - FLEX OPTION EXPIRATION DATE CLOSING PRICE OF THE UNDERLYING ETF
INCREASES BY 5%

The following provides an example of how the FLEX Options and cash held by the
Trust would perform should the expiration date closing price represent a 5%
increase over the Initial Underlying ETF Level. Under this scenario, a
$1,000.00 investment in the FLEX Options and cash held by the Trust would
provide a hypothetical return of approximately $1,050.08 on the Trust's
Mandatory Termination Date, consisting of:

- receiving value of approximately $1,049.98 on the ITM Purchased Call Options,

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

- receiving cash value of $0.10.

In this example, upside exposure to the Underlying ETF is similar to the price
return (not including returns from dividends) available from a direct
investment in the Underlying ETF. In this example, return on an investment in
the FLEX Options and cash held by the Trust is not affected by the Buffered
Protection feature or the Capped Return feature.

In this example, the hypothetical total return on an investment in the FLEX
Options and cash held by the Trust, after the Trust's annual operating
expenses, would be approximately 5.01%. The total return on an investment in
the Trust under this scenario would be less than 5.01% because the price of
Units will include the applicable sales charges and organization costs. The
price at which you will be able to purchase Units will be based on their
valuation at the Evaluation Time on the date you purchase your Units, which
will be higher than $10 per Unit, which will reduce your potential returns.
The hypothetical return above does not reflect the deduction of any sales
charges or organization costs.

EXAMPLE 3 - FLEX OPTION EXPIRATION DATE CLOSING PRICE OF THE UNDERLYING ETF
DECREASES BY 20%

The following provides an example of how the FLEX Options and cash held by the
Trust would perform should the expiration date closing price represent a 20%
decrease from the Initial Underlying ETF Level. Under this scenario, a
$1,000.00 investment in the FLEX Options and cash held by the Trust would
provide a hypothetical return of approximately $1,000.08 on the Trust's
Mandatory Termination Date, consisting of:

- receiving value of approximately $799.98 on the ITM Purchased Call Options,

- receiving value of approximately $200.00 on the ATM Purchased Put Options,

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

- receiving cash value of $0.10.

In this example there are benefits from the Buffered Protection feature
provided where the price of the Underlying ETF on the FLEX Option Expiration
Date represents a decrease from the Initial Underlying ETF Level. Because of
the Buffered Protection feature, the Unit holder's return would be better than
the price return (not including returns from dividends) from a direct
investment in the Underlying ETF. In this example, return on an investment in
the FLEX Options and cash held by the Trust is not affected by the Capped
Return feature.

In this example, the hypothetical total return on an investment in the FLEX
Options and cash held by the Trust, after the Trust's annual operating
expenses, would be approximately 0.01%. The total return on an investment in
the Trust under this scenario would be less than 0.01% because the price of
Units will include the applicable sales charges and organization costs. The

Page 16

price at which you will be able to purchase Units will be based on their
valuation at the Evaluation Time on the date you purchase your Units, which
will be higher than $10 per Unit, which will reduce your potential returns.
The hypothetical return above does not reflect the deduction of any sales
charges or organization costs.

EXAMPLE 4 - FLEX OPTION EXPIRATION DATE CLOSING PRICE OF THE UNDERLYING ETF
DECREASES BY 100%

The following provides an example of how the FLEX Options and cash held by the
Trust would perform should the expiration date closing price represent a 100%
decrease from the Initial Underlying ETF Level. Under this scenario, a
$1,000.00 investment in the FLEX Options and cash held by the Trust would
provide a hypothetical return of approximately $1,000.10 on the Trust's
Mandatory Termination Date, consisting of:

- receiving value of approximately $1,000.00 on the ATM Purchased Put Options,

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

- receiving cash value of $0.10.

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

In this example, the hypothetical total return on an investment in the FLEX
Options and cash held by the Trust, after the Trust's annual operating
expenses, would be approximately 0.01%. The total return on an investment in
the Trust under this scenario would be less than 0.01% because the price of
Units will include the applicable sales charges and organization costs. The
price at which you will be able to purchase Units will be based on their
valuation at the Evaluation Time on the date you purchase your Units, which
will be higher than $10 per Unit, which will reduce your potential returns.
The hypothetical return above does not reflect the deduction of any sales
charges or organization costs.

THE RETURN ON UNITS REDEEMED PRIOR TO THE TERMINATION OF THE TRUST WILL LIKELY
BE LESS THAN THE ORIGINAL PUBLIC OFFERING PRICE AND THE RETURN THAT A UNIT
HOLDER COULD EXPECT IF UNITS WERE HELD UNTIL THE TRUST'S TERMINATION. IN
ADDITION, DURING THE LIFE OF THE TRUST, THE UNIT VALUE WILL NOT MOVE
PROPORTIONALLY WITH CHANGES IN THE VALUE OF THE UNDERLYING ETF. ANY REDEMPTION
OF UNITS PRIOR TO THE TRUST'S TERMINATION COULD RESULT IN A SUBSTANTIAL LOSS.

Page 17

           TABLE OF HYPOTHETICAL SCENARIOS OF REDEMPTION AT MATURITY
                    Hypothetical Final
                    Distribution on         Hypothetical Percentage   Hypothetical Percentage    Hypothetical Percentage
                    Trust Mandatory         Gain or Loss to           Gain or Loss to            Gain or Loss to
 Hypothetical       Dissolution Date        Unit Holders Based on     Unit Holders in a          Unit Holders in a
 SPY Return         per Unit*               Net Asset Value*          Brokerage Account*         "Wrap Fee" Account*
________________________________________________________________________________________________________________________
     100.00%             $11.24                   12.44%                   8.95%                       11.46%
      90.00%             $11.24                   12.44%                   8.95%                       11.46%
      80.00%             $11.24                   12.44%                   8.95%                       11.46%
      70.00%             $11.24                   12.44%                   8.95%                       11.46%
      60.00%             $11.24                   12.44%                   8.95%                       11.46%
      50.00%             $11.24                   12.44%                   8.95%                       11.46%
      40.00%             $11.24                   12.44%                   8.95%                       11.46%
      30.00%             $11.24                   12.44%                   8.95%                       11.46%
      20.00%             $11.24                   12.44%                   8.95%                       11.46%
      15.00%             $11.24                   12.44%                   8.95%                       11.46%
      12.43%             $11.24                   12.44%                   8.95%                       11.46%
      10.00%             $11.00                   10.01%                   6.59%                        9.05%
       5.00%             $10.50                    5.01%                   1.75%                        4.10%
       0.00%             $10.00                    0.01%                  -3.10%                       -0.86%
      -5.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -10.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -15.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -20.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -30.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -40.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -50.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -60.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -70.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -80.00%             $10.00                    0.01%                  -3.10%                       -0.86%
     -95.00%             $10.00                    0.01%                  -3.10%                       -0.86%
    -100.00%             $10.00                    0.01%                  -3.10%                       -0.86%

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

THESE EXAMPLES DO NOT SHOW THE PAST PERFORMANCE OF THE UNDERLYING ETF OR ANY
INVESTMENT. THESE EXAMPLES ARE FOR ILLUSTRATIVE PURPOSES ONLY AND ARE NOT
INTENDED TO BE INDICATIVE OF FUTURE RESULTS OF THE UNDERLYING ETF, THE FLEX
OPTIONS OR THE TRUST'S UNITS. YOU MAY REALIZE A RETURN THAT IS LOWER THAN THE
INTENDED RETURNS DESCRIBED ABOVE AS A RESULT OF UNITS BEING REDEEMED PRIOR TO
THE TRUST'S MANDATORY TERMINATION DATE, PURCHASING UNITS AT A PRICE OTHER THAN
THE INITIAL NET ASSET VALUE OF THE UNITS ON THE INITIAL DATE OF DEPOSIT, IN
THE EVENT THAT THE FLEX OPTIONS ARE OTHERWISE LIQUIDATED BY THE TRUST PRIOR TO
EXPIRATION, IF THERE IS A LACK OF LIQUIDITY FOR THE FLEX OPTIONS DURING THE
LIFE OF THE TRUST OR ON THE FLEX OPTION EXPIRATION DATE, IF THE TRUST IS
UNABLE TO MAINTAIN THE PROPORTIONAL RELATIONSHIP OF THE FLEX OPTIONS BASED ON
THE NUMBER OF FLEX OPTION CONTRACTS IN THE TRUST'S PORTFOLIO, IF A CORPORATE
ACTION (DEFINED ABOVE) OCCURS WITH RESPECT TO THE UNDERLYING ETF, OR AS A
RESULT OF INCREASES IN POTENTIAL TAX-RELATED EXPENSES AND OTHER EXPENSES OF
THE TRUST ABOVE ESTIMATED LEVELS.

Page 18

                                  Risk Factors

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

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

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

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

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

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

Information Technology. A significant percentage of the stocks held by the
Underlying ETF are issued by information technology companies. Technology
companies are generally subject to the risks of rapidly changing technologies;
short product life cycles; fierce competition; aggressive pricing; frequent
introduction of new or enhanced products; the loss of patent, copyright and
trademark protections; cyclical market patterns; evolving industry standards;
and frequent new product introductions. Technology companies may be smaller
and less experienced companies, with limited product lines, markets or
financial resources. Technology company stocks have experienced extreme price

Page 19

and volume fluctuations that are often unrelated to their operating
performance. Also, the stocks of many Internet companies have exceptionally
high price-to-earnings ratios with little or no earnings histories.

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

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

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

Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value as market confidence in and
perceptions of their issuers change. These investor perceptions are based on
various and 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 and banking crises.

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

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

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

Buffered Loss Risk. There can be no guarantee that the Trust will be
successful in its strategy to buffer against Underlying ETF losses if the
Underlying ETF decreases over the Outcome Period by 100% or less. A Unit
holder may lose their entire investment. The Trust's strategy seeks to deliver
returns that match the price return of the Underlying ETF (up to the cap),
while covering 100% of downside losses, if Units are bought on the day on
which the Trust enters into the FLEX Options and held until those FLEX Options
expire at the end of the Outcome Period. In the event an investor sells or
redeems Units prior to the expiration of the FLEX Options, the buffer that the
Trust seeks to provide may not be available.

Dilution Risk. You may experience a dilution of your investment when the Trust
sells Securities to meet redemption requests as Securities are typically sold
after the redemption request is received. Because the Trust pays the brokerage
fees associated with the sale of Securities to meet redemption and exchange
requests, frequent redemption and exchange activity will likely result in
higher brokerage expenses. To the extent there is a dilution to your
investment it is highly likely that you will not receive the hypothetical
returns set forth in this prospectus.

Outcome Period Risk. The Trust's investment strategy is designed to deliver
returns that match those of the Underlying ETF if Units are bought on the day

Page 20

on which the Trust enters into the FLEX Options (i.e., the first day of the
Outcome Period) and held until those FLEX Options expire at the end of the
Outcome Period, subject to the predetermined upside return cap. In the event
an investor purchases Units after the first day of the Outcome Period or sells
or redeems Units prior to the end of the Outcome Period, the value of that
investor's investment in their Units may not be buffered against a decline in
the value of the Underlying ETF and may not participate in a gain in the value
of the Underlying ETF up to the cap for the investor's investment period.

FLEX Options Risk. Trading FLEX Options involves risks different from, or
possibly greater than, the risks associated with investing directly in
securities. The Trust may experience substantial downside from specific FLEX
Option positions and certain FLEX Option positions may expire worthless. The
FLEX Options are listed on an exchange; however, no one can guarantee that a
liquid secondary trading market will exist for the FLEX Options. In the event
that trading in the FLEX Options is limited or absent, the value of the
Trust's FLEX Options may decrease. In a less liquid market for the FLEX
Options, liquidating the FLEX Options may require the payment of a premium
(for written FLEX Options) or acceptance of a discounted price (for purchased
FLEX Options) and may take longer to complete. A less liquid trading market
may adversely impact the value of the FLEX Options and Trust Units and result
in the Trust being unable to achieve its investment objective. Less liquidity
in the trading of the Trust's FLEX Options could have an impact on the prices
paid or received by the Trust for the FLEX Options in connection with
redemptions of the Trust's Units. Depending on the nature of this impact to
pricing, the Trust may be forced to pay more or may receive less when
unwinding Securities to meet redemptions than the price at which it currently
values the FLEX Options. Such overpayment could reduce the Trust's ability to
maintain the cap and buffer. Additionally, in a less liquid market for the
FLEX Options, the liquidation of a large number of options may more
significantly impact the price. A less liquid trading market may adversely
impact the value of the FLEX Options and the value of your investment. The
trading in FLEX Options may be less deep and liquid than the market for
certain other exchange-traded options, non-customized options or other
securities.

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

FLEX Options Valuation Risk. The FLEX Options held by the Trust will be
exercisable at the strike price only on their expiration date. Prior to the
expiration date, the value of the FLEX Options will be determined based upon
market quotations or using other recognized pricing methods. The value of the
FLEX Options does not increase or decrease at the same rate as the Underlying
ETF (although they generally move in the same direction) or its underlying
securities and FLEX Option prices may be highly volatile and may fluctuate
substantially during a short period of time. The value of the FLEX Options
prior to the expiration date may vary because of factors other than the value
of the Underlying ETF, such as interest rate changes, changing supply and
demand, decreased liquidity of the FLEX Options, a change in the actual and
perceived volatility of the stock market and the Underlying ETF and the
remaining time to expiration. An increase in the value of the written FLEX
Options reduces the value of your Units. As the value of the written FLEX
Options increases, the written FLEX Options have a more negative impact on the
value of your Units. You should note that even if the value of the Underlying
ETF does not change, if the value of a written FLEX Option increases (for
example, based on increased volatility of the Underlying Index) your Units
will lose value. After the premium is received on the written FLEX Options,
the written FLEX Options will reduce the value of your Units.

During periods of reduced market liquidity or in the absence of readily
available market quotations for the holdings of the Trust, the ability of the
Sponsor to value the FLEX Options based on their good faith determination of
the fair value becomes more difficult and the judgment of the Sponsor may play
a greater role in the valuation of the Trust's holdings due to reduced
availability of reliable objective pricing data. Consequently, while such
determinations may be made in good faith, it may nevertheless be more
difficult for the Trust to accurately assign a daily value and could result in
greater fluctuation in their valuations from one day to the next than if
market quotations were used. Under those circumstances, the value of the FLEX

Page 21

Options will require more reliance on the Sponsor's judgment than that
required for securities for which there is an active trading market. This
creates a risk of mispricing or improper valuation of the FLEX Options which
could impact the value of the Trust's Units. There is no assurance that the
Trust could sell or close out a portfolio position for the value established
for it at any time, and it is possible that the Trust would incur a loss
because a portfolio position is sold or closed out at a discount to the
valuation established by the Trust at that time. In addition, the Trust's
ability to value investments may be impacted by technological issues or errors
by pricing services or other third-party service providers.

Investment in the Underlying ETF Risk. Because the Trust holds FLEX Options
that reference a fund, Unit holders are subject to the risk that the
securities selected by the fund's investment advisor will underperform the
markets, the relevant indices or the securities selected by other funds.
Further, the fund may in the future invest in other types of securities which
involve risk which may differ from those set forth below. The fund referenced
by the FLEX Options held by the Trust may invest a relatively high percentage
of its assets in a limited number of issuers. As a result, 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 concentrated in certain issuers.

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

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

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

- Passive Investment Risk. The Underlying ETF is a passively-managed index
fund that seeks to replicate the performance and composition of the Underlying
Index. As a result, the Underlying ETF will hold constituent securities of the
Underlying Index regardless of the current or projected performance on a
specific security or particular industry or market sector. Maintaining
investments in the securities regardless of market conditions of the
performance of individual securities could cause the Underlying ETF's returns
to be lower than if it employed an active strategy.

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

Tax Risk. The Trust intends to treat any income it may derive from the FLEX
Options as "qualifying income" under the provisions of the Code applicable to

Page 22

regulated investment companies ("RICs"). In addition, based upon language in
the legislative history, the Trust intends to treat the issuer of the FLEX
Options as the referenced asset, which, assuming the referenced asset
qualifies as a RIC, would allow the Trust to qualify for special rules in the
RIC diversification requirements. If the income is not qualifying income or
the issuer of the FLEX Options is not appropriately the referenced asset, the
Trust could lose its own status as a RIC.

Regulated Investment Company Qualification Risk. To maintain its status as a
RIC, the Trust must distribute at least 90% of its investment company taxable
income and at least 90% of its net tax-exempt interest income annually. In
addition, to avoid a non-deductible excise tax, the Trust must distribute at
least 98% of its ordinary income and at least 98.2% of its capital gain net
income. The Trust has entered into option agreements with the same
counterparty and taken the position that the option agreements are separate
agreements. Under general tax principles, a regulated investment company would
not accrue income on separate option agreements during the term of the
agreements. However, if the agreements are treated as one agreement, the Trust
might be required to accrue income currently during the term and make annual
distributions of income. If the Trust is required to accrue income but does
not distribute the income to the investors, the Trust may fail to qualify as a
regulated investment company. In addition, if the agreements are treated as
one agreement, the Trust may fail either or both of the RIC income and
diversification tests. Separately, depending upon the circumstances, sales to
fund redemptions could cause the Trust to recognize income that the Trust is
required to distribute to maintain the Trust's RIC status and avoid the excise
tax. Funding such distributions could require additional sales, which could
require more distributions and affect the projected performance of the Trust.
Alternatively, if the Trust only makes distributions to maintain its RIC
status and becomes subject to the excise tax, that could also affect the
projected performance of the Trust. In either case, the assets sold to fund
redemptions, distributions or pay the excise tax will not be available to
assist the Trust in meeting its target outcome. If the Trust fails to qualify
as a regulated investment company, it will be subject to tax as a C corporation.

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

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

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

Market Risk. Market risk is the risk that a particular security, or Units of
the Trust in general, may fall in value or underperform other investments.
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. The Federal Reserve has begun
to lower interest rates and may continue to do so in the future. 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 declining valuations and elevated vacancies, could have a broader
impact on financial markets. In addition, local, regional or global events
such as war, acts of terrorism, natural disasters, spread of infectious
diseases or other public health issues, recessions, political turbulence or
other events could have a significant negative impact on the Trust and its
investments. The ongoing adversarial political climate in the United States,
as well as political and diplomatic events both domestic and abroad, have had
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
Trust'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

Page 23

landscape, which could affect, among other things, inflation and the
securities markets generally. 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 could have a significant impact on certain Trust investments as
well as Trust performance. 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. A public health crisis, and the ensuing policies enacted by
governments and central banks in response, could cause significant volatility
and uncertainty in global financial markets, negatively impacting global
growth prospects. 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 Trust. For instance, the economy may be significantly impacted by the
advanced development and increased regulation of artificial intelligence.
Additionally, cybersecurity breaches of both government and non-government
entities could have negative impacts on infrastructure and the ability of such
entities, including the Trust, to operate properly. Such events could
adversely affect the prices and liquidity of the Trust's portfolio securities
and could result in disruptions in the trading markets. Any such circumstances
could have a materially negative impact on the value of the Trust's Units and
result in increased market volatility.

Absence of an Active Market in the Underlying ETF Risk. The Underlying ETF
faces numerous market trading risks, including the potential lack of an active
market for Underlying ETF shares due to a limited number of market markers or
authorized participants. The Underlying ETF may rely on a small number of
third-party market makers to provide a market for the purchase and sale of
shares and market makers are under no obligation to make a market in the
Underlying ETF's shares. Additionally, only a limited number of institutions
act as authorized participants for the Underlying ETF and only an authorized
participant may engage in creation or redemption transactions directly with
the Underlying ETF and are not obligated to submit purchase or redemption
orders for creation units. Decisions by market makers or authorized
participants to reduce their role or step away from these activities in times
of market stress could inhibit the effectiveness of the arbitrage process in
maintaining the relationship between the underlying values of the Underlying
ETF's portfolio securities and the Underlying ETF's market price. Any trading
halt or other problem relating to the trading activity of these market makers
or any issues disrupting the authorized participants' ability to proceed with
creation and/or redemption orders could result in a dramatic change in the
spread between the Underlying ETF's net asset value and the price at which the
Underlying ETF's shares are trading on the Exchange, which could result in a
decrease in value of the Underlying ETF's shares. This reduced effectiveness
could result in the Underlying ETF's shares trading at a premium or discount
to net asset value and also in greater than normal intraday bid-ask spreads
for Underlying ETF's shares.

Fluctuation of Net Asset Value of the Underlying ETF Risk. The net asset value
of shares of the Underlying ETF will generally fluctuate with changes in the
market value of the Underlying ETF's holdings. The market prices of shares
will generally fluctuate in accordance with changes in net asset value as well
as the relative supply of and demand for shares on the exchange on which they
trade. The bid/ask spread may also widen depending on market conditions and
the liquidity of the underlying investments held by the Underlying ETF. The
Trust cannot predict whether shares will trade below, at or above their net
asset value because the shares trade on an exchange at market prices and not
at net asset value. 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 to, but not identical to, the same forces
influencing the prices of the holdings of the Underlying ETF trading
individually or in the aggregate at any point in time.

Underlying ETF Trading Issues Risk. Although the shares of the Underlying ETF
are listed for trading on a securities exchange, there can be no assurance
that an active trading market for such shares will develop or be maintained.
Trading in shares on such exchanges may be halted due to market conditions or
for reasons that, in the view of an exchange, make trading in shares
inadvisable. In addition, trading in shares on an exchange is subject to
trading halts caused by extraordinary market volatility pursuant to the
exchange's "circuit breaker" rules. Market makers are under no obligation to
make a market in the Underlying ETF shares. There can be no assurance that the
requirements of the exchange necessary to maintain the listing of the
Underlying ETF will continue to be met or will remain unchanged. In
particular, if the Underlying ETF does not comply with any provision of the
listing standards of an exchange that are applicable to the Underlying ETF,

Page 24

and cannot bring itself into compliance within a reasonable period after
discovering the matter, the exchange may remove the shares of the Underlying
ETF from listing. The Underlying ETF may have difficulty maintaining its
listing on an exchange in the event that the Underlying ETF's assets are small
or the Underlying ETF does not have enough shareholders.

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the Trust has become more susceptible to
potential operational, information security and related risks through breaches
in cybersecurity. A breach in cybersecurity refers to both intentional and
unintentional events that may cause the Trust to lose proprietary information,
suffer data corruption or lose operational capacity, any of which could result
in a material adverse effect on the Trust or its Unit holders. Such events
could cause the Sponsor of the Trust to incur regulatory penalties,
reputational damage, additional compliance costs associated with corrective
measures and/or financial loss. Cybersecurity breaches may involve
unauthorized access to digital information systems utilized by the Trust
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. Emerging threats like
ransomware or zero-day exploits could also cause disruptions to Trust
operations. In addition, cybersecurity breaches of the Trust's third-party
service providers, or issuers in which the Trust invests, can also subject the
Trust to many of the same risks associated with direct cybersecurity breaches.
Further, errors, misconduct, or compromise of accounts of employees of the
Sponsor, Portfolio Supervisor or the Trust's third-party service providers can
also create material cybersecurity risks. The Sponsor of, and third-party
service provider to, the Trust have established risk management systems
designed to reduce the risks associated with cybersecurity. However, there is
no guarantee that such efforts will succeed, especially because the Trust does
not directly control the cybersecurity systems of issuers or third-party
service providers. Cybersecurity incidents may also trigger Trust obligations
under data privacy laws, potentially increasing notification and compliance
burdens. Cybersecurity incidents affecting issuers in whose securities the
Trust invests may also have a negative impact on the value of the securities
of such issuers, and in turn, the value of the Trust.

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

Legislation/Litigation Risk. From time to time, various legislative
initiatives are proposed in the United States and abroad which may have a
negative impact on certain of the Trust's investments. For example, recently
adopted tax legislation, tax regulations proposed by the U.S. Treasury or
positions taken by the Internal Revenue Service could affect the value of the
Trust by changing the taxation or tax characterizations of the Trust's
investments, or dividends and other income paid by or related to such
Securities. Litigation regarding any of the issuers of the Securities, or the
industries represented by these issuers, may negatively impact the value of
these Securities. We cannot predict what impact any pending or proposed
legislation or pending or threatened litigation will have on the value of the
Trust's investments.

                               Who Should Invest

You should consider an investment in the Trust if you want:

- the potential for capital appreciation on the Underlying ETF subject to a
cap and with downside "buffered" protection.

- to forgo gains greater than the Capped Return.

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

You should not consider an investment in the Trust if you:

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

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

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

- are uncomfortable foregoing gains greater than the Capped Return.

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

Page 25

- are uncomfortable with not receiving any income or periodic distributions.

- cannot hold the Units until the Mandatory Termination Date.

- are considering purchasing Units at or near the Capped Return.

                                Public Offering

The Public Offering Price.

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

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

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

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

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

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

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

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

Minimum Purchase.

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

Maximum Sales Charge.

The maximum sales charge of 2.75% per Unit is comprised of a transactional
sales charge and a creation and development fee. After the initial offering
period the maximum sales charge will be reduced by 0.49%, to reflect the
amount of the previously charged creation and development fee.

Transactional Sales Charge.

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

Initial Sales Charge. The initial sales charge, which you will pay at the time
of purchase, is equal to the difference between the maximum sales charge of
2.75% of the Public Offering Price and the remaining creation and development
fee (initially $.050 per Unit). On the Initial Date of Deposit, the initial
sales charge is equal to approximately 2.26% of the Public Offering Price of a
Unit. Thereafter, it will vary from 2.26% depending on the purchase price of
your Units and as the creation and development fee payments are made. When the
Public Offering Price per Unit exceeds $10.321, the initial sales charge will
exceed 2.26% of the Public Offering Price.

Creation and Development Fee.

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

Discounts for Certain Persons.

The maximum sales charge is 2.75% per Unit and the maximum dealer concession
is 2.00% per Unit.

Page 26

If you are purchasing Units for an investment account, the terms of which
provide that your registered investment advisor or registered broker/dealer
(a) charges periodic fees in lieu of commissions; (b) charges for financial
planning, investment advisory or asset management services; or (c) charges a
comprehensive "wrap fee" or similar fee for these or comparable services ("Fee
Accounts"), you will not be assessed the transactional sales charge described
above on such purchases. These Units will be designated as Fee Account Units
and assigned a Fee Account CUSIP Number. Certain Fee Account Unit holders may
be assessed transaction or other account fees on the purchase and/or
redemption of such Units by their registered investment advisor, broker/dealer
or other processing organizations for providing certain transaction or account
activities. Fee Account Units are not available for purchase in the secondary
market. We reserve the right to limit or deny purchases of Units not subject
to the transactional sales charge by investors whose frequent trading activity
we determine to be detrimental to the Trust.

Employees, officers and directors (and immediate family members) of the
Sponsor, our related companies, and dealers and their affiliates will purchase
Units at the Public Offering Price less the applicable dealer concession,
subject to the policies of the related selling firm. Immediate family members
include spouses, or the equivalent if recognized under local law, children or
step-children under the age of 21 living in the same household, parents or
step-parents and trustees, custodians or fiduciaries for the benefit of such
persons. Only employees, officers and directors of companies that allow their
employees to participate in this employee discount program are eligible for
the discounts.

The Value of the Securities.

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

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

                             Distribution of Units

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

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

Dealer Concessions.

Dealers and other selling agents can purchase Units at prices which reflect a
concession or agency commission of 2.00% of the Public Offering Price per
Unit, subject to reductions set forth in "Public Offering-Discounts for
Certain Persons."

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

Page 27

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

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

Other Compensation and Benefits to Broker/Dealers.

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

Advertising and Investment Comparisons.

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

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

Page 28

the Trust's future performance. We may also, from time to time, use
advertising which classifies trusts or portfolio securities according to
capitalization and/or investment style.

                             The Sponsor's Profits

We will receive a gross sales commission equal to the maximum transactional
sales charge per Unit less any reduction as stated in "Public Offering." We
will also receive the amount of any collected creation and development fee.
Also, any difference between our cost to purchase the Securities and the price
at which we sell them to the Trust is considered a profit or loss (see Note 4
of "Schedule of Investments"). During the initial offering period, dealers and
others may also realize profits or sustain losses as a result of fluctuations
in the Public Offering Price they receive when they sell the Units.

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

                              The Secondary Market

Although not obligated, we may maintain a market for the Units after the
initial offering period and continuously offer to purchase Units at prices
based on the Redemption Price per Unit.

We will pay all expenses to maintain a secondary market, except fees to value
Trust Securities and Trustee costs to transfer and record the ownership of
Units. We may discontinue purchases of Units at any time. IF YOU WISH TO
DISPOSE OF YOUR UNITS, YOU SHOULD ASK US FOR THE CURRENT MARKET PRICES BEFORE
MAKING A TENDER FOR REDEMPTION TO THE TRUSTEE.

                             How We Purchase Units

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

                              Expenses and Charges

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

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

The fees payable to the Sponsor, First Trust Advisors L.P. and the Trustee are
based on the largest aggregate number of Units of the Trust outstanding at any
time during the calendar year, except during the initial offering period, in
which case these fees are calculated based on the largest number of Units
outstanding during the period for which compensation is paid. These fees may
be adjusted for inflation without Unit holders' approval, but in no case will
the annual fees paid to us or our affiliates for providing services to all
unit investment trusts be more than the actual cost of providing such services
in such year.

As Sponsor, we will receive a fee from the Trust for creating and developing
the Trust, including determining the Trust's objectives, policies, composition
and size, selecting service providers and information services and for
providing other similar administrative and ministerial functions. The
"creation and development fee" is a charge of $.050 per Unit outstanding at

Page 29

the end of the initial offering period. The Trustee will deduct this amount
from the Trust's assets as of the close of the initial offering period. We do
not use this fee to pay distribution expenses or as compensation for sales
efforts. This fee will not be deducted from your proceeds if you sell or
redeem your Units before the end of the initial offering period.

The Master Trust and the Trust are solely responsible for all of their
respective expenses, taxes, interest and penalties on taxes, claims,
judgments, and other liabilities, all of which will be paid from the assets of
the Master Trust or the Trust. None of the Trustee, Depositor or Portfolio
Supervisor are liable for the expenses or liabilities of the Master Trust or
the Trust.  In addition to the Trust's operating expenses and those fees
described above, the Trust may also incur the following charges:

- All legal expenses incurred by the Trust or the Sponsor, Trustee or
Portfolio Supervisor according to their respective responsibilities under the
Indenture, or by other service providers according to their contracts with the
Trust;

- The expenses and costs incurred by the Sponsor, Trustee or Portfolio
Supervisor to protect the Trust and your rights and interests (i.e.,
participating in litigation concerning a portfolio security), and the costs of
indemnifying the Trustee against such expense or liability;

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

- Payment for any loss, liability or expense the Trustee incurred without
negligence, bad faith or willful misconduct on its part, in connection with
its acceptance or administration of the Trust;

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

- Payment for any loss, liability or expenses the Portfolio Supervisor incurred
without gross negligence, bad faith or willful misconduct in acting as
Portfolio Supervisor of the Trust;

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

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

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

                                   Tax Status

RICs holding Cash and FLEX Options on SPDR(R) S&P 500(R) ETF.

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

Regulated Investment Company Qualification Risk. To maintain its status as a
RIC, the Trust must distribute at least 90% of its investment company taxable
income and at least 90% of its net tax-exempt interest income annually. In
addition, to avoid a non-deductible excise tax, the Trust must distribute at
least 98% of its ordinary income and at least 98.2% of its capital gain net
income. The Trust has entered into option agreements with the same
counterparty and taken the position that the option agreements are separate
agreements. Under general tax principles, a regulated investment company would
not accrue income on separate option agreements during the term of the
agreements. However, if the agreements are treated as one agreement, the Trust
might be required to accrue income currently during the term and make annual
distributions of income. If the Trust is required to accrue income but does
not distribute the income to the investors, the Trust may fail to qualify as a
regulated investment company. In addition, if the agreements are treated as
one agreement, the Trust may fail either or both of the RIC income and
diversification tests. Separately, depending upon the circumstances, sales to
fund redemptions could cause the Trust to recognize income that the Trust is
required to distribute to maintain the Trust's RIC status and avoid the excise
tax. Funding such distributions could require additional sales, which could
require more distributions and affect the projected performance of the Trust.
Alternatively, if the Trust only makes distributions to maintain its RIC
status and becomes subject to the excise tax, that could also affect the
projected performance of the Trust. In either case, the assets sold to fund
redemptions, distributions or pay the excise tax will not be available to
assist the Trust in meeting its target outcome. If the Trust fails to qualify

Page 30

as a regulated investment company, it will be subject to tax as a C
corporation.

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

Federal Tax Matters.

This section discusses some of the main U.S. federal income tax consequences
of owning Units of the Trust as of the date of this prospectus. Tax laws and
interpretations change frequently, and this summary does not describe all of
the tax consequences to all taxpayers. For example, this summary generally
does not describe your situation if you are a broker/dealer or other investor
with special circumstances. In addition, this section may 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 Sponsor. The Internal Revenue Service ("IRS") could disagree with any
conclusions set forth in this section. In addition, our counsel may not have
been asked to review, and may not have reached a conclusion with respect to,
the federal income tax treatment of the assets to be deposited in the Trust.
This summary 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.

Trust Status.

Unit investment trusts maintain both Income and Capital Accounts, regardless
of tax structure. Please refer to the "Income and Capital Distributions"
section of the prospectus for more information.

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

Distributions from the Trust.

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

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

Treatment of the FLEX Options.

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

Page 31

The tax consequences of straddle transactions to the Trust are not entirely
clear in all situations under currently available authority. The straddle
rules may increase the amount of short-term capital gain realized by the
Trust, which is taxed as ordinary income when distributed to U.S. shareholders
in a non-liquidating distribution. Because application of the straddle rules
may affect the character of gains or losses, defer losses and/or accelerate
the recognition of gains or losses from the affected straddle positions, if
the Trust makes a non-liquidating distribution of its short-term capital gain,
the amount which must be distributed to U.S. shareholders as ordinary income
may be increased or decreased substantially as compared to a trust that did
not engage in such transactions.

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

Sale of Units.

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

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

Treatment of Trust Expenses.

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

Non-U.S. Investors.

If you are a non-U.S. investor, distributions from the Trust treated as
dividends will generally be subject to a U.S. withholding tax of 30% of the
distribution. Certain dividends, such as capital gains dividends, short-term
capital gains dividends, and distributions that are attributable to certain
interest income may not be subject to U.S. withholding taxes. In addition,
some non-U.S. investors may be eligible for a reduction or elimination of U.S.
withholding taxes under a treaty. However, the qualification for those
exclusions may not be known at the time of the distribution and some excluded
income may be taken into consideration for alternative minimum tax purposes.

Separately, the United States, pursuant to the Foreign Account Tax Compliance
Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S.
source interest or dividends if the non-U.S. entity does not comply with
certain U.S. disclosure and reporting requirements. This FATCA tax also
currently applies 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.

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

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

                                Retirement Plans

You may purchase Units of the Trust for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

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

Page 32

                             Rights of Unit Holders

Unit Ownership.

Ownership of Units will not be evidenced by certificates. If you purchase or
hold Units through a broker/dealer or bank, your ownership of Units will be
recorded in book-entry form at the Depository Trust Company ("DTC") and
credited on its records to your broker/dealer's or bank's DTC account.
Transfer of Units will be accomplished by book entries made by DTC and its
participants if the Units are registered to DTC or its nominee, Cede & Co. DTC
will forward all notices and credit all payments received in respect of the
Units held by the DTC participants. You will receive written confirmation of
your purchases and sales of Units from the broker/dealer or bank through which
you made the transaction. You may transfer your Units by contacting the
broker/dealer or bank through which you hold your Units.

Unit Holder Reports.

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

- A summary of transactions in the Trust for the year;

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

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

- Amounts of income and capital distributed during the year.

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

                                 Distributions

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

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

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

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

The Trustee may establish reserves (the "Reserve Account") within the Trust to
cover anticipated state and local taxes or any governmental charges to be paid
out of that Trust, as directed by the Sponsor.

                              Redeeming Your Units

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

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

Page 33

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

If permitted, broker/dealers that tender for redemption at least 13,720 Units
(and in increments of 6,860 Units above such amount), or such other number of
Units as determined by the Sponsor which will result in a pro rata
distribution of whole shares of Securities, rather than receiving cash, may
elect to receive an In-Kind Distribution in an amount equal to the Redemption
Price per Unit by making this request to the Trustee at the time of tender. No
In-Kind Distribution requests submitted during the 10 business days prior to
the Trust's Mandatory Termination Date will be honored. Where possible, the
Trustee will make an In-Kind Distribution by distributing each of the
Securities in book-entry form to the broker/dealer's account at DTC or OCC.
The Trustee will subtract any customary transfer and registration charges from
an In-Kind Distribution. As a tendering Unit holder, the broker/dealer will
receive its pro rata number of whole shares of Securities that make up the
portfolio, and cash from the Capital Account to which it is entitled.

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

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

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

- If the SEC determines that trading on the NYSE is restricted or that an
emergency exists making sale or evaluation of the Securities not reasonably
practical; or

- For any other period permitted by SEC order.

Neither the Trust nor the Trustee is liable to any person for any loss or
damage which may result from such a suspension or postponement.

The Redemption Price.

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

adding

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

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

deducting

1. the aggregate value of the written FLEX Options;

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

3. any amounts owed to the Trustee for its advances;

4. estimated accrued expenses of the Trust, if any;

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

6. liquidation costs for foreign Securities, if any; and

7. other liabilities incurred by the Trust; and

dividing

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

Until they are collected, the Redemption Price per Unit will include estimated
organization costs as set forth under "Fee Table."

                       Removing Securities from the Trust

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

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

- Any action or proceeding prevents the payment of dividends;

- There is any legal question or impediment affecting the Security;

- The issuer of the Security has breached a covenant which would affect the
payment of dividends, the issuer's credit standing, or otherwise damage the
sound investment character of the Security;

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

Page 34

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

- The sale of Securities is necessary or advisable (i) in order to maintain
the qualification of the Trust as a "regulated investment company" or (ii) to
provide funds to make any distribution for a taxable year in order to avoid
imposition of any income or excise taxes on undistributed income in the Trust;

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

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

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

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

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

                     Amending or Terminating the Indenture

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

- To cure ambiguities;

- To correct or supplement any defective or inconsistent provision;

- To make any amendment required by any governmental agency; or

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

Termination. As provided by the Indenture, the Trust will terminate on the
Trust's Mandatory Termination Date as stated in the "Summary of Essential
Information." The Trust may be terminated earlier:

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

- If the value of the Securities owned by the Trust as shown by any evaluation
is less than the lower of $2,000,000 or 20% of the total value of Securities
deposited in the Trust during the initial offering period ("Discretionary
Liquidation Amount"); or

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

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

Unless terminated earlier, the Trustee may begin to sell Securities in
connection with the termination of the Trust as early as nine business days
prior to, but will sell Securities no later than, the Trust's Mandatory
Termination Date. We will determine the manner and timing of the sale of
Securities. Because the Trustee must sell the Securities within a relatively

Page 35

short period of time, the sale of Securities as part of the termination
process may result in a lower sales price than might otherwise be realized if
such sale were not required at this time.

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

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

           Information on Vest Financial LLC, the Sponsor and Trustee

Vest Financial LLC.

Vest Financial LLC ("Vest"), a registered investment advisory firm, is a
subsidiary of Vest Group, Inc. ("VG"). First Trust Capital Partners, LLC, an
affiliate of the Sponsor, is the largest single holder of voting shares in VG.

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

The Sponsor.

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

- The First Trust Combined Series

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

- FTP Series

- The First Trust Insured Corporate Trust

- The First Trust of Insured Municipal Bonds

- The First Trust GNMA

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

We are a member of FINRA and SIPC. Our principal offices are at 120 East
Liberty Drive, Wheaton, Illinois 60187; telephone number 800-621-1675. As of
December 31, 2024, the total partners' capital of First Trust Portfolios L.P.
was $114,069,433.

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

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

The Trustee.

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

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

Page 36

Limitations of Liabilities of Sponsor, Portfolio Supervisor and Trustee.

Except as otherwise expressly provided in the Indenture, and to the fullest
extent permitted by law, the Sponsor and the Portfolio Supervisor shall not
have any duty (including fiduciary duty) to the Trust, any other Trust, the
Trustee, each other, any Unit holder or any other person; provided that this
does not eliminate any implied covenant of good faith or fair dealing. The
Sponsor and Portfolio Supervisor shall not be liable to any person under any
circumstances in connection with any of the transactions contemplated by the
Indenture, other than by reason of the Sponsor's or Portfolio Supervisor's own
bad faith, willful misconduct or gross negligence in the performance of their
duties or by reason of their reckless disregard of their obligations under the
Indenture. The Indenture includes additional provisions limiting the liability
of the Sponsor and the Portfolio Supervisor. To the fullest extent permitted
by law, any implied duties or liabilities of the Depositor or Portfolio
Supervisor otherwise existing at law or in equity with respect to the Trust,
any other Trust, the Trustee, each other, any Unit holder or any other person,
are eliminated. To the fullest extent permitted by law, neither the Sponsor
nor the Portfolio Supervisor shall be personally liable for special,
consequential or punitive damages.

The Sponsor and Portfolio Supervisor are indemnified by the Trust against any
loss or liability either party incurs without gross negligence, bad faith or
willful misconduct on its part, arising out of its respective role with
respect to the Trust. This indemnification includes counsel fees and other
costs and expenses of defending against any claim of liability, and any
expense incurred in acting pursuant to the terms of the Indenture.

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

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

- Terminate the Indenture and liquidate the Trust.

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

The Trustee undertakes to perform its specified duties under the Indenture in
good faith but has no implied duties (including fiduciary duties) or
liabilities otherwise existing at law or in equity to the Master Trust, the
Trust or any Unit holder and is not personally liable to the Master Trust, the
Trust, the Unit holders, the Sponsor, Portfolio Supervisor or any other person
in connection with any of the transactions contemplated by the Indenture other
than for its own bad faith, willful misconduct or negligence in the
performance of its express duties under the Indenture.

The Trustee is not responsible for selection of any of the Securities and is
not liable for any loss or depreciation when Securities are sold.  The Trustee
is not responsible for tax elections made by the Trust (including the
qualification of the Trust to make any tax election), the tax characterization
of any asset, or any tax position or other action taken relating to the
taxation of the Trust or its Unit holders. To the fullest extent permitted by
law, the Trustee shall not be personally liable for special, consequential or
punitive damages.

The Trustee may construe any of the provisions of the Indenture and its
construction of the provisions, if made in good faith will be binding upon the
parties to the Indenture and the Unit holders.  The Trustee is protected if it
acts in good faith in reliance on the opinion of counsel.

The Trustee may employ sub-custodians, attorneys, and other agents for the
account of the Trust and, except for loss caused by a foreign custodian
selected by the Trustee, is not responsible for their default if selected with
reasonable care.  The Trustee is not liable for the acts or omissions of any
nominee, clearing agency, securities depository or clearing broker through
which the Trust holds Securities or assets.  The Trustee does not select the
Trust's Tax Accountants and has no liability for actions taken on the advice
of such Tax Accountants.

The Trustee has no duty to supervise or monitor the performance of the
Sponsor, the Portfolio Supervisor or any other person, and has no obligation
to monitor the obligations and duties of the Master Trust or the Trust under
any contract to which either is a party.  The Indenture includes additional
provisions limiting the liability of the Trustee,

The Trustee is indemnified by the Trust against any loss or liability it
incurs without negligence, bad faith or willful misconduct on its part,
arising out of the administration of the Trust.  This indemnification includes
counsel fees and other costs and expenses of defending against any claim of
liability, and any expense incurred in acting pursuant to written directions
given by the Sponsor or in undertaking actions the Trustee deems necessary to
protect the Trust and the rights and interests of the Unit holders pursuant to
the terms of the Indenture.

Page 37

                               Other Information

Legal Opinions.

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

Experts.

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

Supplemental Information.

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

Page 38

                     This page is intentionally left blank.

Page 39

                                 FIRST TRUST(R)

               Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio
                                     FTP 1

                                    Sponsor:

                          First Trust Portfolios L.P.

                           Member SIPC o Member FINRA
                             120 East Liberty Drive
                            Wheaton, Illinois 60187
                                  800-621-1675

                                    Trustee:

                          The Bank of New York Mellon

                              240 Greenwich Street
                            New York, New York 10286
                                  800-813-3074
                             24-Hour Pricing Line:
                                  800-446-0132

                            ________________________

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

  THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY
  NOT SELL, OR ACCEPT OFFERS TO BUY, SECURITIES OF A FUTURE SERIES UNTIL THAT
   SERIES HAS BECOME EFFECTIVE WITH THE SEC. NO SECURITIES CAN BE SOLD IN ANY
                      STATE WHERE A SALE WOULD BE ILLEGAL.

                            ________________________

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

             - Securities Act of 1933 (file no. 333-291813) and

             - Investment Company Act of 1940 (file no. 811-24141)

 Information about the Trust, including its Code of Ethics, can be reviewed and
   copied at the SEC's Public Reference Room in Washington, D.C. Information
 regarding the operation of the SEC's Public Reference Room may be obtained by
                        calling the SEC at 202-942-8090.

  Information about the Trust is available on the EDGAR Database on the SEC's
                         Internet site at www.sec.gov.

                    To obtain copies at prescribed rates -

                   Write: Public Reference Section of the SEC
                          100 F Street, N.E.
                          Washington, D.C. 20549
          e-mail address: publicinfo@sec.gov

                               December 23, 2025

               PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

                                 FIRST TRUST(R)

                                 The FTP Series

                             Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trust contained in FTP
1 not found in the prospectus for the Trust. This Information Supplement is
not a prospectus and does not include all of the information you should
consider before investing in the Trust. This Information Supplement should be
read in conjunction with the prospectus for the Trust in which you are
considering investing.

This Information Supplement is dated December 23, 2025. Capitalized terms have
been defined in the prospectus.

                               Table of Contents

Standard & Poor's Financial Services LLC.                       1
Risk Factors
   Securities                                                   2
Concentration
   Concentration Risk                                           2
   Information Technology                                       2

Standard & Poor's Financial Services LLC

The Licensed Index is a product of S&P Dow Jones Indices LLC or its affiliates
("SPDJI") and has been licensed for use by First Trust Advisors L.P. S&P(R),
S&P 500(R), US 500, The 500, iBoxx(R), iTraxx(R) and CDX(R) are trademarks of
S&P Global, Inc. or its affiliates ("S&P"); Dow Jones(R) is a registered
trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these
trademarks have been licensed for use by SPDJI and sublicensed for certain
purposes by First Trust Advisors L.P. It is not possible to invest directly in
an index. The Trust is not sponsored, endorsed, sold or promoted by SPDJI, Dow
Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones
Indices"). S&P Dow Jones Indices does not make any representation or warranty,
express or implied, to the owners of the Trust or any member of the public
regarding the advisability of investing in securities generally or in the
Trust particularly or the ability of the Licensed Index to track general
market performance. Past performance of an index is not an indication or
guarantee of future results. S&P Dow Jones Indices' only relationship to First
Trust Advisors L.P. with respect to the Licensed Index is the licensing of the
Index and certain trademarks, service marks and/or trade names of S&P Dow
Jones Indices and/or its licensors. The Licensed Index is determined, composed
and calculated by S&P Dow Jones Indices without regard to First Trust Advisors
L.P or the Trust. S&P Dow Jones Indices has no obligation to take the needs of
First Trust Advisors L.P. or the owners of the Trust into consideration in
determining, composing or calculating the Licensed Index. S&P Dow Jones
Indices has no obligation or liability in connection with the administration,
marketing or trading of the Trust. There is no assurance that investment
products based on the Licensed Index will accurately track index performance
or provide positive investment returns. S&P Dow Jones Indices LLC is not an
investment adviser, commodity trading advisory, commodity pool operator,
broker dealer, fiduciary, promoter" (as defined in the Investment Company Act
of 1940, as amended), "expert" as enumerated within 15 U.S.C. ****Times New
Roman:xa4**** 77k(a) or tax advisor. Inclusion of a security, commodity,
crypto currency or other asset within an index is not a recommendation by S&P
Dow Jones Indices to buy, sell, or hold such security, commodity,
cryptocurrency or other asset, nor is it considered to be investment advice or
commodity trading advice. SPDJI provides indices that use environmental,
social and/or governance (ESG) indicators (including, without limit, business
involvement screens, conformance to voluntary corporate standards, GHG
emissions data, and ESG scores) to select, weight and/or exclude constituents.
ESG indicators seek to measure a company's, or an asset's performance, with
respect to E, S and/or G criteria. ESG indicators are derived from publicly
reported data, modelled data, or a combination of reported and modelled data.
ESG indicators are based on a qualitative assessment due to the absence of
well-defined uniform market standards and the use of multiple methodologies to
assess ESG factors. No single clear, definitive test or framework (legal,
regulatory, or otherwise) exists to determine labels such as, `ESG',
`sustainable', `good governance', `no adverse environmental, social and/or
other impacts', or other equivalently labelled objectives. Therefore, the

Page 1

exercise of subjective judgment is necessary. Different persons may classify
the same investment, products and/or strategy differently regarding the
foregoing labels.

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

Risk Factors

Securities. An investment in Units should be made with an understanding of the
risks which an investment in common stocks entails, including the risk that
the financial condition of the issuers of the Securities or the general
condition of the relevant stock market may worsen, and the value of the
Securities and therefore the value of the Units may decline. Common stocks are
especially susceptible to general stock 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.

Concentration

Concentration Risk. When 25% or more of a trust's portfolio is invested in
securities issued by companies within a single sector, the trust is considered
to be concentrated in that particular sector. A portfolio concentrated in one
or more sectors may present more risks than a portfolio broadly diversified
over several sectors.

The Trust is concentrated in stocks of companies within the information
technology sector.

Information Technology. Technology companies generally include companies
involved in the development, design, manufacture and sale of computers and
peripherals, software and services, data networking/communications equipment,
Internet access/information providers, semiconductors and semiconductor
equipment and other related products, systems and services. The market for
these products, especially those specifically related to the Internet, is
characterized by rapidly changing technology, rapid product obsolescence,
cyclical market patterns, evolving industry standards and frequent new product
introductions. The success of the issuers of the Securities depends in
substantial part on the timely and successful introduction of new products. An
unexpected change in one or more of the technologies affecting an issuer's
products or in the market for products based on a particular technology could
have a material adverse effect on an issuer's operating results. Furthermore,
there can be no assurance that the issuers of the Securities will be able to
respond in a timely manner to compete in the rapidly developing marketplace.

Based on trading history of common stock, factors such as announcements of new
products or development of new technologies and general conditions of the
industry have caused and are likely to cause the market price of high-
technology common stocks to fluctuate substantially. In addition, technology
company stocks have experienced extreme price and volume fluctuations that
often have been unrelated to the operating performance of such companies. This
market volatility may adversely affect the market price of the Securities and
therefore the ability of a Unit holder to redeem Units at a price equal to or
greater than the original price paid for such Units.

Some key components of certain products of technology issuers are currently
available only from single sources. There can be no assurance that in the
future suppliers will be able to meet the demand for components in a timely
and cost effective manner. Accordingly, an issuer's operating results and
customer relationships could be adversely affected by either an increase in

Page 2

price for, or an interruption or reduction in supply of, any key components.
Additionally, many technology issuers are characterized by a highly
concentrated customer base consisting of a limited number of large customers
who may require product vendors to comply with rigorous industry standards.
Any failure to comply with such standards may result in a significant loss or
reduction of sales. Because many products and technologies of technology
companies are incorporated into other related products, such companies are
often highly dependent on the performance of the personal computer,
electronics and telecommunications industries. There can be no assurance that
these customers will place additional orders, or that an issuer of Securities
will obtain orders of similar magnitude as past orders from other customers.
Similarly, the success of certain technology companies is tied to a relatively
small concentration of products or technologies. Accordingly, a decline in
demand of such products, technologies or from such customers could have a
material adverse impact on issuers of the Securities.

Many technology companies rely on a combination of patents, copyrights,
trademarks and trade secret laws to establish and protect their proprietary
rights in their products and technologies. There can be no assurance that the
steps taken by the issuers of the Securities to protect their proprietary
rights will be adequate to prevent misappropriation of their technology or
that competitors will not independently develop technologies that are
substantially equivalent or superior to such issuers' technology. In addition,
due to the increasing public use of the Internet, it is possible that other
laws and regulations may be adopted to address issues such as privacy,
pricing, characteristics, and quality of Internet products and services. The
adoption of any such laws could have a material adverse impact on the
Securities in the Trust.

Like many areas of technology, the semiconductor business environment is
highly competitive, notoriously cyclical and subject to rapid and often
unanticipated change. Recent industry downturns have resulted, in part, from
weak pricing, persistent overcapacity, slowdown in Asian demand and a shift in
retail personal computer sales toward the low end, or "sub-$1,000" segment.
Industry growth is dependent upon several factors, including: the rate of
global economic expansion; demand for products such as personal computers and
networking and communications equipment; excess productive capacity and the
resultant effect on pricing; and the rate of growth in the market for low-
priced personal computers.

The social media industry is also highly competitive and subject to the risks
involved with information technology companies, namely, short product life
cycles, evolving industry standards, loss of patent protections, rapidly
changing technologies and frequent new product introductions. Additional risks
generally applicable to social media companies include, without limitation:
disruption of services due to internal or external technical issues; security
breaches of private, proprietary and confidential information; and evolving
laws and regulations, foreign or domestic, that could negatively affect
operations. Furthermore, the sustainability of the business models employed by
social media companies remain largely unproven.

Page 3

</PRE>
```

UndertakingS

&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the terms and conditions of Section 15(d) of the Securities Exchange Act of 1934, the undersigned
registrant hereby undertakes to file with the Securities and Exchange Commission such supplementary and periodic information, documents,
and reports as may be prescribed by any rule or regulation of the Commission heretofore or hereafter duly adopted pursuant to authority
conferred in that section.

&nbsp;&nbsp;&nbsp;&nbsp;2. Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Securities
Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to Rule 484 under the Securities
Act, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

CONTENTS OF REGISTRATION STATEMENT

A. Bonding Arrangements of Depositor:

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

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

The Facing Sheet

The Prospectus

The Signatures

Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FTP 1, has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on December 23, 2025.

FTP 1

By: <u>First Trust Portfolios L.P.</u><br> Depositor

---

| | |
|:---|:---|
| By: | <u>/s/ Ronda L. Saeli-Chiappe</u><br> Senior Vice President |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Title</u>\* | &nbsp;&nbsp;&nbsp;<u>Date</u> |
| &nbsp;&nbsp;James A. Bowen | &nbsp;&nbsp;Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P. | &nbsp;&nbsp;))))By:<u>/s/ Ronda L. Saeli-Chiappe</u>) Attorney-in-Fact\*\*) December 23, 2025)) |
| &nbsp;&nbsp;James M. Dykas | &nbsp;&nbsp;Chief Financial Officer of First Trust Portfolios L.P. | &nbsp;&nbsp;))) |
| &nbsp;&nbsp;Christina Knierim | &nbsp;&nbsp;Controller of First Trust Portfolios L.P. | &nbsp;&nbsp;)) |

---

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

\*\* Executed copies of the related [powers of attorney](https://www.sec.gov/Archives/edgar/data/2087889/000144554625007843/ex-99_poa.htm) were filed with the Securities and Exchange Commission in connection with Form S-6 of FTP 1 (File No. 333-291813) and the same is hereby incorporated herein by this reference.

CONSENT OF COUNSEL

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

Consent of Independent Registered Public Accounting Firm

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

EXHIBIT INDEX

1.1 [Master Trust Agreement](https://www.sec.gov/Archives/edgar/data/2088036/000144554625007799/exhibit_a1a.htm) for FTP Series by and between First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee and First
Trust Advisors L.P., as Portfolio Supervisor (incorporated by reference to Exhibit A(1)(a) to the registration statement on Form N-8B-2
of FTP Series [File No.: 811-24141] as filed on November 24, 2025).

1.1.1 [Standard Terms and Conditions of Trust for FTP 1](ex-99_111.htm) and certain subsequent Series, among First Trust Portfolios
L.P., as Depositor, The Bank of New York Mellon, as Series Trustee and First Trust Advisors L.P., as Portfolio Supervisor.

1.1.2 [Series Trust Agreement](ex-99_a1.htm) for FTP 1 among First Trust Portfolios
L.P., as Depositor, The Bank of New York Mellon, as Series Trustee, First Trust Advisors L.P., as Portfolio Supervisor.

1.2 [Certificate of Limited Partnership](https://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_12.htm) of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment
No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3 [Amended and Restated Limited Partnership Agreement](https://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_13.htm) of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference
to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4 [Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_14.htm) of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios
L.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5 [By-Laws](https://www.sec.gov/Archives/edgar/data/1501210/000144554610004041/ex-99_1.txt) of
The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to
Form S-6 [File No. 333-169625] filed on behalf of FT 2669).

2.2 [Code of Ethics](https://www.sec.gov/Archives/edgar/data/2088036/000144554625007799/exhibit_a11.htm) (incorporated by reference to Exhibit A(11) to the registration statement on Form N-8B-2 of FTP Series [File No.: 811-24141] as filed
on November 24, 2025).

3.1 [Opinion of counsel](ex-99_2a.htm) as to legality of securities being registered.

3.2 [Opinion of Delaware counsel as to legality of securities being registered](ex-99_c4b.htm) .

4.1 [Consent of Independent Registered Public Accounting Firm](ex-99_c4.htm) .

6.1 [List of Principal Officers](https://www.sec.gov/Archives/edgar/data/1795884/000144554620001243/ex-99_officers.txt) of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf
of FT 8556).

7.1 [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/2087889/000144554625007843/ex-99_poa.htm) executed by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Form S-6 [File No. 333-291813]
filed on behalf of FTP 1).

## Ex-99

Standard Terms and Conditions of Trust

for

FTP 1

and certain subsequent Series

Effective:

December 23, 2025

Between

First Trust Portfolios L.P.<br> Depositor

The Bank of New York Mellon<br> Series Trustee

First Trust Advisors L.P.<br> Portfolio Supervisor

**Table of Contents**

Section Heading Page

---

| | |
|:---|:---|
| Article I Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 Master Trust, Trust Series, Authority to Act on behalf of each Series | 5 |
| Article II Deposit of Securities; Acceptance of Trust; Issuance of Units; Letter of Credit; Separate series | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 Deposit of Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Acceptance of Trust | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Issuance of Units; Units Solely in Uncertificated Form; When Units Are Deemed Outstanding | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 Letter of Credit | 11 |
| Article III Administration of Fund | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Initial Cost | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Income Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Capital Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Reserve Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Deductions and Distributions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06 Distribution Rates, Annual Statement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.07 Sale of Securities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.08 Counsel | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.09 Notice and Sale by Series Trustee | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 Role and Liability of Depositor; Successor Depositor | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 Voting; Notice to Depositor | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12 Replacement Securities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13 Deferred Sales Charge | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.14 Creation and Development Fee | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.15 Selection of Brokers or Dealers in Connection with the Acquisition and Disposition of Securities; Foreign Currency Exchange | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.16 Portfolio Supervision | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.17 Tax Matters | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.18 Authority to Purchase or Sell Securities for the Account of the Series | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.19. No Recourse | 35 |
| Article IV Evaluation of Securities; Compensation For Evaluation; Succession | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Evaluation of Securities | 36 |

---

-i-

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 Information for Unit Holders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 Compensation for Services Provided | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 Liability of the Depositor for Evaluations | 39 |
| Article V Evaluation, Redemption, Purchase, Transfer, Interchange Or Replacement of Units | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 Series Fund Evaluation | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 Redemptions by Series Trustee; Purchases by Depositor | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 Transfer of Units | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 Rollover of Units | 46 |
| Article VI Series Trustee | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 General Definition of Series Trustee's Liabilities, Rights and Duties | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 Books, Records and Reports | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 Standard Terms and Conditions and List of Securities on File | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 Compensation, Reimbursement and Indemnification of the Trustee | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 Removal and Resignation of Series Trustee; Successor | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 Qualifications of Series Trustee | 59 |
| Article VII Rights of Unit Holders | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 Beneficiaries of Series | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 Rights, Terms and Conditions | 59 |
| Article VIII Additional Covenants; Miscellaneous Provisions | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 Amendments | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 Dissolution | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 Construction | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 Registration of Units | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05 Written Notice | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06 Severability | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.07 Dissolution of Depositor Not to Terminate | 66 |

---

-ii-

**Standard Terms and Conditions of Trust**

**for**

**FTP 1**

**and Subsequent Series**

**Effective: December 23, 2025**

These Standard Terms and Conditions of Trust effective December 23, 2025 are executed between First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Series Trustee, and First Trust Advisors L.P., as Portfolio Supervisor.

**Witnesseth Tha**t:**

In consideration of the mutual agreements herein contained, the Depositor, the Series Trustee, and the Portfolio Supervisor agree as follows:

**Introduction**

These Standard Terms and Conditions of Trust, effective December 23, 2025, shall be applicable to FTP 1 and all subsequent Series established after the date of effectiveness hereof, as provided in this paragraph. For FTP 1 and each Series established after the date of effectiveness hereof to which these Standard Terms and Conditions of Trust, effective December 23, 2025, are to be applicable, the Depositor, the Series Trustee and the Portfolio Supervisor shall execute a Series Trust Agreement, incorporating by reference these Standard Terms and Conditions of Trust, effective December 23, 2025, and designating any exclusion from or exception to such incorporation by reference for the purposes of that Series or variation of the terms hereof for the purposes of that Series and specifying for that Series (i) the Securities deposited in trust, (ii) the number of Units delivered by the Series Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03, (iii) the fractional undivided beneficial interest represented by each Unit, (iv) the Record Dates, (v) the Distribution Dates, (vi) the Mandatory Dissolution Date, (vii) the Depositor's and Portfolio Supervisor's compensation, if any, (viii) the Series Trustee's compensation, (ix) the Initial Date of Deposit, (x) the minimum amount of Securities to be sold by the Series Trustee pursuant to Section 5.02 for the purposes of redemption of Units, (xi) the minimum number of Units a Unit holder must redeem in order to be eligible for an in-kind distribution of Securities pursuant to Section 5.02, (xii) unless the Series Trust Agreement provides that no Unit holder will be eligible for an in-kind distribution of Securities pursuant to Section 8.02, the minimum number of Units a Unit holder must own in order to be eligible for such in-kind distribution and (xiii) when applicable, that Section 5.04 shall apply to the Series. Facsimile or electronic signatures (including signatures in Portable Document Format (PDF)) to these Standard Terms and Conditions of Trust shall be acceptable and binding, and these Standard Terms and Conditions of Trust may be delivered by facsimile or other electronic means (including by electronic mail or a designated document storage website) confirmed by electronic mail.

Now, Therefore, in consideration of the premises and of the mutual agreements herein contained, the Depositor, the Series Trustee and the Portfolio Supervisor agree as follows:

**Article I**

**Definitions**

 *Section 1.01. Definitions*. Terms used in these Standard Terms and Conditions and not defined in this Article I have the meaning assigned to such terms in the Master Trust Agreement (defined below), otherwise whenever used in these Standard Terms and Conditions, the following words and phrases, unless the context clearly indicates otherwise, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) *"Additional Securities"* shall mean Securities deposited or purchased pursuant to Section 2.01(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) *"Business Day"* shall mean any day on which the New York Stock Exchange is open*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) *"Contract Obligations"* shall mean contracts to purchase Securities (including Additional Securities) which are to be acquired by the Series, which contracts which have been assigned to the Series Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) *"Depositor"* shall mean First Trust Portfolios L.P. and its successors in interest, or any successor depositor appointed as hereinafter provided. First Trust Portfolios L.P., in its capacity as Depositor is also referred to as "sponsor" herein, in the Prospectus and may be so identified in other documents related to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) *"Distribution Date"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) *"Evaluation Time"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) Reserved*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) *"Initial Date of Deposit"* shall have the meaning assigned to it in the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) *"Internal Revenue Code"* means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) *"Mandatory Dissolution Date"* shall be the date so specified in the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) *"Master Trust Agreement"* shall mean that certain Master Trust Agreement, dated November 18, 2025 by and among First Trust Portfolios L.P., as Depositor, First Trust Advisors L.P., as Portfolio Supervisor, and The Bank of New York Mellon, as Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) *"Master Trust"* shall mean FTP Series, a Delaware statutory trust organized in series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) *"Notice of Deposit of Additional Securities"* shall mean an amendment or supplement to these Standard Terms and Conditions pursuant to Section 2.01(b) for the purpose of depositing Additional Securities in the Series Fund and issuing additional Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) *"Organization Expense Period"* shall have the meaning assigned to it in Section 3.01 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) *"Percentage Ratio"* shall mean, for each Series which issues additional Units pursuant to Section 2.03 hereof, the percentage relationship existing on the Initial Date of Deposit between each Security per Unit and all Securities attributable to each Unit. The Percentage Ratio with respect to each Security in a Series is that percentage derived by dividing the number of shares of such Security included in the initial deposit made pursuant to Section 2.01(a) by the total number of shares of all Securities included in such deposit. The Percentage Ratio shall be adjusted to the extent necessary, and may be rounded, to reflect the sale, redemption or liquidation of any of the Securities or the occurrence of a stock dividend, a stock split, merger or a similar event which affects the capital structure of the issuer of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) "*Person*" shall mean an individual, association, unincorporated organization, corporation, partnership, limited liability company, joint venture, trust or a government or an agency or a political subdivision thereof, or any other entity or organization, whether or not a legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) "*Portfolio Supervisor"* shall mean First Trust Advisors L.P. and its successors in interest, or any successor portfolio supervisor appointed as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) *"Prospectus"* shall mean the prospectus relating to each Series filed with the Securities and Exchange Commission pursuant to Rule 497(b) under the Securities Act of 1933, as amended, and dated the date of the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) *"Record Date"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) *"Replacement Security"* shall have the meaning assigned to it in Section 3.12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) *"Restricted Securities"* shall mean those Securities that cannot be sold publicly by the Series Trustee without registration under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) The term *"Rollover Unit holder"* shall be defined as set forth in Section 5.04, herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) *"Securities"* shall mean equity securities of corporations or other entities, debt securities of corporations or other entities, preferred stocks, trust preferred securities, U.S. Treasury securities and/or options deposited in the Series Fund as specified in the Series Trust Agreement thereof, which Securities are listed in Schedule A to the Series Trust Agreement or are Additional Securities deposited in the Series Fund pursuant to Section 2.01(b) hereof, and Replacement Securities acquired pursuant to Section 3.12 hereof, as may from time to time be construed to be held as part of the Series Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) "*Series Trust Agreement*" shall mean the Series Trust Agreement for a Series into which these Standard Terms and Conditions are incorporated, including any schedules, exhibits, annexes or other attachments thereto, as amended from time to time, and which supplements the provisions of the Master Trust Agreement for purposes of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(30) "Standard Terms and Conditions"* shall mean these Standard Terms and Conditions of Trust as originally executed or, if amended as hereinafter provided, as so amended, together with any amendments made by the Series Trust Agreement creating a particular Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) *"Series Trustee"* shall mean The Bank of New York Mellon, or any successor trustee appointed as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) *"Unit"* shall mean each Unit of fractional undivided beneficial interest in and ownership of the Series which shall be initially equal to the fraction specified in the Series Trust Agreement, the denominator of which fraction shall be (1) increased by the number of any additional Units issued pursuant to Section 2.03 hereof and (2) decreased by the number of any Units redeemed as provided in Section 5.02 hereof. Whenever reference is made herein to the "interest" of a Unit holder in the Series or in the Income and Capital Accounts, it shall mean such fractional undivided beneficial interest represented by the number of Units held of record by such Unit holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) *"Unit holder"* shall mean the registered holder of any Unit, as recorded on the registration books of the Series Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term *"Rollover Notification Date"* shall be defined as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term "Rollover Distribution" shall be defined as set forth in Section 5.04, herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term *"Distribution Agent"* shall refer to the Series Trustee acting in its capacity as distribution agent pursuant to Section 5.04 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term "Special Redemption and Liquidation Period" shall be as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include corporations and associations, as well as natural persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) The words "herein," "hereby," "herewith," "hereof," "hereinafter," "hereunder," "hereinabove," "hereafter," "heretofore" and similar words or phrases of reference and association shall refer to these Standard Terms and Conditions in their entirety.

*Section 1.02 Master Trust, Trust Series, Authority to Act on behalf of each Series.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties to these Standard Terms and Conditions, have entered into a Master Trust Agreement establishing the Master Trust under the laws of the State of Delaware and The Bank of New York Mellon, as trustee under the Master Trust Agreement, has executed a Certificate of Trust with respect thereto which has been filed in the office of the Delaware Secretary of State pursuant to Sections 3811 and 3812 of the Delaware Statutory Trust Act. The Master Trust Agreement provides that separate series of the Master Trust shall be created pursuant to Section 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act and authorizes the parties hereto to enter into a Series Trust Agreement with respect to each such Series which, as set forth above, shall incorporate these Standard Terms and Conditions, and to take the actions, including actions taken pursuant to the directions, set forth herein on behalf of the Master Trust for the account of the respective Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Master Trust generally or the assets of any other Series. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Master Trust generally or any other Series shall be enforceable against the assets of such Series. Notwithstanding the foregoing, the Series Trustee shall allocate expenses affecting more than one Series among such Series in such reasonable manner as it determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reference in these Standard Terms and Conditions to the Series Trustee, Depositor or Portfolio Supervisor taking an action on behalf of a Series, including, without limitation, purchasing or selling Securities or entering into contracts or other agreements, shall be interpreted consistently with Section 3804 of the Delaware Statutory Trust Act as the Master Trust taking such action, purchasing Securities or entering into contracts or other agreements on behalf of the Series.

**Article II**

**Deposit of Securities; Acceptance of Trust;<br> Issuance of Units; Letter of Credit; Separate series**

 *Section 2.01. Deposit of Securities*. (a) The Depositor, on the date of the Series Trust Agreement, has deposited with the Series Trustee, for the account of the Series, (i) the Securities listed in Schedule A to the Series Trust Agreement or (ii) Contract Obligations relating to such Securities accompanied by cash and/or letter(s) of credit as specified in paragraph (c) of this Section 2.01, IN TRUST, to be held, managed and applied by the Series Trustee as herein provided. The Depositor shall deliver the Securities listed on said Schedule A which were not actually delivered concurrently with the execution and delivery of the Series Trust Agreement and which were represented by Contract Obligations to the Series Trustee within ten calendar days after said execution and delivery (the *"Delivery Period"*). If a contract to buy such Securities between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor or if for any other reason the Securities are not delivered to the Series by the end of the Delivery Period, the Series Trustee shall immediately draw on the letter of credit, if any, in its entirety, apply the monies in accordance with Section 2.01(d), and the Depositor shall forthwith take the remedial action specified in Section 3.12. If the Depositor does not take the action specified in Section 3.12 within ten calendar days of the end of the Delivery Period, the Series Trustee shall forthwith distribute pursuant to Section 2.01(d) and Section 3.05(II)(e) the monies held for purchase of Replacement Securities pursuant to Section 3.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Additional Securities (or Contract Obligations therefor) may, at the Depositor's discretion, be deposited or purchased in round lots. If the amount of the deposit is insufficient to acquire round lots of each issue of Additional Securities to be acquired, the Additional Securities shall be deposited or purchased in the order of the Security in the Series most under-represented immediately before the deposit with respect to the Percentage Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) If at the time of a deposit of Additional Securities, Securities of an issue deposited on the Initial Date of Deposit (or of an issue of Replacement Securities acquired to replace an issue deposited on the Initial Date of Deposit) are unavailable, cannot be purchased at reasonable prices or their purchase is prohibited or restricted by applicable law, regulation or policies, the Depositor may (i) deposit, or purchase for the account of the Series, in lieu thereof, another issue of Securities or Replacement Securities or (ii) deposit cash or a letter of credit in an amount equal to the valuation of the issue of Securities or Replacement Securities whose acquisition is not feasible, which Securities or Replacement Securities the Depositor shall acquire for the account of the Series when they become available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) Any contrary authorization in the preceding subparagraphs (1) through (3) notwithstanding, deposits of Additional Securities in any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22) made after the 90-day period immediately following the Initial Date of Deposit (except for deposits made to replace Failed Contract Obligations if such deposits occur within 20 days from the date of a failure occurring within such initial 90-day period) shall maintain, to the nearest whole share, the Percentage Ratio existing immediately prior to such deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In connection with the deposits described in Section 2.01(a) and (b), the Depositor has, in the case of Section 2.01(a) deposits, and, prior to the Series Trustee accepting a Section 2.01(b) deposit (other than a deposit described in Section 2.01(f) in which case cash and/or letters of credit will be delivered on the settlement date), will, deposit cash and/or letter(s) of credit (meeting the conditions set forth in Section 2.04) in an amount sufficient to settle the Contract Obligations (the *"Purchase Amount"*) relating to Securities which are not actually delivered to the Series Trustee at the time of such deposit, and if the Depositor does not settle such Contract Obligations according to their terms, the Series Trustee may apply any such cash or cash drawn on any such letter of credit to settle such Contract Obligations. The Series Trustee may allow the Depositor to substitute for any letter(s) of credit deposited with the Series Trustee in connection with the deposits described in Section 2.01(a) and (b) cash in an amount sufficient to satisfy the obligations to which the letter(s) of credit relates. The Series Trustee shall consent to the reduction in the amount which may be drawn under any letter(s) of credit by the amount of cash so received. The Series Trustee may deposit such cash or cash drawn on the letter of credit in a non-interest-bearing account for the Series. If any Contract Obligation requires settlement in a foreign currency, in connection with the deposit of such Contract Obligation the Depositor will deposit with the Series Trustee either (i) an amount of such currency sufficient to settle the contract or (ii) a foreign exchange contract, or an instruction (which may be a standing instruction) to the Series Trustee to enter into a foreign exchange contract, in such amount which settles concurrently with the settlement of the Contract Obligation and cash or a letter of credit in U.S. dollars sufficient to perform such foreign exchange contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) In the event that the purchase of Contract Obligations pursuant to any contract shall not be consummated in accordance with said contract or if the Securities represented by Contract Obligations are not delivered to the Series in accordance with Section 2.01(a) or 2.01(b) and the monies, or, if applicable, the monies drawn on the letter of credit, deposited by the Depositor are not utilized for Section 3.12 purchases of New Securities, such funds, to the extent of the purchase price of Failed Contract Obligations for which no Replacement Security was acquired pursuant to Section 3.12, plus all amounts described in the next succeeding two sentences, shall be credited to the Capital Account and distributed pursuant to Section 3.05 to Unit holders of record as of the Record Date next following the failure of consummation of such purchase. The Depositor shall cause to be refunded to each Unit holder his or her pro rata portion of the sales charge levied on the sale of Units to such Unit holder attributable to such Failed Contract Obligation. The Depositor shall also pay to the Series Trustee, for distribution to the Unit holders, interest on the amount of the purchase price to the Series of the Failed Contract Obligation, at the rate of 5% per annum to the date the Depositor notifies the Series Trustee that no Replacement Security will be purchased or, in the absence of such notification, to the expiration date for purchase of a Replacement Security specified in Section 3.12. Any amounts remaining from monies drawn on the letter of credit which are not used to purchase New Securities or are not used to provide refunds to Unit holders shall be paid to the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The Series Trustee is hereby irrevocably authorized to effect registration or transfer of the Securities in fully registered form to the name of the Series Trustee or to the name of its nominee or to hold the Securities in a clearing agency registered with the Securities and Exchange Commission, in a book entry system operated by the Federal Reserve Board, with an Eligible Foreign Custodian or in an Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Subject to the requirements set forth in this Section 2.01(f) and unless the Prospectus otherwise requires, the Depositor may, on any Business Day (the *"Trade Date"*), subscribe for additional Units as follows, *provided* that the Depositor shall concurrently with such subscription enter into contracts for the sale of such Units (*"Unit Sale Contracts"*) with the purchaser's obligations under the Unit Sale Contracts guaranteed by the National Securities Clearing Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) As soon as practicable after the Evaluation Time on the Trade Date, the Depositor shall provide notice (the *"Subscription Notice"*) to the Series Trustee, by telephone or by written communication, of the Depositor's intention to subscribe for additional Units, orders for which the Depositor received prior to the Evaluation Time on the Trade Date. The Subscription Notice shall identify the Additional Securities to be acquired (which will be a replication of the then existing portfolio, as specified in the provisions of Section 2.01(b)) and shall either (a) specify the Additional Securities to be deposited by the Depositor on the settlement date for such subscription or (b) specify the Additional Securities which the Depositor will cause to be purchased for the account of the Series, in accordance with the provisions of subparagraph (1) of Section 2.01(b) with an aggregate value as specified in the Subscription Notice. The Depositor hereby assigns to the Series Trustee, for the account of the Series, as security for the Depositor's obligations under paragraph (iii) of this Section 2.01(f) all of the Depositor's right, title and interest in and to the Unit Sale Contracts and appoints the Series Trustee its attorney-in-fact with full authority to deliver Units to the counterparties on behalf of the Depositor against payment and to enforce all of the Depositor's rights thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Promptly following the Evaluation Time on the Trade Date, the Depositor shall, by a Notice of Deposit of Additional Securities, verify with the Series Trustee the number of additional Units to be created and, for the account of the Series, enter into contracts for the purchase of the Additional Securities specified in the Subscription Notice as being Additional Securities which the Depositor would cause to be purchased for the account of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Not later than the time on the settlement date for such subscription when the Series Trustee is to deliver or assign the additional Units specified in the Subscription Notice, the Depositor shall deposit with the Series Trustee, for the account of the Series, (a) any Additional Securities specified in the Subscription Notice (or contracts to purchase such Additional Securities together with cash or a letter of credit in the amount necessary to settle such contracts) or (b) cash or a letter of credit in an amount equal to the aggregate value of the Additional Securities specified in the Subscription Notice to be acquired by the Depositor for the account of the Series, and adding or subtracting the difference between such aggregate value and the product of (x) the Unit Value computed pursuant to Section 5.01 for the Business Day preceding the Trade Date times (y) the verified number of additional Units specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) On the settlement date for such subscription, the Series Trustee shall, for the account of the Series, in exchange for the Securities and cash, cash or letter of credit described above, deliver to, or assign in the name of or on the order of, the Depositor, the verified number of additional Units specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) In the event the Depositor fails to take such action required by paragraph (iii) above, the Series Trustee shall, to the extent of funds then held in the Capital Account of the Series and the proceeds of the Unit Sale Contracts received by the Series Trustee, on the settlement date for such subscription, settle the securities transactions specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) The Series Trustee shall have no responsibility for any loss or depreciation resulting from the failure of the Depositor to take the actions required by paragraph (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Series Trustee shall have no responsibility for the acquisition of Additional Securities (including, without limitation, the selection of broker or the amount of any brokerage commission) other than to arrange for the settlement of purchases when acquired by the Depositor for the account of the Series from funds delivered by the Depositor or drawn on a letter of credit, as hereinafter provided, and, as applicable, to confirm that the Additional Securities received conform to Contract Obligations deposited by the Depositor or to the list of Additional Securities to be acquired for the account of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) If the Prospectus for a Series provides that such Series will sell or write options, the Depositor or the Series Trustee, as directed by the Depositor, shall, in connection with deposits into such Series, sell or write options for the account of the Series and apply the proceeds to the purchase of Securities acquired in connection with such deposits. The Depositor and the Series Trustee, as directed by the Depositor, are authorized to pledge or otherwise encumber Series Securities or other Series assets and to enter into margin and other agreements as may be required in connection with the sale or writing of options pursuant to the preceding sentence or otherwise in connection with the administration of the Series. Without limiting the provisions of Section 8.02, neither the Series Trustee nor the Depositor shall be liable for any liability arising from any pledge or encumbrance of Series Securities or other assets of the Series Fund, any option or any related margin or other agreement, and such liabilities shall be enforceable only against the Series and the assets of the Series Fund. Neither the Series Trustee nor the Depositor shall be liable to any Person for any loss or depreciation arising from such options, margin or other agreements.

 *Section 2.02. Acceptance of Trust*. The Series Trustee hereby declares it holds and will hold each Series as Series Trustee in trust upon the trusts herein created for the use and benefit of the Unit holders, subject to the terms and conditions of these Standard Terms and Conditions, the Master Trust Agreement and the applicable Series Trust Agreements.

 *Section 2.03. Issuance of Units; Units Solely in Uncertificated Form; When Units Are Deemed Outstanding*. (a) The Series Trustee hereby acknowledges receipt of the deposit of the Securities listed in Schedule A to the Series Trust Agreement and referred to in Section 2.01 hereof, and is hereby directed, for the account of the Series, simultaneously with the receipt of said deposit, (i) to record on its books the ownership, by the Depositor or such other Person or Persons as may be indicated by the Depositor, of the aggregate number of Units specified in the Series Trust Agreement and, (ii) to deliver, in exchange for such Securities, documentation confirming the ownership of the number of Units specified. The number of Units may be increased through a split of the Units or decreased through a reverse split thereof, as directed in writing by the Depositor, at any time when the Depositor is the only beneficial holder of Units, which revised number of Units shall be recorded by the Series Trustee on its books. The Series Trustee shall be entitled to rely on the Depositor's direction as certification that no Person other than the Depositor has a beneficial interest in the Units and the Series Trustee shall have no liability to the Unit holders, the Series, the Master Trust, the Depositor or any other Person for action taken pursuant to such direction. The Series Trustee is further hereby directed, on the settlement of a subscription for Units made pursuant to Section 2.01(f) or otherwise on the date of any Notice of Deposit of Additional Securities from the Depositor to the Series Trustee, to acknowledge that the Additional Securities identified therein have been deposited with it, for the account of the Series, by recording the ownership, by the Depositor or such other Person or Persons as may be indicated by the Depositor, of the aggregate number of Units to be issued in respect of such Additional Securities so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Units of a Series shall be held solely in uncertificated form evidenced by appropriate notation in the registration books of the Series Trustee, and no Unit holder shall be entitled to the issuance of a certificate evidencing the Units owned by such Unit holder. The only permitted registered holders of Units of a Series shall be the Depository Trust Company (or its nominee, Cede & Co.). Consequently, individuals must hold their Units through an entity which is a participant in Depository Trust Company. Notwithstanding the foregoing, the Series Trustee is authorized to, and shall when requested by Depository Trust Company, issue to Depository Trust Company (or its nominee, Cede & Co.), a balance certificate evidencing all Units of a Series held by Depository Trust Company from time to time, in such form as Depository Trust Company shall specify.

 *Section 2.04. Letter of Credit*. The Series Trustee shall not accept any letter of credit as an asset of a Series unless the terms thereof unconditionally allow the Series Trustee to draw on the full amount available under the letter of credit whenever permitted under Section 2.01 hereof and the stated expiration date of the letter of credit is at least thirty days from the later of the date of deposit of the related Contract Obligations and the date on which Securities or Additional Securities are to be acquired pursuant to Sections 2.01(a), 2.01(b) or 2.01(f). On the date of delivery to the Series Trustee of Securities or Additional Securities whose purchase is secured by a letter of credit, the Series Trustee is authorized to downpost the amount available under the letter of credit by an amount equal to the purchase price of the Contract Obligations of such Securities or Additional Securities.

**Article III**

**Administration of Fund**

 *Section 3.01. Initial Cost*. Subject to reimbursement as hereinafter provided, the cost of organizing the Series and the sale of the Units shall be borne by the Depositor, individually, *provided, however,* that the liability on the part of the Depositor under this section shall not include any fees or other expenses incurred in connection with the administration of the Series subsequent to the deposit referred to in Section 2.01. At the conclusion of the period of time during which a Series' organization expenses will be included in the Public Offering Price of Units (the *"Organization Expense Period"*), as set forth in the Prospectus for a Series (as certified by the Depositor to the Series Trustee), the Series Trustee shall withdraw from the Account or Accounts specified in the Prospectus or, if no Account is therein specified, from the Capital Account, and pay to the Depositor the Depositor's reimbursable expenses of organizing the Series in an amount certified to the Series Trustee by the Depositor. In no event shall the amount paid by the Series Trustee to the Depositor for the Depositor's reimbursable expenses of organizing the Series exceed the estimated per Unit amount of organization costs set forth in the Prospectus for the Trust multiplied by the number of Units of the Series outstanding at the conclusion of the Organization Expense Period; nor shall the Depositor be entitled to or request reimbursement for expenses of organizing the Series incurred after the conclusion of the Organization Expense Period. If the cash balance of the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, sell Securities identified by the Depositor, or distribute to the Depositor Securities having a value, as determined under Section 4.01 as of the date of distribution, sufficient for such reimbursement. The Depositor shall instruct the Series Trustee, for the purpose of reimbursing the Depositor pursuant to this Section, to sell Securities in quantities that maintain, to the extent practicable, the Percentage Ratio. The reimbursement provided for in this Section shall be for the account of the Unit holders of record at the conclusion of the Organization Expense Period and shall not be reflected in the Series Fund Evaluation computed pursuant to Section 5.01 or the computation of Unit Value prior thereto. Subject to the further provisions of this Section, any assets deposited with the Series Trustee in respect of the expenses reimbursable under this Section 3.01 shall be held and administered as assets of the Series for all purposes hereunder. The Depositor shall deliver to the Series Trustee any cash identified in the Statement of Net Assets of the Series included in the Prospectus not later than the expiration of the Delivery Period and the Depositor's obligation to make such delivery shall be secured by the letter of credit deposited pursuant to Section 2.01. Any cash which the Depositor has identified as to be used for reimbursement of expenses pursuant to this Section 3.01 shall be held by the Series Trustee for the account of the Series, without interest, and reserved for such purpose and, accordingly, prior to the conclusion of the Organization Expense Period, shall not be subject to distribution, or, unless the Depositor otherwise directs, used for payment of redemptions in excess of the per Unit amount of such cash allocable to the Units tendered for redemption. As used herein, the Depositor's reimbursable expenses of organizing the Series shall include the cost of the initial preparation and typesetting of the registration statement, prospectuses (including preliminary prospectuses), these Standard Terms and Conditions, and other documents relating to the Series, SEC and state blue sky registration fees, the cost of the initial valuation of the portfolio and audit of the Series, the costs of a portfolio consultant and licensing fees required for the establishment of the Series under license agreements which provide for full payment of the licensing fees not later than the conclusion of the Organization Expense Period, if any, the initial fees and expenses of the Series Trustee, and legal and other out-of-pocket expenses related thereto, but not including the expenses incurred in the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses. The Depositor's certification as to the amount of its reimbursable expenses shall be made in good faith on the basis of information available to it at the time. If the reimbursable expenses of organizing the Series actually incurred by the Depositor are less than the amount certified, the Depositor shall cause the excess to be restored to the Series and the Series Trustee shall credit any such amount to the Account or Accounts from which the expense reimbursement had been withdrawn.

 *Section 3.02. Income Account*. The Series Trustee shall collect the dividends and other cash distributions on the Securities in each Series Fund which would be treated as dividend (other than capital gain dividends) or interest income under the Internal Revenue Code as such become payable (including all monies which would be so treated representing penalties for the failure to make timely payments on the Securities, or as liquidated damages for default or breach of any condition or term of the Securities or of the underlying instrument relating to any Securities and other income attributable to a Failed Contract Obligation for which no Replacement Security has been obtained pursuant to Section 3.12 hereof) and credit such income to a separate account for each Series to be known as the *"Income Account."*

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), any non-cash distributions received by a Series shall be sold to the extent they would be treated as dividend or interest income under the Internal Revenue Code and the proceeds shall be credited to the Income Account. Except as provided in the preceding sentence, non-cash distributions received by a Series (other than a non-taxable distribution of the shares of the distributing corporation which shall be retained by a Series) shall be dealt with in the manner described in Section 3.11 hereof, and shall be retained or disposed of by such Series according to those provisions and the proceeds thereof shall be credited to the Capital Account. Neither the Series Trustee nor the Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any such sale.

All other distributions received by a Series shall be credited to the Capital Account.

 *Section 3.03. Capital Account*. All monies received by the Series Trustee in respect of the Securities, other than amounts credited to the Income Account pursuant to Section 3.02, shall be credited to a separate account to be known as the "Capital Account" (except for monies deposited by the Depositor or received pursuant to draws on the letter of credit for purchase of Securities or Contract Obligations pursuant to Section 2.01, which shall be separately held in trust by the Series Trustee for such purpose and shall not be credited to the Capital Account except as provided in Section 2.01(d)).

 *Section 3.04. Reserve Account*. When directed by the Depositor from time to time, the Series Trustee shall withdraw from the cash on deposit in the Income Account or the Capital Account of the Series such amounts as the Depositor, in its sole discretion, shall deem requisite to establish a reserve for applicable taxes or other governmental charges that may be payable out of the Series or in connection with the dissolution of the Series pursuant to Section 8.02. Such amounts so withdrawn shall be credited to a separate account for each Trust which shall be known as the *"Reserve Account."* The Series Trustee shall not distribute to the Unit holders any of the amounts in the Reserve Account; *provided, however,* that if the Depositor shall, in its sole discretion, determine that such amounts are no longer necessary for the payment of any applicable taxes or other governmental charges, then, as directed by the Depositor, the Series Trustee shall promptly deposit such amounts in the account from which withdrawn, or if the Series shall have dissolved or shall be in the process of dissolving, the Series Trustee shall distribute same in accordance with Section 8.02(d) to each Unit holder such holder's interest in the Reserve Account.

 *Section 3.05. Deductions and Distributions*. (I) On or immediately after each Record Date, the Depositor shall determine the adequacy of the funds then credited to the Reserve Account and direct the Series Trustee to make any further credits thereto as may appear appropriate in accordance with Section 3.04. On or immediately after such Record Date, or at such other time specified in the Series Trust Agreement, the Series Trustee shall then with respect to the Series:

&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) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to itself individually the amounts that it is at the time entitled to receive pursuant to Section 6.04;

&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) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to the Portfolio Supervisor and the Depositor the amounts that they are entitled to receive, pursuant to Sections 3.16 and 4.03, respectively; and

&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) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to counsel, as hereinafter provided for, an amount equal to unpaid fees and expenses, if any, of such counsel pursuant to Section 3.08, as certified to by the Depositor.

(II)(a) If the Prospectus for a Series so provides, the Series Trustee, as of the *"First Settlement Date,"* as set forth in the section entitled "Summary of Essential Information" in the Prospectus, shall pay to the Depositor, as sole Unit holder of record, the amount of interest accrued to such date on the Securities referenced in the Prospectus which are deposited in the Series, net of a proportionate amount of Series expenses attributable to the period between the date of the Series Trust Agreement and the First Settlement Date. To the extent the funds then held in the Income Account are insufficient to make such distribution, the Series Trustee shall advance funds to the Series and shall be entitled to reimbursement, without interest, for such advancements from income received by the Series before any further distributions shall be made from the Income Account to Unit holders of the Series. Subsequent distributions shall be made as hereinafter provided.

On each Distribution Date, the Series Trustee shall distribute to each Unit holder of record at the close of business on the Record Date immediately preceding such Distribution Date an amount per Unit equal to such Unit holder's Income Distribution (as defined below in paragraph (b) of this Subsection 3.05(II)), plus such Unit holder's pro rata share of the balance of the Capital Account (computed as provided below in paragraph (c) of this Subsection 3.05(II)), *provided, however,* that if on such Record Date the Capital Account does not contain any proceeds from matured Securities, the Series Trustee shall not be required to make a distribution from the Capital Account unless the amount available for distribution shall equal or exceed $1.00 per 100 Units, except that, notwithstanding any provisions of these Standard Terms and Conditions to the contrary, (i) with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the Series Trustee shall on any Distribution Date distribute the cash available for distribution in the Income and Capital Accounts within the meaning of Treas. Reg. Section 1.671-5(b)(5) if the aggregate amount of such cash available for distribution is equal to or greater than .1% of the net asset value of such Series on the related Record Date and (ii) with respect to any Series which has elected to qualify as a "regulated investment company," the Series Trustee shall make such distributions from the Income and Capital Accounts as may be necessary, as determined by the Series' independent registered public accounting firm (the *"Series Tax Accountants"*), in order to avoid the imposition of any income or excise taxes on undistributed income in the Series to the extent provided below. With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), this provision is intended to comply with Treas. Reg. Section 1.671-5(c)(2)(v)(C) and shall be interpreted consistent therewith and with any successor regulations. With respect to any Series which has elected to qualify as a "regulated investment company," the Series Trustee shall make distributions to avoid the imposition of any income or excise taxes on undistributed income in the Series only if the Series' Series Tax Accountants advises the Series Trustee that such distributions are necessary and identifies the amount of the distribution(s), and the Series Trustee's sole obligation related to avoiding the imposition of any such taxes shall be to comply with the relevant advice of the Series' Series Tax Accountants. Notwithstanding the foregoing provisions of this paragraph, the Depositor is authorized to direct the Series Trustee not to make a distribution otherwise required to avoid the imposition of excise taxes on undistributed income and to cause the Series to incur the resulting tax liability if the Depositor determines such action to be in the best interest of the Unit holders. The Series Trustee shall have no liability for actions taken pursuant to such direction. The Depositor shall have no liability for any such determination made in good faith. Notwithstanding anything to the contrary in this Section 3.05, except to the extent the Series Trustee is instructed to make distributions to avoid the imposition or income or excise taxes, the Series Trustee will not be required to make a distribution from the Income Account of a Series which has elected to qualify as a "regulated Investment company" and does not make distributions of income calculated on the basis of one-twelfth of the annual income of the Series unless the amount available for distribution from such account shall equal or exceed $1.00 per 100 Units.

Each Series shall provide the following distribution elections: (1) distributions of cash to be made by payment to the Depository Trust Company, as the sole registered Unit holder of the Series, for further distribution to the beneficial owners of Units in accordance with the customary procedures of the Depository Trust Company (the *"Cash Distribution"*); or (2) if provided for in the Prospectus for a Series, the following reinvestment option (the *"Reinvestment Option"*):

The Series Trustee will, for any Unit holder who provides the Series Trustee written instruction, properly executed and in a form satisfactory to the Series Trustee, received by the Series Trustee no later than its close of business ten Business Days prior to a Record Date, (the *"Reinvestment Notice Date"*), reinvest such Unit holder's distribution from the Income and Capital Accounts in Units of the Series, purchased from the Depositor, to the extent the Depositor shall make Units available for such purchase, at the Depositor's offering price as of the second Business Day prior to the following Distribution Date, and at such reduced sales charge as may be described in the Prospectus for the Series. If, for any reason, the Depositor does not have Units of the Series available for purchase, the Series Trustee shall distribute such Unit holder's distribution from the Income and Capital Accounts in the manner provided for the Cash Distribution. The Series Trustee shall be entitled to rely on a written instruction received as of the Reinvestment Notice Date and shall not be affected by any subsequent notice to the contrary. The Series Trustee shall have no responsibility for any loss or depreciation resulting from any reinvestment made in accordance with this paragraph, or for any failure to make such reinvestment in the event the Depositor does not make Units available for purchase.

Any Unit holder who does not effectively elect the Reinvestment Option shall receive a Cash Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) (1) Unless the Prospectus for the Series provides that the Series will make distributions from the Income Account calculated on the basis of one-twelfth of the annual income of the Series, for purposes of this Subsection 3.05(II), the Unit holder's Income Distribution shall be equal to such Unit holder's pro rata share of the cash balance in the Income Account computed as of the close of business on the Record Date immediately preceding such Income Distribution after deduction of (i) the fees and expenses then deductible pursuant to Section 3.05(I) and (ii) the Series Trustee's estimate of other expenses properly chargeable to the Income Account pursuant to these Standard Terms and Conditions which have accrued, as of such Record Date, or are otherwise properly attributable to the period to which such Income Distribution relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) If the Prospectus for the Series provides that the Series will make distributions from the Income Account calculated on the basis of one-twelfth of the annual income of the Series, the Unit holder's Income Distribution shall be equal to such Unit holder's pro rata share of the cash balance of the Income Account calculated as of the prior Record Date, on the basis of one-twelfth of the annual income of the Series for the ensuing twelve months estimated by reference to the distributions made on the Securities during the preceding calendar quarter (as adjusted for any information with respect to future distributions provided to the Series Trustee by the Portfolio Supervisor or otherwise actually received by the personnel of the Series Trustee charged with the administration of the Series prior to such Record Date) after deduction of (i) the fees and expenses then deductible pursuant to Section 3.05(I) and (ii) the Series Trustee's estimate of other expenses properly chargeable to the Income Account pursuant to these Standard Terms and Conditions which have accrued, as of such Record Date, or are otherwise properly attributable to the period to which such Income Distribution relates. The Series Trustee shall advance out of its own funds and deposit in and credit to the Income Account on each Distribution Date, to the extent that there is not sufficient cash in the Income Account, the additional amount, if any, anticipated by the Series Trustee to be necessary to make the Income Distribution as specified in the preceding sentence; the Series Trustee shall be entitled to be reimbursed from the Income Account without interest when funds are available therein from income on any of the Securities, including upon the sale of Securities to meet redemptions, for any and all amounts advanced by it pursuant to this paragraph. The Series Trustee shall be deemed to be the beneficial owner of the income of the Series to the extent such income is required to reimburse the Series Trustee for amounts advanced by it pursuant to this paragraph; amounts payable to the Series Trustee in respect of such advances shall be secured by a lien on the Series Fund prior to the interests of Unit holders and all other Persons. In the event any issuer of Securities fails to make an anticipated distribution, or there is a disposition of Securities or other event that reduces the net income which will be received from that estimated by the Series Trustee, the Series Trustee shall, on the Record Date or Record Dates next following the Series Trustee's determination that such event has occurred, reduce the amount of the next following distribution or distributions by such amount as will enable the Series Trustee to recover any advances to the Series referable to the anticipated receipt of such unrealized income. As determined by the Series' Series Tax Accountants, with respect to Series which have elected to qualify as "regulated investment companies," the Series Trustee shall adjust the December distribution from the Interest and Capital Accounts as may be necessary so that Series distributions during the calendar year equal an amount necessary to avoid paying any regulated investment company excise tax for such year. The Series Trustee is authorized to reduce the following January distribution by the amount of any such increase. The Series Trustee shall have no obligation to adjust the December and January distributions pursuant to the preceding two sentences unless the Series' Series Tax Accountants advises the Series Trustee that such adjustments are necessary, and the Series Trustee's sole obligation related to such adjustments shall be to comply with the relevant advice of the Series' Series Tax Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) On each Distribution Date, the pro-rata share of the Capital Account of each Unit holder of record at the close of business on the Record Date immediately preceding such Distribution Date for purposes of Section 3.05(II)(a) shall be an amount per Unit equal to such Unit holder's pro rata share of the balance of the Capital Account after deduction of any amounts provided in Subsection 3.05(I) (except for monies on deposit therein required to purchase Contract Obligations and, with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), monies constituting proceeds of pro-rata sales of Series assets to effect redemptions, which proceeds shall be retained for payment of redemptions) computed as of the close of business on such Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The pro-rata amounts to be distributed to each Unit holder pursuant to the other provisions of this Section 3.05(II) shall be that pro rata share of the balance of the Income and Capital Accounts, computed as set forth herein, as shall be represented by the Units registered in the name of such Unit holder. In the computation of each such pro rata share, fractions of less than one cent shall be omitted. After any such distribution provided for above, any cash balance remaining in the Income Account or the Capital Account shall be held in the same manner as other amounts subsequently deposited in each of such accounts, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Principal and other income attributable to Contract Obligations which the Depositor shall have declared by written notice to the Series Trustee to be Failed Contract Obligations for which Replacement Securities are not to be substituted pursuant to Section 3.12 hereof shall be distributed to Unit holders of record as of the close of business on the Record Date next following the failure of consummation of such purchase and shall be distributed not more than 120 days after the receipt of such notice by the Series Trustee or at such earlier time in such manner as the Series Trustee in its sole discretion deems to be in the best interest of Unit holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) For the purpose of distributions as herein provided, the Unit holders of record on the registration books of the Series Trustee at the close of business on each Record Date shall be conclusively entitled to such distribution, and no liability shall attach to the Series Trustee by reason of payment to any Unit holder of record. Nothing herein shall be construed to prevent the payment of amounts from the Income Account and the Capital Account to individual Unit holders by means of one check, draft, wire or other payment means *provided* that the Series Trustee has disseminated the relevant distribution rates as provided in Section 3.06 hereof.

 *Section 3.06. Distribution Rates, Annual Statement*. On the Record Date for a distribution from the Income or Capital Accounts of a Series, the Series Trustee shall provide the Depository Trust Company with the dollar amount per Unit distributed from each account. Within a reasonable period of time after the last Business Day of each calendar year, the Series Trustee shall prepare a statement setting forth, with respect to such calendar year and with respect to each Series in existence during any part of such calendar year, the information specified below. The Depositor will make the statement available at the Depositor's website (www.ftportfolios.com) in the UIT Tax Center, where it will be retrievable by CUSIP; in addition, the Depositor will mail a copy of the statement to any Unit holder requesting the same in the manner specified in the Series Prospectus.

The annual statement shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) as to the Income Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the amount of income received or accrued on the Securities (including amounts received as a portion of the proceeds of any disposition of Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the amounts paid from the Income Account for purchases of Securities pursuant to Section 3.12 and for redemptions pursuant to Section 5.02;

&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 deductions from the Income Account for payment into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the deductions for applicable taxes and fees and expenses of the Series Trustee, the Depositor, the Portfolio Supervisor, counsel, auditors and any expenses paid by the Series pursuant to Section 3.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) the amounts reserved for purchases of Contract Obligations or for purchases made pursuant to Section 3.12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) the balance remaining after such distributions and deductions, expressed both as a total dollar amount and as a dollar amount per 100 Units outstanding on the last Business Day of such calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) as to the Capital Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the date of principal payments and prepayments due to the sale, maturity, redemption, liquidation or disposition of any of the Securities and the net proceeds received therefrom, separately stating amounts attributable to short-term capital gains, excluding any portion thereof credited to the Income Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the deductions from the Capital Account, if any, for payment of applicable taxes and fees and expenses of the Series Trustee, the Depositor, the Portfolio Supervisor, counsel, auditors and any expenses paid by the Series under Section 3.05;

&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 amount paid for purchases of Securities pursuant to Section 3.12 and for redemptions pursuant to Section 5.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the deductions from the Capital Account for payments into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) the amounts reserved for purchases of Contract Obligations or for purchases made pursuant to Section 3.12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) the balance remaining after such distributions and deductions, expressed both as a total dollar amount and as a dollar amount per 100 Units outstanding on the last Business Day of such calendar year; and

(C) the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) a list of Securities as of the last Business Day of such calendar year and a list which identifies all Securities sold or other Securities acquired during such calendar year, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the number of Units outstanding on the last Business Day of such calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the Unit Value as defined in Section 5.01 based on the last Series Fund Evaluation pursuant to Section 5.01 made during such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the amounts actually distributed or which are otherwise attributable to Unit holders during such calendar year from the Income and Capital Accounts, separately stated, expressed both as total dollar amounts and as dollar amounts per 100 Units outstanding on the Record Dates for such distributions and the status of such distributions for federal income tax purposes as determined by the Series Tax Accountants engaged for the Series.

With respect to any Series which has elected to be taxed as a regulated investment company, amounts distributable from the Income Account upon dissolution of the Series pursuant to Section 8.02 shall be treated as transferred to the Capital Account and included in the dollar amount reported as distributed from the Capital Account for all purposes of this Section 3.06.

 *Section 3.07. Sale of Securities*. If necessary, in order to maintain the sound investment character of a Series, the Depositor shall direct the Series Trustee to sell or liquidate Securities in such Series at such price and time and in such manner as shall be determined by the Depositor, *provided* that the Depositor has determined with the advice of the Portfolio Supervisor, if appropriate, that any one or more of the following conditions exist:

&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) that there has been a default on any of the Securities in the payment of dividends, after declared and when due and payable;

&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) that any action or proceeding has been instituted at law or equity seeking to restrain or enjoin the payment of dividends on any such Securities, or that there exists any legal question or impediment affecting such Securities or the payment of dividends from the same;

&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) that there has occurred any breach of covenant or warranty in any document relating to the issuer of the Securities which would adversely affect either immediately or contingently the payment of dividends from such Securities, or the general credit standing of the issuer or otherwise impair the sound investment character of such Securities;

&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) that there has been a default in the payment of principal of, or dividends, income or premium, if any, on any other outstanding obligations of the issuer of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) that the price of any such Securities had declined to such an extent or other such credit factors exist so that in the opinion of the Depositor, as evidenced in writing to the Series Trustee, the retention of such Securities would be detrimental to the Series Fund and to the interest of the Unit holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) that all of the Securities in the Series' portfolio will be sold pursuant to dissolution of the Series pursuant to Section 8.02 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) that such sale is required due to Units tendered for redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) in the case of a Series which has elected to qualify as a "regulated investment company," that the sale of Securities is necessary or advisable: (i) in order to maintain the qualification of the Series as such; or (ii) to provide funds to make any distribution from such a Series for a taxable year in order to avoid imposition of any income or excise taxes on undistributed income in the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) that there has been a public tender offer made for a Security or a merger or acquisition is announced affecting a Security, and that in the opinion of the Depositor the sale or tender of the Security is in the best interest of the Unit holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) that as a result of the ownership of the Security, the Series or its Unit holders would be a direct or indirect shareholder of a passive foreign investment company as defined in Section 1297(a) of the Internal Revenue Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) that such sale is necessary for the Series to comply with such federal and/or state laws, regulations and/or regulatory actions and interpretations which may be in effect from time to time.

Upon receipt of such direction from the Depositor, upon which the Series Trustee shall rely, the Series Trustee shall proceed to sell or liquidate the specified Securities in accordance with such direction, and upon the receipt of the proceeds of any such sale or liquidation, after deducting therefrom any fees and expenses of the Series Trustee, brokerage charges, taxes or other governmental charges connected with such sale or liquidation, shall deposit such net proceeds in the Capital Account.

If a Series contains Securities that are subject to written options, to the extent that, prior to the expiration of such options, such Securities (a) are sold for the purpose of funding the Capital Account for redemption of Units tendered for redemption or (b) are otherwise sold pursuant to these Standard Terms and Conditions the Series Trustee shall, as directed by the Depositor, purchase options of the same type, thereby offsetting the obligation under the written option.

The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale, or purchase of an option, made pursuant to any such direction or by reason of the failure of the Depositor to give any such direction, and in the absence of such direction the Series Trustee shall have no duty to sell or liquidate any Securities, or purchase any option, under this Section 3.07 except to the extent otherwise required by Section 3.09 of these Standard Terms and Conditions.

 *Section 3.08. Counsel*. The Depositor may employ, from time to time, as it deems necessary or desirable, for the account of a Series a firm of attorneys for any legal services which may be required in connection with the Securities, including any advice as to whether any Securities constitute Restricted Securities and any legal matters relating to the possible disposition or acquisition of any Securities pursuant to any provisions hereof or for any other reasons deemed advisable by the Depositor or the Series Trustee, in their discretion. The fees and expenses of such counsel may, at the discretion of the Depositor, be paid by the Series Trustee from the Income Account and Capital Account as provided for in Section 3.05(I)(c) hereof.

 *Section 3.09. Notice and Sale by Series Trustee*. If at any time the principal stated value or par value of or income from any of the Securities of a Series shall be in default and not paid or provision for payment thereof shall not have been duly made, the Series Trustee shall notify the Depositor thereof. If within thirty days after such notification the Depositor has not given any instruction to sell or hold or has not taken any other action in connection with such Securities, the Series Trustee shall sell such Securities forthwith, and neither the Depositor nor the Series Trustee shall be liable or responsible in any way for depreciation or loss incurred by reason of such sale.

 *Section 3.10. Role and Liability of Depositor; Successor Depositor*. (a) The Depositor shall have the authority to contract on behalf of and in the name of the Master Trust for the account of a Series, and the Depositor may direct the Series Trustee to contract on behalf of and in the name of the Master Trust for the account of a Series. The Series shall be solely liable for the performance of any such contract and neither the Depositor nor the Series Trustee shall have any personal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Except as otherwise expressly provided herein, and to the fullest extent permitted by law, the Depositor shall not have any duty (including fiduciary duty) to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person; provided that this Section 3.10 does not eliminate any implied contractual covenant of good faith and fair dealing. The Depositor shall not be liable to any Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, other than by reason of the Depositor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under these Standard Terms and Conditions. To the fullest extent permitted by law, any implied duties or liabilities of the Depositor otherwise existing at law or in equity with respect to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person, are hereby eliminated. Neither the power to give direction to a Series Trustee or any Person nor the exercise thereof by any Person (including a Unit holder) shall cause the Depositor to have duties (including fiduciary duties) or liabilities relating thereto to the Master Trust, any Series, the Series Trustee, any Unit holder or any other Person. The Depositor may rely in good faith on any paper, order, notice, list, affidavit, receipt, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Series Trustee, counsel or any other Persons pursuant to these Standard Terms and Conditions and in furtherance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Depositor shall not be under any obligation or appear in, prosecute or defend any legal action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in the Depositor's opinion may involve it in any expense or liability unless, as often as required by the Depositor, it shall be furnished with reasonable security and indemnity against such expense or liability, and any pecuniary cost of the Depositor from such actions shall be deductible from and a charge against the Income and Capital Accounts of the affected Series; *provided, however,* that the Depositor may in its discretion undertake any such action which it may deem necessary or desirable in respect of these Standard Terms and Conditions and the rights and duties of the parties hereto and the interests of the Unit holders hereunder and, in such event, the legal expenses and costs of any such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Series concerned and shall be paid directly by the Series Trustee out of the Income and Capital Account of such Series. The Depositor shall in no event be deemed to have assumed or incurred any liability, duty or obligation to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person, other than as expressly provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall the Depositor be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon the income or interest thereon or upon it as Depositor hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) (i) The Depositor may resign by delivering to the Series Trustee an instrument of resignation and, upon such delivery, the Series Trustee shall proceed as provided in Section 6.01(f). Any resignation shall become effective upon the acceptance of appointment by a successor Depositor, or, if no successor is appointed, the termination of the Series. The resigning Depositor shall not be liable for acts or omissions occurring subsequent to the effectiveness of its resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any entity into which the Depositor may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Depositor shall be a party, shall be the successor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, notwithstanding anything to the contrary contained herein or in any agreement relating to such merger or consolidation by which the Depositor may seek to retain certain powers, rights and privileges for any period of time following such merger or consolidation. Any Depositor may transfer all or substantially all of its assets to a corporation or other entity which carries on the business of such Depositor, if at the time of such transfer such successor duly assumes all the obligations of such Depositor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Depositor shall not be personally liable for special, consequential or punitive damages, however styled, including, without limitation, lost profits of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Depositor shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except for those actions that the Depositor is expressly required to take hereunder, the Depositor shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party regardless of the consequences of the failure to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositor shall not have any obligation or duty to supervise or monitor the performance of the Series Trustee, Portfolio Supervisor or any other Person and shall have no liability for the failure of the Series Trustee, Portfolio Supervisor or any other Person to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Depositor shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Depositor shall be indemnified ratably, as determined by the aggregate value of the Securities and other assets held by each affected Series, by the affected Series and held harmless against any loss or liability accruing to it without bad faith, willful misfeasance, gross negligence or reckless disregard of its obligations and duties under these Standard Terms and Conditions on its part, under any circumstances arising out of or in connection with any of the transactions contemplated by these Standard Terms and Conditions, including the costs and expenses (including counsel fees) of defending itself against any claim of liability in the premises, and including any loss, liability or expense incurred in acting pursuant to the provisions of these Standard Terms and Conditions or in undertaking actions from time to time which the Depositor deems necessary in its discretion to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions. The Depositor's right to indemnification shall survive its resignation or removal pursuant to this Section 3.10.

 *Section 3.11. Voting; Notice to Depositor*. Subject to the following two paragraphs, in the event that the Series Trustee shall have been notified at any time of any action to be taken or proposed to be taken by at least a legally required number of holders of any Securities deposited in a Series, the Series Trustee shall take such action or omit from taking any action, as appropriate, so as to cause the Securities to be voted as closely as possible in the same manner and the same general proportion as are the Securities held by owners other than such Series. The Series Trustee may employ for the account of a Series an agent to cause the Securities to be voted as provided in the preceding sentence and the cost of such agent shall be an expense of the Series.

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), in the event that an offer by the issuer of any of the Securities or any other party shall be made to issue new securities, or to exchange securities, for Series Securities, the Series Trustee shall reject such offer. However, should any issuance, exchange or substitution be effected notwithstanding such rejection or without an initial offer, any securities, cash and/or property received shall be deposited hereunder and shall be promptly sold, if securities or property, by the Series Trustee pursuant to the Depositor's direction, unless the Depositor advises the Series Trustee to keep such securities or property. With respect to any Series which intends to qualify as a regulated investment company, as set forth in the Prospectus for such Series, in the event that an offer by the issuer of any of the Securities or any other party shall be made to issue new securities, or to exchange securities, for Series Securities, the Series Trustee will, at the direction of the Depositor, vote for or against any offer for new or exchanged securities or property in exchange for a Series Security. Should any issuance, exchange or substitution be effected, any securities, cash and/or property received shall be deposited hereunder and shall be promptly sold, if securities or property, by the Series Trustee pursuant to the Depositor's direction, unless the Depositor advises the Series Trustee to keep such securities or property. The Depositor may rely on the Portfolio Supervisor in so advising and directing the Series Trustee. The cash received in such exchange and cash proceeds of any such sales shall be distributed to Unit holders on the next distribution date in the manner set forth in Section 3.05 regarding distributions from the Capital Account.

Subject to the preceding paragraph, with respect to any Series that holds shares of a closed-end fund, exchange traded fund or other investment fund (a *"Deposited Fund"*), the Series Trustee will provide the Depositor access to the information provided to the Series Trustee regarding matters on which voting or other action is solicited or required with respect to shares of a Deposited Fund. If the Depositor determines that the voting or response to such matters should not be done in accordance with the first paragraph of this Section and, with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22) the outcome of voting or response to such matters will not result in such Series receiving new or exchange securities, as certified to the Series Trustee by the Depositor upon which the Series Trustee shall conclusively rely, the Depositor will direct the Series Trustee in writing as to the manner in which the voting or response should be made not later than ten Business Days prior to due date for the vote or response. Unless prohibited by law or statute, the Series Trustee will vote or respond as directed by the Depositor. In providing such direction, the Depositor will take into account any applicable agreement and all restrictions or limitations imposed by applicable law or statute and will cause the shares to be voted, or other response made, in the best interests of the Unit holders. The Depositor is authorized to enter into an agreement on behalf of the Series with a Deposited Fund with respect to the manner in which the shares of such fund will be voted or otherwise regarding a Series' investment in such Deposited Fund.

The Series shall be solely responsible for the consequences of any vote or other action taken pursuant to this Section. None of the Depositor, the Portfolio Supervisor or the Series Trustee shall be liable to the Series, the Unit holders, the Master Trust or any other Person for any loss or liability resulting from any vote, response, action or failure to take action pursuant to this Section, or for depreciation or loss incurred by reason of any sale made pursuant to this Section 3.11 or, as to the Series Trustee, by reason of any action taken pursuant to direction given to the Series Trustee.

Whenever new securities or property is received and retained by a Series pursuant to this Section 3.11, the Series Trustee shall provide to all Unit holders of such Series notices of such acquisition in the Series Trustee's annual report unless prior notice is directed by the Depositor.

 *Section 3.12. Replacement Securities*. In the event that any contract to purchase any Contract Obligation is not consummated in accordance with its terms (a *"Failed Contract Obligation"*), the Depositor may instruct the Series Trustee in writing to (i) purchase a replacement security as defined herein which has been selected by the Depositor (the *"Replacement Security"*) or (ii) refrain from purchasing a Replacement Security and distribute the monies held for purchasing such a Replacement Security pursuant to Section 2.01. Purchases of Replacement Securities (the *"New Securities"*) will be made subject to the conditions set forth below:

&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) With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the New Securities shall be of an issue of Securities originally selected for deposit in that Series of the Series, and with respect to any Series which intends to qualify as a regulated investment company, as set forth in the Prospectus for such Series, the New Securities shall be Securities of an issue of Securities originally selected for deposit in that Series or securities which the Depositor determines to be similar in character to the Securities originally selected for deposit;

&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 purchase of the New Securities shall not adversely affect the federal income tax status of the Series;

&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 purchase price of the New Securities shall not exceed the total amount of cash deposited, or the amount drawn with respect to the Failed Contract Obligation pursuant to Section 2.01(a) under the letter of credit deposited, by the Depositor at the time of the deposit of the Failed Contract Obligation;

&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) The written instructions of the Depositor shall (i) identify the New Securities to be purchased and (ii) state that the contract to purchase, if any, to be entered into by the Series Trustee is satisfactory in form and substance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The New Securities shall be purchased within thirty days after the deposit of the Failed Contract Obligation.

Upon satisfaction of the foregoing conditions with respect to any New Securities, which shall be certified by the Depositor in the written instruction to the Series Trustee identifying the New Securities, the Series Trustee shall enter into the contract to purchase such New Securities and take all steps reasonably necessary to complete the purchase thereof. Whenever a New Security is acquired by the Series Trustee pursuant to the provisions of this Section, the Series Trustee will, as agent for the Depositor, not later than five days after such acquisition, deliver or mail to each Unit holder a notice of such acquisition, including an identification of the Securities eliminated and the Securities acquired and shall include such information in the Annual Statement specified in Section 3.06. Amounts in respect of the purchase price thereof on account of principal shall be paid out of and charged against the cash deposited, or the amounts drawn with respect to the Failed Contract Obligation pursuant to Section 2.01(a) under the letter of credit deposited, by the Depositor at the time of the deposit of the Failed Contract Obligation. In the event the Series Trustee shall not consummate any purchase of New Securities pursuant to this Section 3.12, funds held for such purchase shall be distributed in accordance with Section 2.01(d) and Section 3.05(II)(e). Any excess of the purchase price of a Failed Contract Obligation over the purchase price of its corresponding Replacement Security shall be refunded by the Series Trustee to the Depositor. The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any purchase made pursuant to any instruction given the Series Trustee, or any failure to make any purchase authorized by, this Section 3.12. The Depositor shall not be liable to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person for any failure to instruct the Series Trustee to purchase any New Securities, nor shall the Series Trustee or Depositor be liable for errors of judgment in respect to this Section 3.12; *provided, however,* that this provision shall not protect the Depositor or the Series Trustee against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

 *Section 3.13. Deferred Sales Charge*. If the Prospectus related to the Series specifies a deferred sales charge, the Series Trustee shall, on the dates specified in and as permitted by such Prospectus (the *"Deferred Sales Charge Payment Dates"*), withdraw from the Capital Account, an amount per Unit specified in such Prospectus and credit such amount to a special non-Series account designated by the Depositor out of which the deferred sales charge will be distributed to or on the order of the Depositor on such Deferred Sales Charge Payment Dates (the *"Deferred Sales Charge Account"*). If the balance in the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, advance funds in an amount required to fund the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional monies in the Capital Account, and/or sell Securities and credit the proceeds thereof to the Deferred Sales Charge Account, *provided, however,* that the aggregate amount advanced by the Series Trustee at any time for payment of the deferred sales charge shall not exceed $15,000. Such direction shall, if the Series Trustee is directed to sell a Security, identify the Security to be sold and include instructions as to the execution of such sale. In the absence of such direction by the Depositor, the Series Trustee shall sell Securities sufficient to pay the deferred sales charge (and any unreimbursed advance then outstanding) in full, and shall select Securities to be sold in such manner as will maintain (to the extent practicable) the relative proportion of number of shares, options or par amount of each Security then held. The proceeds of such sales, less any amounts paid to the Series Trustee in reimbursement of its advances, shall be credited to the Deferred Sales Charge Account. If a Unit holder redeems Units prior to full payment of the deferred sales charge, the Series Trustee shall, if so provided in the related Prospectus and, except for situations in which the Series Fund Evaluation determined as provided in Section 5.01 hereof has been reduced by the amount of any unpaid accrued deferred sales charge, on the Redemption Date, withhold from the Redemption Price payable to such Unit holder an amount equal to the unpaid portion of the deferred sales charge and distribute such amount to the Deferred Sales Charge Account. If the Series is dissolved for reasons other than those set forth in Section 6.01(g), the Series Trustee shall, if so provided in the related Prospectus, on the dissolution of the Series, withhold from the proceeds payable to Unit holders an amount equal to the unpaid portion of the deferred sales charge and distribute such amount to the Deferred Sales Charge Account. If the Series is dissolved pursuant to Section 6.01(g), the Series Trustee shall not withhold from the proceeds payable to Unit holders any amounts of unpaid deferred sales charges. If pursuant to Section 5.02 hereof, the Depositor shall purchase a Unit tendered for redemption prior to the payment in full of the deferred sales charge due on the tendered Unit, the Depositor shall pay to the Unit holder the amount specified under Section 5.02, which amount, except for situations in which the Series Fund Evaluation determined as provided in Section 5.01 hereof has been reduced by the amount of any unpaid accrued deferred sales charge, shall be reduced by the unpaid portion of the deferred sales charge. All advances made by the Series Trustee pursuant to this Section shall be secured by a lien on the Series prior to the interest of the Unit holders and all other Persons. If the related Prospectus provides that the deferred sales charge shall accrue on a daily basis, the "unpaid portion of the deferred sales charge" as used in this paragraph shall mean the accrued and unpaid deferred sales charge as of the date of redemption or dissolution, as appropriate. The Depositor represents that the price paid by any Unit holder for Units acquired through reinvestment of Series distributions will be reduced by the aggregate amount of unpaid deferred sales charge at the time of the purchase to offset any subsequent collection by the Depositor of deferred sales charge in respect of the Units so acquired. To the extent permitted by applicable law and regulatory authorization, unpaid portions of the deferred sales charge shall be secured by a lien on the Series in favor of the Depositor, *provided* that such lien shall be subordinate to any lien in favor of the Series Trustee granted by these Standard Terms and Conditions. To the extent of the Depositor's lien, the Series Trustee shall hold the assets of the Series for the benefit of the Depositor, *provided* that the Series Trustee is authorized to make dispositions, distributions and payments for expenses in the ordinary course of the administration of the Series without regard to such lien.

 *Section 3.14. Creation and Development Fee.* If the Prospectus related to the Series specifies a creation and development fee, the Series Trustee shall, at the conclusion of the initial offering period for a Series, as certified by the Depositor to the Series Trustee, withdraw from the Capital Account, an amount equal to the entire creation and development fee and credit such amount to a special non-Series account designated by the Depositor out of which the creation and development fee will be distributed to the Depositor (the *"Creation and Development Account"*). The payment provided for in this section shall be for the account of Unit holders of record at the conclusion of the initial offering period and shall have no effect on the net asset value of Series Units prior to such date. If the balance in the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, advance funds in an amount required to fund the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional monies in the Capital Account, and/or the Depositor shall direct that the Series sell Securities and the Series Trustee shall credit the proceeds thereof to the Creation and Development Account, *provided, however,* that the aggregate amount advanced by the Series Trustee at any time for payment of the creation and development fee shall not exceed $15,000. Such direction shall, if the Series is directed to sell a Security, identify the Security to be sold and include instructions as to the execution of such sale. In the absence of a direction by the Depositor to the Series Trustee to advance funds, the Series shall sell Securities sufficient to pay the creation and development fee (and any unreimbursed advance then outstanding) in full, the Series shall sell Securities in such manner as will maintain (to the extent practicable) the relative proportion of number of shares. options or par amount of each Security then held. The proceeds of such sales, less any amounts paid to the Series Trustee in reimbursement of its advances, shall be credited to the Creation and Development Account. If the Series is dissolved pursuant to Section 6.01(g), the Depositor agrees to reimburse Unit holders for any amounts of the Creation and Development Fee collected by the Depositor to which it is not entitled. All advances made by the Series Trustee pursuant to this Section shall be secured by a lien on the Series prior to the interest of Unit holders and all other Persons. The Depositor agrees to reimburse the Series and any Unit holder any amount of Creation and Development Fee it receives which exceeds the amount which the Depositor may receive under applicable laws, regulations and rules. Notwithstanding the foregoing provisions of this Section, if the Prospectus provides that the Creation and Development Fee shall be accrued on a daily basis, (i) such fee shall accrue on a daily basis over the term set forth in the Prospectus, and (ii) the accrual shall be charged to the Series and paid to the Depositor on a monthly basis on each Distribution Date. The provisions in this Section relating to sales of Securities, advances, and the Depositor's reimbursement obligation shall apply to the payments made pursuant to the preceding sentence.

 *Section 3.15. Selection of Brokers or Dealers in Connection with the Acquisition and Disposition of Securities; Foreign Currency Exchange*. (a) In acquiring or disposing of Securities, including without limitation Additional Securities and New Securities, the Portfolio Supervisor (or the Depositor or Series Trustee if the Depositor or Series Trustee is acquiring or disposing of Securities for the account of the Series as provided in Section 3.18) shall direct transactions to such brokers or dealers as the Portfolio Supervisor selects. If the Portfolio Supervisor fails so to direct, the Depositor shall select such brokers or dealers. If neither the Portfolio Supervisor nor the Depositor is directing the transaction for the Series, the Series Trustee shall select such brokers or dealers from whom the Series Trustee expects to obtain the most favorable execution of orders. The Depositor or an affiliate of the Depositor or of the Series Trustee may act as broker. If the Depositor or an affiliate acts as broker, it shall be entitled to compensation in accordance with applicable law and regulations. Any affiliate of the Series Trustee acting as broker shall receive such compensation as may be agreed upon with the Depositor (or, if selected by the Series Trustee, at market commission rates, concessions or markups), without reduction of the compensation payable to the Series Trustee for its services as such. With the prior consent of the Series Trustee, such of the Portfolio Supervisor or Depositor which is directing the transaction, is authorized to engage a broker qualified to act as a custodian for Series assets pursuant to Rule 17f-4 under the Investment Company Act of 1940, as amended, to maintain custody of, and act as clearing broker with respect to transactions involving, options and other instruments cleared through the Options Clearing Corporation of which the Series Trustee is unable to maintain custody. The clearing broker shall be identified in the Series Trust Agreement. The Portfolio Supervisor or Depositor, as appropriate, shall cause the broker executing the option transactions to provide a certificate confirming the qualification of the clearing broker to act as custodian of Series assets under Rule 17f-4 of the Investment Company Act of 1940, as amended, and to provide the Series Trustee, on an annual basis, information which shall permit the Depositor and the Series Trustee to conduct an analysis of the custody risks associated with maintaining assets with the clearing broker. The Depositor shall take such action, or shall instruct the Portfolio Supervisor to take such action, as the Depositor deems appropriate in the event the Depositor and the Series Trustee determine that custody of Series Securities shall no longer be maintained by a clearing broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) When selling Securities which customarily trade in a foreign currency for the account of the Series, the Depositor shall, for the account of the Series, either enter into sale transactions which settle in U.S. dollars or, concurrently with the contract of the sale for the Security, enter into a foreign exchange contract for the conversion of the foreign currency received on the sale to U.S. dollars (the foreign exchange contract to have a settlement date coincident with the relevant contract of sale for the Security) such that the sale proceeds are delivered to the Series Trustee in U.S. dollars. Unless the Depositor shall otherwise direct, whenever funds are received by the Series Trustee in foreign currency, upon the receipt thereof, the Series Trustee shall enter into a foreign exchange contract for the conversion of such funds to U.S. dollars pursuant to the instruction of the Depositor. The Series Trustee shall have no liability for any loss or depreciation resulting from any foreign exchange transaction made by the Depositor or pursuant to the Depositor's instruction in connection with these Standard Terms and Conditions. Any foreign exchange transaction effected by the Series Trustee in connection with these Standard Terms and Conditions may be entered into with the Series Trustee or an affiliate of the Series Trustee acting as principal or otherwise through customary banking channels, upon such terms, and for such compensation, as the Depositor and the Series Trustee or its affiliate may agree upon. Any compensation paid to the Series Trustee or its affiliate for such services shall not reduce the compensation payable to the Series Trustee for its services as such. The Depositor may issue a standing instruction with respect to foreign exchange transactions; however, the foreign exchange counterparty, which may be an affiliate of the Series Trustee, or its affiliate, will establish terms of trading in connection with any standing instruction facility. The Series shall bear all risks of investing in Securities or holding cash denominated in a foreign currency.

 *Section 3.16. Portfolio Supervision*. (a) The Portfolio Supervisor shall perform such portfolio and other advisory services for the Series as specified herein or as from time to time requested by the Depositor, and shall provide such bookkeeping and other administrative services to the Series of a character described in Section 26(a)(2)(C) of the Investment Company Act of 1940, and to the extent that such services are in addition to, and do not duplicate, the services to be provided hereunder by the Series Trustee, as the Depositor shall specify. As compensation for providing such services, the Portfolio Supervisor shall receive, in arrears, against a statement or statements therefor submitted to the Series Trustee monthly or annually an aggregate annual fee in the per Unit amount, if any, set forth in Part II of the Series Trust Agreement for the Series. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year during which the initial offering period ends, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Portfolio Supervisor provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. Such fee may exceed the actual cost of providing such services for the Series, but at no time will the total amount received by the Portfolio Supervisor for rendering the services described in this Section 3.16 and the Depositor for rendering the services described in Section 4.03 to unit investment trusts of which the Depositor is the sponsor in any calendar year exceed the aggregate cost to the Depositor and Portfolio Supervisor of supplying such services in such year. Such fee may, from time to time, be adjusted *provided* that the total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase after the date hereof in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be paid by the Series Trustee, upon receipt of an invoice therefor from the Portfolio Supervisor, which shall constitute the representation by the Portfolio Supervisor that the portfolio supervisory services and the bookkeeping and administrative services for which compensation is claimed are properly compensable hereunder and that the aggregate cost incurred by the Depositor of providing evaluation services as described in Section 4.03 and the Portfolio Supervisor of providing portfolio supervisory and bookkeeping and administrative services hereunder was not less than the compensation claimed, upon which representation the Series Trustee may conclusively rely. Such compensation shall be charged against the Income and/or Capital Accounts in accordance with Section 3.05. If the cash balance in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to this Section 3.16 and Section 4.03, the Series Trustee shall have the power to sell for the account of the Series (i) Securities from the current list of Securities designated to be sold pursuant to Section 5.02 hereof, or (ii) if no such Securities have been so designated, such Securities as the Series Trustee may select in its discretion, and to apply the proceeds of any such sale in payment of the amounts payable pursuant to this Section 3.16 and Section 4.03. Any moneys payable to the Portfolio Supervisor pursuant to this Section 3.16 shall be secured by a lien on the Series Fund prior to the interest of Unit holders, but no such lien shall be prior to any lien in favor of the Series Trustee under these Standard Terms and Conditions. The Portfolio Supervisor may employ one or more sub-Portfolio Supervisors to assist in performing the services set forth in this Section 3.16. The Portfolio Supervisor shall not be answerable for the default of any such sub-Portfolio Supervisors if such sub-Portfolio Supervisors shall have been selected with reasonable care, *provided, however,* that the Portfolio Supervisor will indemnify and hold the Series harmless from and against any loss occurring as a result of a sub-Portfolio Supervisor's willful misfeasance, reckless disregard, bad faith, or gross negligence in performing any of the services set forth in this Section 3.16. The costs of such sub-Portfolio Supervisors shall be paid by the Portfolio Supervisor out of the fees received by the Portfolio Supervisor in accordance with this Section 3.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Portfolio Supervisor and any successor appointed as hereafter provided, in its capacity as Portfolio Supervisor and/or provider of bookkeeping and administrative services, as described herein, may resign and be discharged hereunder by executing an instrument of resignation in writing and filing the same with the Depositor and the Series Trustee, not less than sixty days before the date specified in such instrument when, subject to Section 3.16(f), such resignation is to take effect. Upon receiving such notice of resignation, the Depositor and the Series Trustee shall use their best efforts to appoint a successor to act in the capacity as to which the resignation applies, such successor to have qualifications and to be compensated at a rate of compensation satisfactory to the Depositor and the Series Trustee. Such appointment shall be made by written instrument executed by the Depositor and the Series Trustee, in duplicate, one copy of which shall be delivered to the resigning party and one copy to the successor. The Depositor and the Series Trustee may remove the Portfolio Supervisor and/or party performing bookkeeping and administrative services at any time upon thirty days' written notice and appoint a successor to act in the capacity to which the removal applies, such successor to have qualifications and to be compensated at a rate of compensation satisfactory to the Depositor and the Series Trustee, *provided, however,* that so long as First Trust Portfolios L.P. is acting as Depositor, the Series Trustee shall have no power to remove the Portfolio Supervisor or any affiliate of the Depositor who may be acting in any such capacity or capacities. Such appointment shall be made by written instrument executed by the Depositor and the Series Trustee, in duplicate, one copy of which shall be delivered to the party removed and one copy to its successor. Notice of such resignation or removal and appointment of a successor shall be mailed by the Series Trustee to each Unit holder then of record or, with respect to Units registered in the name of the Depository Trust Company (or its nominee, Cede & Co.), delivered to the Depository Trust Company in accordance with its customary procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any successor portfolio supervisor and/or provider of bookkeeping and administrative services described in Section 3.16, as appropriate, appointed hereunder, shall execute, acknowledge and deliver to the Depositor and the Series Trustee an instrument accepting such appointment hereunder, and such successor without any further act, deed or conveyance shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder with like effect as if originally named herein and shall be bound by all the terms and conditions of these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) In case at any time the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 shall resign and no successor shall have been appointed and have accepted appointment within thirty days after notice of resignation has been received by the Depositor and the Series Trustee, the resigning party may forthwith apply to a court of competent jurisdiction for the appointment of a successor. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Any entity into which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder shall be a party, shall be the successor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, notwithstanding anything to the contrary contained herein or in any agreement relating to such merger or consolidation by which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 may seek to retain certain powers, rights and privileges for any period of time following such merger or consolidation. Any Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder may transfer all or substantially all of its assets to a corporation or other entity which carries on the business of such Portfolio Supervisor and/or provider of bookkeeping and administrative services, if at the time of such transfer such successor duly assumes all the obligations of such Portfolio Supervisor and/or provider of bookkeeping and administrative services under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Any resignation or removal of the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 shall become effective upon acceptance of appointment by the successor as provided in Section 3.16(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Except as otherwise expressly provided herein, and to the fullest extent permitted by law, the Portfolio Supervisor shall not have any duty (including fiduciary duty) to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person; provided that this Section 3.16(g) does not eliminate any implied contractual covenant of good faith and fair dealing. The Portfolio Supervisor shall not be liable to any Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, other than by reason of the Portfolio Supervisor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under these Standard Terms and Conditions. To the fullest extent permitted by law, any implied duties or liabilities of the Portfolio Supervisor otherwise existing at law or in equity with respect to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person, are hereby eliminated. Neither the power to give direction to a Series Trustee or any Person nor the exercise thereof by any Person (including a Unit holder) shall cause the Portfolio Supervisor to have duties (including fiduciary duties) or liabilities relating thereto to the Master Trust, any Series, the Series Trustee, any Unit holder or any other Person. The Portfolio Supervisor may rely in good faith on any paper, order, notice, list, affidavit, receipt, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Series Trustee, counsel or any other Persons pursuant to these Standard Terms and Conditions and in furtherance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The Portfolio Supervisor shall not be under any obligation to appear in, prosecute or defend any legal action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in the Portfolio Supervisor's opinion may involve it in any expense or liability unless, as often as required by the Portfolio Supervisor, it shall be furnished with reasonable security and indemnity against such expense or liability, and any pecuniary cost of the Portfolio Supervisor from such actions shall be deductible from and a charge against the Income and Capital Accounts of the affected Series;; *provided, however,* that the Portfolio Supervisor may in its discretion undertake any such action which it may deem necessary or desirable in respect of these Standard Terms and Conditions and the rights and duties of the parties hereto and the interests of the Unit holders hereunder and, in such event, the legal expenses and costs of any such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Series concerned and shall be paid directly by the Series Trustee out of the Income and Capital Account of such Series. The Portfolio Supervisor shall in no event be deemed to have assumed or incurred any liability, duty or obligation to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person, other than as expressly provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) In no event shall the Portfolio Supervisor be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon the income or interest thereon or upon it as Portfolio Supervisor hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Portfolio Supervisor shall not be personally liable for special, consequential or punitive damages, however styled, including, without limitation, lost profits of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) The Portfolio Supervisor shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Except for those actions that the Portfolio Supervisor is expressly required to take hereunder, the Portfolio Supervisor shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party regardless of the consequences of the failure to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Portfolio Supervisor shall not have any obligation or duty to supervise or monitor the performance of the Depositor, the Series Trustee or any other Person and shall have no liability for the failure of the Depositor or Series Trustee to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Portfolio Supervisor shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Portfolio Supervisor shall be indemnified ratably, as determined by the aggregate value of the Securities and other assets held by each affected Series, by the affected Series and held harmless against any loss or liability accruing to it without bad faith, willful misfeasance, gross negligence or reckless disregard of its obligations and duties under these Standard Terms and Conditions on its part, under any circumstances arising out of or in connection with any of the transactions contemplated by these Standard Terms and Conditions, including the costs and expenses (including counsel fees) of defending itself against any claim of liability in the premises, and including any loss, liability or expense incurred in acting pursuant to the provisions of these Standard Terms and Conditions or in undertaking actions from time to time which the Portfolio Supervisor deems necessary in its discretion to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions. The Portfolio Supervisor's right to indemnification shall survive its resignation or removal pursuant to this Section 3.16.

 *Section 3.17. Tax Matters* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. (i) The Depositor shall engage Series Tax Accountants for each Series which shall advise the Depositor with respect to tax matters relating to the Series; prepare any tax returns required to be filed for a Series; as applicable, determine what distributions should be made to avoid or reduce excise or other taxes; supervise the tax reporting for the Series; and otherwise provide such tax advice as may be requested by the Depositor or the Series Trustee. Neither the Depositor nor the Series Trustee will have any liability to the Series, the Unit holders or any other Person for actions taken on the advice of the Series Tax Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As advised by the Series Tax Accountants, the Depositor shall determine and make, or direct the Series Trustee to make pursuant to the Depositor's determination, all tax elections to be made for a Series, including any election to qualify and be treated as a "regulated investment company" as defined in the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Depositor shall supervise the preparation of tax returns required to be filed for each Series. The Series Trustee will provide the Series Tax Accountants such financial information needed for tax returns as the Series Trustee maintains in the course of the ordinary administration of the Series or as may otherwise be reasonably requested by the Series Tax Accountants. The Depositor is authorized to sign any tax return to be filed for a Series and to conduct all proceedings relating to any tax return or other matter arising in connection with the taxation of any Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Depositor and the Series Tax Accountants shall administer the tax reporting for the Series and the Series Trustee shall disseminate the tax reporting information through the Depository Trust Company in accordance with its customary procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Reporting for Series Grantor Trusts*. With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the Depositor and the Series Trustee agree that the Series meets the requirements of Treas. Reg. Section 1.671-5(f)(1)(i), and the Series Trustee is authorized:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to report in accordance with any of the safe harbor methods described in Treas. Reg. Section 1.671-5(f);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to report sales proceeds, whenever permitted, as provided in Treas. Reg. Section 1.671-5(f)(1)(iv)(B);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) to report proceeds of sales and dispositions described in Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(4)(ii) as provided in Treas. Reg. Section 1.6715(c)(2)(iv)(D)(4)(i); and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) to use the measuring date, as defined in Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(1), in lieu of the start-up date, wherever permitted.

For purposes of Treas. Reg. Section 1.671-5(f)(1)(iv)(A)(2), the date of the last deposit under Section 2.01(b) prior to the expiration of the initial offering period, as certified to the Series Trustee by the Depositor, shall be considered the 'start-up date' of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Claims for Exemption from, or Refund of, Withheld Foreign Taxes*. Solely with respect to any Series with respect to which the Series Tax Accountants have advised that a refund or exemption with respect to withheld foreign (non-United States) taxes may be claimed on the basis of the domicile of the Series being determined by the law governing these Standard Terms and Conditions or the place of business of the Series Trustee, the Series Trustee shall, to the extent that the Series Trustee may reasonably obtain the information required to be submitted within an appropriate time, file claims for exemptions or refunds with respect to such taxes. The Series Trustee shall not, and shall have no duty to, file claims for exemptions or refunds with respect to other foreign taxes, including, for avoidance of doubt, any claim based on the domicile of the registered or beneficial owner of Series Units. The Bank of New York Mellon, or an affiliate, may be engaged by the Series Trustee to provide services in connection with a filing for refund or exemption and may receive compensation for such services without reduction of the compensation payable to the Series Trustee for its services as such.

 *Section 3.18. Authority to Purchase or Sell Securities for the Account of the Series* . Whenever in these Standard Terms and Conditions it is provided that the Series Trustee or the Depositor shall purchase or sell Securities, the Portfolio Supervisor is authorized to, and shall, cause the Securities to be purchased or sold, for the account of the Series. Should the Portfolio Supervisor fail to cause such purchase or sale, the Depositor shall make the purchase or sale, and the Series Trustee shall purchase or sell Securities only in the event that the Series Trustee would otherwise be directed to make the purchase or sale pursuant to the provisions of these Standard Terms and Conditions and both the Portfolio Supervisor and the Depositor have failed to make or cause such purchase or sale. Neither the Series Trustee nor the Depositor shall have any responsibility or liability for any purchase or sale of Securities caused by the Portfolio Supervisor and the Series Trustee shall have no responsibility or liability for any purchase or sale of Securities made by the Depositor or for any failure of the Portfolio Supervisor or Depositor to make, or cause, any purchase or sale required by this Section or otherwise by these Standard Terms and Conditions.

 *Section 3.19. No Recourse*. None of the Series Trustee, Depositor or Portfolio Supervisor, or their respective officers, directors, trustees, shareholders, agents, partners or employees, shall be liable for any losses, judgments, liabilities, expenses (including reasonable legal fees and expenses) and amounts paid in settlement of any claims and demands whatsoever sustained by it from the administration of the Master Trust, any Series or their respective assets; for all such liabilities, recourse shall be limited solely to the assets of the Master Trust or the applicable Series.

**Article IV**

**Evaluation of Securities; Compensation For Evaluation; Succession**

 *Section 4.01. Evaluation of Securities*. (a) The Depositor shall determine separately, and shall promptly furnish to the Series Trustee upon request, the value of each issue of Securities (including Contract Obligations) (the *"Evaluation"*) as of the Evaluation Time (i) on each Business Day during the period in which the Units are being offered for sale to the public and (ii) on any other day on which a Series Fund Evaluation is to be made pursuant to Section 5.01 or which is requested by the Series Trustee. As part of the Series Evaluation, on the Initial Date of Deposit the Depositor shall determine separately and promptly furnish to the Series Trustee the Evaluation of each issue of Securities initially deposited in the Series. The Depositor's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in Schedule A attached to the Series Trust Agreement. For each Evaluation, the Depositor shall also confirm and furnish to the Series Trustee, on the basis of the information furnished to the Depositor by the Series Trustee as to the value of all assets of the Series Fund other than Securities, the calculation of the Series Fund Evaluation to be computed pursuant to Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) During the initial offering period, namely, from the date of effectiveness of the Registration Statement under the Securities Act of 1933 relating to the Units to and including the day which is designated in writing by the Depositor to the Series Trustee as the conclusion of such period, the Evaluation shall be made in the following manner: if the Securities are listed on a national or foreign securities exchange or The Nasdaq Stock Market, such Evaluation shall generally be based on the closing sale price on the exchange or system which is the principal market therefor (*"Primary Exchange"*), which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Depositor deems such price inappropriate as the basis for evaluation). In the event a closing sale price on the Primary Exchange is not published, the Evaluation will be based on the last trade price on the Primary Exchange. If no trades occur on the Primary Exchange for a specific trade date, the Evaluation will be based on the closing sale price from, in the opinion of the Depositor, an appropriate secondary exchange, if any. If no trades occur on the Primary Exchange or any appropriate secondary exchange on a specific trade date, the Depositor will determine the Evaluation using the best information available to the Depositor, which may include the prior day's evaluated price. If the Security is an American Depositary Receipt (*"ADR"*), Global Depositary Receipt (*"GDR"*) or other similar security in which no trade occurs on the Primary Exchange or any appropriate secondary exchange on a specific trade date, the Evaluation will be based on evaluated price of the underlying security, determined as set forth above, after applying the appropriate ADR/GDR ratio, the exchange rate and such other information which the Depositor deems appropriate. Except as provided in the following sentence, as used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange immediately prior to the Evaluation Time. For purposes of valuing Securities traded on The Nasdaq Stock Market, closing sale price shall mean the Nasdaq Official Closing Price (*"NOCP"*) as determined by Nasdaq. If the Securities are not so listed or, if so listed and the principal market therefor is other than on the Primary Exchange or any appropriate secondary exchange, the Evaluation shall generally be based on the current ask price on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation). If current ask prices are unavailable, the Evaluation is generally determined (a) on the basis of current ask prices for comparable securities, (b) by appraising the value of the Securities on the ask side of the market, or (c) any combination of the above. If such prices are in a currency other than U.S. dollars, the Evaluation of such Security shall be converted to U.S. dollars based on current exchange rates, unless the Security is in the form of an ADR or GDR, in which case the Evaluations shall be based upon the U.S. dollar prices in the market for ADR or GDR (unless the Depositor deems such prices inappropriate as a basis for evaluation). The Evaluation of options in a Series will generally be determined based on the last quoted sale price where readily available and appropriate. If no trades occur for a specific trade date or the Depositor determines that market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Depositor will determine the underlying value of the options based on their good faith determination of the fair value of the options at their discretion. To determine the fair value of the options, where available, the Depositor will start with values generated using model prices provided by an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such values are not available and to assess the reasonableness of the above valuations, the Depositor may generate their own model-based valuations of the options, including using the Black-Scholes model for option valuation, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded. For the purposes of the foregoing, the Depositor may obtain current prices for the Securities from investment dealers or brokers (including the Depositor) that customarily deal in similar securities. If the Depositor deems a price determined as set forth above to be inappropriate as the basis for evaluation, the Depositor shall use such other information available to the Depositor which it deems appropriate as the basis for determining the Evaluation. The aggregate Evaluation will be reduced by the aggregate value of written options, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) After the initial offering period and both during and after the initial offering period, for purposes of the Series Fund Evaluations required by Section 5.01 in determining Redemption Value and Unit Value, Evaluation of the Securities shall be made in the manner described in Section 4.01(b), the relevant currency exchange rate expressed in U.S. dollars and, except in those cases in which the Securities are listed on a national or foreign securities exchange or The NASDAQ Stock Market and the closing sale prices are utilized, on the basis of the current bid prices of the Securities on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation). The Evaluation of options in a Series will generally be determined based on the last quoted sale price where readily available and appropriate. If no trades occur for a specific trade date or the Depositor determines that market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Depositor will determine the underlying value of the options based on its good faith determination of the fair value of the options at their discretion. To determine the fair value of the options, where available, the Depositor will start with values generated using model prices provided by an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such values are not available and to assess the reasonableness of the above valuations, the Depositor may generate its own model-based valuations of the options, including using the Black-Scholes model for option valuation, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Depositor will maintain and preserve the records of its determinations and activities in connection with the evaluation of Series Securities as required by applicable statutes and regulations. Such records shall constitute records of the Series and shall be made available by the Depositor.

 *Section 4.02. Information for Unit Holders*. For the purpose of permitting Unit holders to satisfy any reporting requirements of applicable federal or state tax law, the Depositor shall make available to the Series Trustee and the Series Trustee shall transmit to any Unit holder upon request any determinations made by the Depositor pursuant to Section 4.01.

 *Section 4.03. Compensation for Services Provided*. (a) The Depositor, as compensation for providing evaluation services, shall receive, in arrears, against a statement or statements therefor submitted to the Series Trustee monthly or annually an aggregate annual fee in the per Unit amount, if any, set forth in Part II of the Series Trust Agreement for the Series. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year during which the initial offering period ends, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Depositor provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. The fee received by the Depositor for providing evaluation services may exceed its actual cost of providing such services for the Series, but at no time will the total amount received by the Depositor for providing evaluation services and the Portfolio Supervisor for providing services described in Section 3.16 to unit investment trusts of which the Depositor is the sponsor in any calendar year exceed the aggregate cost of the Depositor and Portfolio Supervisor of supplying such services in such year. Such fee may, from time to time, be adjusted *provided* that the total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase after the date hereof in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be paid by the Series Trustee, upon receipt of an invoice therefor from the Depositor, which shall constitute the representation by the Depositor that the evaluation services for which compensation is claimed are properly compensable hereunder and that the aggregate cost incurred by the Depositor of providing evaluation services as described in Section 4.03 and the Portfolio Supervisor of providing portfolio supervisory and bookkeeping and administrative services as described in Section 3.16 was not less than the compensation claimed, upon which representation the Series Trustee may conclusively rely. Such compensation shall be charged against the Income and/or Capital Accounts in accordance with Section 3.05. If the cash balance in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to Section 3.16 and Section 4.03, the Series Trustee shall sell (i) Securities from the current list of Securities designated to be sold pursuant to Section 5.02 hereof, or (ii) if no such Securities have been so designated, such Securities as the Series Trustee may select in its own discretion, and to apply the proceeds of any such sale in payment of the amounts payable pursuant to Section 3.16 and this Section 4.03. Any moneys payable to the Depositor pursuant to this Section 4.03 shall be secured by a lien on the Series Fund prior to the interest of Unit holders, but no such lien shall be prior to any lien in favor of the Series Trustee under these Standard Terms and Conditions. The Depositor may employ one or more entities to assist in performing the evaluation services set forth in this Article IV. The Depositor shall not be answerable for the default of any such entities if such entities shall have been selected with reasonable care and are properly reviewed and supervised, *provided, however,* that the Depositor will indemnify and hold the Series harmless from and against any loss occurring as a result of an entity's willful misfeasance, reckless disregard, bad faith, or gross negligence in performing evaluation services set forth in this Article IV. The cost of such entities shall be paid by the Depositor out of the fees received by the Depositor in accordance with this Section 4.03.

 *Section 4.04. Liability of the Depositor for Evaluations*. The Series Trustee and the Unit holders may rely on any Evaluation furnished by the Depositor and shall have no responsibility for the accuracy thereof. The determinations made by the Depositor hereunder shall be made in good faith upon the basis of the best information available to it. The Depositor shall be under no liability to the Series Trustee or the Unit holders for errors in judgment; *provided, however,* that this provision shall not protect the Depositor against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

**Article V**

**Evaluation, Redemption, Purchase, Transfer, Interchange or<br> Replacement of Units**

 *Section 5.01. Series Fund Evaluation*. As of the Evaluation Time (i) on the last Business Day of each year, (ii) on the day on which any Unit is tendered for redemption and (iii) on any other day desired by the Series Trustee or requested by the Depositor, the Series Trustee shall: add (1) all monies on deposit in the Series (excluding (a) cash, cash equivalents or letters of credit deposited pursuant to Section 2.01 hereof for the purchase of Securities or Contract Obligations, unless such cash or letters of credit have been deposited in the Income and Capital Accounts because of failure to apply such monies to the purchase of Securities or Contract Obligations pursuant to the provisions of Sections 2.01, 3.02 and 3.03 hereof and excluding (b) monies credited to the Reserve Account pursuant to Section 3.04 hereof); plus (2) the aggregate Evaluation of all Securities (including Contract Obligations) on deposit in the Series as is determined by the Depositor (such Evaluation to be made on the basis of the aggregate underlying value of the Securities as determined in Section 4.01(b) for the purpose of computing redemption value of Units as set forth in Section 5.02 hereof); plus (3) all other income from the Securities (including dividends receivable on the Securities trading ex-dividend as of the date of such valuation) as of the close of business on the date of such Evaluation together with all other assets of the Series. For each such Series Fund Evaluation there shall be deducted from the sum of the above: (i) amounts representing any applicable taxes or governmental charges payable out of the respective Series and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account; (ii) amounts representing estimated accrued expenses of such Series including but not limited to unpaid fees and expenses of the Series Trustee, the Portfolio Supervisor, the Depositor and its counsel, in each case as reported by the Series Trustee to the Depositor on or prior to the date of Evaluation, and organization expenses if accrued on a daily basis; (iii) unless, organization expenses are specified to accrue daily, commencing with the first Business Day following the expiration of the Organization Expense Period, amounts representing unpaid accrued organization costs; (iv) if the Prospectus for a Series provides that the creation and development fee, if any, accrues on a daily basis, amounts representing unpaid accrued creation and development fees; (v) if the Prospectus for a Series provides that the deferred sales charge shall accrue on a daily basis, amounts representing unpaid accrued deferred sales charge; and (vi) any monies identified by the Series Trustee, as of the date of the Evaluation, as held for distribution to Unit holders of record as of a Record Date or for payment of the Redemption Value of Units tendered prior to such date. The resulting figure is herein called a "*Series Fund Evaluation*." Amounts receivable by the Series in a foreign currency shall be reported to the Depositor who shall convert the same to U.S. dollars based on current exchange rates, in the same manner as provided in Section 4.01(b) or 4.01(c), as applicable, for the conversion of the valuation of foreign Securities, and the Depositor shall report such conversion with each Evaluation made pursuant to Section 4.01.

For each day on which the Series Trustee shall make a Series Fund Evaluation it shall also determine the "Unit Value" for such day, which shall equal such Series Fund Evaluation divided by the number of Units outstanding on such day.

The Depositor is authorized to obtain from The NASDAQ Stock Market, Inc. (*"NASDAQ"*) Mutual Fund Quotation Service (*"MFQS"*) a unit investment trust ticker symbol for a Series and to contract with NASDAQ for the dissemination of the Series Fund Evaluation computed by the Series Trustee pursuant to Section 5.01 of these Standard Terms and Conditions through the MFQS, *provided, however,* that no such contract shall affect the Series Trustee's duties or liabilities without its prior consent. When and as directed by the Depositor, the Series Trustee shall cause the Series Fund Evaluation to be communicated to MFQS for such purpose. The Depositor and Series Trustee shall be reimbursed from the respective Series for any cost or expense incurred in connection with the obtaining of the ticker symbol and the communication to MFQS and its dissemination of the Series Fund Evaluation. Neither the Depositor nor the Series Trustee shall be liable for any error, omission or other action of NASDAQ in connection with the dissemination of the Series Fund Evaluation, and the Depositor and the Series Trustee shall be indemnified by the respective Series and held harmless against any loss, liability, claim or expense resulting from any error, omission or other action of NASDAQ. In no event shall the Series, the Depositor or the Series Trustee be liable to any Person for special, indirect, or consequential damages of any kind whatsoever resulting from or in connection with the dissemination of the Series Fund Evaluation through MFQS whether or not the Depositor or the Series Trustee has been advised as to the possibility of such damages and regardless of the form of action in which any such claim for damages may be made.

 *Section 5.02. Redemptions by* Series *Trustee; Purchases by Depositor*. Any Unit tendered by means of an appropriate request for redemption in a form approved by the Series Trustee shall be paid by the Series Trustee on the first Business Day following the day on which tender for redemption is made in proper form, or such other date as specified under Federal securities laws (being herein called the *"Settlement Date"*). Subject to the next succeeding paragraph and subject to payment by such Unit holder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment of cash equivalent to the Unit Value determined on the basis of a Series Fund Evaluation made in accordance with Section 5.01 determined by the Series Trustee on the date of tender, multiplied by the number of Units tendered for redemption (herein called the *"Redemption Value"*). Units received for redemption by the Series Trustee on any Business Day after the Evaluation Time or on any day that is not a Business Day will be held by the Series Trustee until the next Business Day and will be deemed to have been tendered on such Business Day for redemption at the Redemption Value computed on that Business Day.

The portion of the Redemption Value which represents income shall be withdrawn from the Income Account to the extent available. The balance paid on any Redemption Value, including income not paid from the Income Account, if any, shall be withdrawn from the Capital Account to the extent that funds are available for such purpose. In the event that either: (i) funds are withdrawn from the Capital Account and are applied to the payment of income upon any redemption of Units; or (ii) Securities are sold for the payment of the Redemption Value and any portion of the proceeds of such sale is applied to the payment of income upon such redemption, then, in either such event, the Capital Account shall be reimbursed therefor at such time as sufficient funds may be next available in the Income Account for such purpose. Subject to the following provisions of this Section 5.02, if such available funds shall be insufficient, the Series shall sell such Securities as have been designated on the current list for such purpose by the Portfolio Supervisor as provided below in order to fund the Capital Account for purposes of such redemption, subject to any limitations as to the minimum amount of Securities to be sold specified in the Series Trust Agreement.

Subject to the restrictions set forth in the Series Trust Agreement and Prospectus of a Series, Unit holders of a Series that holds equity securities who redeem that minimum number of Units of a Series set forth in Part II of the Series Trust Agreement may request a distribution in-kind of (i) such Unit holder's pro rata portion of each of the Securities listed on a U.S. securities exchange (*"U.S. listed securities"*) in such Series, in whole shares, and (ii) cash equal to such Unit holder's pro rata portion of the Income and Capital Accounts as follows: (x) a pro rata portion of the net proceeds of sale of the non-U.S. listed Securities and Securities representing any fractional shares included in such Unit holder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unit holder's pro rata share of the sum of the cash balances of the Income and Capital Accounts in an amount equal to the Unit Value determined on the basis of a Series Fund Evaluation made in accordance with Section 5.01 determined by the Series Trustee on the date of tender less amounts determined in clauses (i) and (ii)(x) of this Section. Subject to Section 5.04 with respect to Rollover Unit holders, to the extent possible, distributions of Securities pursuant to an in-kind redemption of Units shall be made by the Series Trustee through the distribution of each of the Securities in book-entry form to the account of the Unit holder's bank or broker-dealer at the Depository Trust Company. Any distribution in-kind will be reduced by customary transfer and registration charges.

For a Series that holds options for which In-Kind Distribution is specified to be available in the Prospectus of the Series, and subject to the restrictions set forth below and in the Prospectus of the Series, a Unit holder of such Trust who redeems that minimum number of Units of the Series set forth in Part II of the Series Trust Agreement for such Series may request a distribution in-kind (an *"In-Kind Distribution"*) of (i) the pro-rata number of options then constituting the Series portfolio represented by the tendered Units and (ii) cash equal to the difference between the Unit Value of the tendered Units determined on the basis of a Series Trust Evaluation made in accordance with Section 5.01 and the value of the options distributed in-kind as of the date of tender. The options and cash constituting the In-Kind Distribution shall be determined by the Depositor. Subject to the last paragraph of Section 5.02, to the extent the cash balances of the Income and Capital Accounts are insufficient for the cash component of the In-Kind Distribution, the Depositor shall sell Securities and sell or terminate options as shall be required to provide the necessary cash.

An In-Kind Distribution from a Series that holds options is subject to the following restrictions and any additional restrictions stated in the Prospectus of the Series: (1) the tender for redemption must be only in an aggregate amount of Units which the Depositor determines will permit a non-fractional, pro-rata distribution of all options that make up the Series' portfolio; (2) the Depository Trust Company participant or indirect participant acting for the beneficial owner of the Units to be tendered must submit to the Depositor documentation requesting the In-Kind Distribution that is in form and substance satisfactory to the Depositor and the Series Trustee; (3) the tender for redemption must be made at least ten Business Days prior to the Mandatory Dissolution Date; and (4) documentation submitted to the Depositor must specify an account that is eligible to receive the options includible in such In-Kind Distribution.

The entity submitting the In-Kind Distribution request shall provide the Depositor with the following information prior to submitting the In-Kind Distribution request: (i) the Depository Trust Company account from which the tendered Units shall be delivered to the Series Trustee and to which the Series Trustee shall deliver the cash component of the In-Kind Distribution, (ii) the delivery instructions for the account to which the Series Trustee shall deliver the options included in the In-Kind Distribution, (iii) the number of Units to be tendered, (iv) the date by which the tendered Units will be delivered to the Series Trustee, and such other information as the Depositor and the Series Trustee determine. The above information shall be submitted to the Depositor for review. The Depositor shall notify the Person submitting the information of the Depositor's approval or rejection and shall transmit such information to the Series Trustee together with the Depositor's identification of the options and cash constituting the In-Kind Distribution to be delivered in connection therewith. The Depositor's approval shall constitute its certification that requirements of the following paragraph with respect to an In-Kind Distribution to an Affiliated Redeeming Unit holder will or have been met. Such transmittal shall constitute the direction of the Depositor to the Series Trustee to make the distributions specified therein; the Series Trustee shall rely conclusively upon, and shall have no liability to any Person for acting in compliance with, such direction.

Notwithstanding the preceding paragraphs of this Section, if a Unit holder electing an In-Kind Distribution from a Series that holds options is an Affiliated Redeeming Unit holder, such In-Kind Distribution shall be permitted subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The In-Kind Distribution shall be consistent with the redemption policies and undertakings, as set forth in the Prospectus for the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Neither the Affiliated Redeeming Unit holder, nor any other party with the ability and the pecuniary incentive to influence the In-Kind Distribution, may select, or influence the selection of, the distributed assets of the Series, *provided, however,* that a pro rata distribution of Series assets, with a pro rata purchase or termination of written options, shall not constitute a selection of Series assets for purpose of this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The In-Kind Distribution may not favor the Affiliated Redeeming Unit holder to the detriment of any other Unit holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) The Depositor shall monitor each In-Kind Distribution for compliance with all provisions of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) The Depositor shall maintain and preserve, on behalf of the Series, for a period of not less than six (6) years from the end of the fiscal year in which the In-Kind Distribution occurs, the first two (2) years in an easily accessible place, records for each In-Kind Distribution setting forth the identity of the Affiliated Redeeming Unit holder, a description of the composition of the portfolio of the Series (including each asset's value) immediately prior to the In-Kind Distribution, a description of each asset distributed in-kind, the terms of the In-Kind Distribution, the information or materials upon which the asset valuations were made, and a description of the composition of the portfolio of the Series (including each asset's value) one month after the In-Kind Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) The term *"Affiliated Redeeming Unit holder"* shall mean the Depositor or an affiliated Person of the Series as certified by such Person in the approved form delivered pursuant to the preceding paragraph of this Section, upon which certification the Series Trustee is authorized conclusively to rely. The term "affiliated Person" as used in the preceding sentence shall have the meaning assigned to such term in the 1940 Act.

The In-Kind Distribution option for a Series that holds options may be terminated, modified or discontinued at any time by the Depositor without notice to the Unit holders, and the Depositor reserves the right, in its sole discretion, to reject any request for an In-Kind Distribution.

The Series Trustee shall take only such actions with respect to In-Kind Distributions as the Depositor shall direct pursuant to the foregoing provisions of this Section and shall have no responsibility for, or liability in respect of, any action taken pursuant to such direction or the failure to take any action in the absence of such direction.

The Series Trustee may in its discretion, and shall when so directed by the Depositor in writing, suspend the right of redemption for Units of a Series or postpone the date of payment of the Redemption Value for more than one Business Day following the day on which tender for redemption is made (or such other day as specified under Federal securities laws) (i) for any period during which the New York Stock Exchange is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (ii) for any period during which an emergency exists as a result of which disposal by such Series of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (iii) for such other period as the Securities and Exchange Commission may by order permit, and neither the Series Trustee nor the affected Series shall be liable to any Person or in any way for any loss or damage which may result from any such suspension or postponement.

Not later than the Evaluation Time on the day of tender of any Units for redemption by a Unit holder other than the Depositor, the Series Trustee shall notify the Depositor of such tender. The Depositor shall have the right to purchase such Unit(s) by notifying the Series Trustee of its election to make such purchase as soon as practicable thereafter but in no event subsequent to the Evaluation Time on the day on which such Unit(s) were tendered for redemption, *provided* that the Depositor shall not have the right to purchase Units for which the redeeming Unit holder is entitled to receive, and has duly elected to receive, a distribution in-kind. Such purchase shall be made by payment by the Depositor to the Unit holder on the Settlement Date of an amount not less than the Redemption Value which would otherwise be payable by the Series Trustee to such Unit holder. So long as the Depositor maintains a bid in the secondary market, the Depositor may repurchase the Units tendered to the Series Trustee for redemption but shall be under no obligation to maintain any bids and may, at any time while so maintaining such bids, cease to do so immediately at any time or from time to time without notice.

Any Unit or Units so purchased by the Depositor may at the option of the Depositor be tendered to the Series Trustee for redemption at the Unit Investment Trust office of the Series Trustee in the manner provided in the first paragraph of this Section 5.02.

Notwithstanding the foregoing provisions of this Section 5.02, but subject to the further provisions of this paragraph, the Series Trustee is hereby irrevocably authorized in its discretion, in the event that the Depositor does not purchase any Units tendered to the Series Trustee for redemption, or in the event that a Unit is being tendered by the Depositor for redemption, in lieu of redeeming Units, to sell Units in the over-the-counter market through any broker-dealer of its choice for the account of the tendering Unit holder at prices which will return to the Unit holder an amount in cash, net after deducting brokerage commissions, transfer taxes and other charges, equal to or in excess of the Redemption Value which such Unit holder would otherwise be entitled to receive on redemption pursuant to this Section 5.02. The Series Trustee shall not sell pursuant to the preceding sentence any Units for which the redeeming Unit holder is entitled to receive, and has duly elected to receive, a distribution in-kind. The Series Trustee shall pay to the Unit holder the net proceeds of any such sale on the day on which such Unit holder would otherwise be entitled to receive payment of the Redemption Value hereunder.

With respect to Series which have elected to qualify as regulated investment companies, the Portfolio Supervisor shall maintain with the Series Trustee a current list of Securities designated to be sold for the purpose of funding the Capital Account for redemption of Units tendered for redemption and, to the extent necessary, for payment of expenses under these Standard Terms and Conditions. In connection therewith, the Depositor may specify in the Series Trust Agreement the minimum principal amounts of any Securities to be sold at any one time. If the Portfolio Supervisor shall for any reason fail to maintain such a list, the Depositor shall provide the list or, if neither the Portfolio Supervisor or Depositor provides a list, the Series Trustee may in its sole discretion designate a current list of Securities for such purposes. The net proceeds of any sale of Securities from such list representing income shall be credited to the Income Account and then disbursed therefrom for payment of expenses and payments to Unit holders required to be paid under these Standard Terms and Conditions. Any balance remaining after such disbursements shall remain credited to the Capital Account.

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), for the purpose of funding the Capital Account for payment of the Redemption Value with respect to each tender of a Unit or Units for redemption, the Depositor may direct the Series Trustee to sell and, in the absence of contrary direction from the Depositor, the Series Trustee may sell, the pro rata amount of each Security allocable to the tendered Units as soon as reasonably practicable following such tender. In determining such pro rata amount, the Series Trustee may apply the calendar month aggregation method provided in Treas. Reg. Section 1.671-5(c)(2)(iv)(G)(3)(i). If the proceeds of such pro rata sales are insufficient, the Series Trustee may (i) sell additional Securities as directed by the Depositor or, in the absence of direction, sell Securities in amounts which are reasonably pro rata as determined by the Series Trustee or (ii) advance funds required to pay the Redemption Value, *provided* that the Series Trustee shall have no obligation to advance funds if the unreimbursed amount advanced to the Series for this purpose then equals at least $15,000. When directed by the Depositor or determined by the Series Trustee, but in all events as promptly as reasonably practicable whenever the unreimbursed amount advanced by the Series Trustee equals or exceeds $15,000, the Series Trustee shall sell additional Securities in the manner provided in clause (i) of the preceding sentence and shall reimburse itself the amount of the advance, *provided* that the Series Trustee's right to reimbursement shall not be affected by any delay in sale or reimbursement. The Series Trustee's right to reimbursement shall be secured by a lien on the Series Fund prior to the interest of the Unit holders. The net proceeds of any sale of Securities representing income shall be credited to the Income Account and then disbursed therefrom for payment of expenses and payments to Unit holders as otherwise provided in these Standard Terms and Conditions. The balance of such net proceeds shall be credited to the Capital Account. The Depositor and the Series Trustee shall use their reasonable efforts to conduct pro rata sales of Securities qualifying for exception from tax reporting as described in Treas. Reg. Section 1.671-5(c)(2)(iv)(G) and, during the final calendar year of the Series, qualifying for the exception from tax reporting described in Treas. Reg. Section 1.671-5(c)(2)(iv)(F). Notwithstanding the foregoing, neither the Series Trustee nor the Depositor shall be liable to any Person in the event sales proceeds for any calendar year exceed the general de minimis test of Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(1) (whether or not due to a failure to sell Securities pro rata) or otherwise require reporting under Treas. Reg. Section 1.671-5.

None of the Series Trustee, Portfolio Supervisor or Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.02.

 *Section 5.03. Transfer of Units*. Subject to Section 2.03(b), the registered holder of any Unit may transfer such Unit by the presentation of transfer instructions to the Series Trustee at the Unit Investment Trust office of the Series Trustee accompanied by such documents as the Series Trustee deems necessary to evidence the authority of the Person making such transfer and executed by the registered holder or his authorized attorney, whereupon the Series Trustee shall make proper notification of such transfer on the registration books of the Series Trustee. Ownership of a Unit in one Series shall not be exchangeable for a Unit in any other Series of the Master Trust.

A sum sufficient to pay any tax or other governmental charge that may be imposed in connection with any such transfer shall be paid by the Unit holder to the Series Trustee.

With respect to Units registered in the name of the Depository Trust Company (or its nominee, Cede & Co.), (a) the Series Trustee and the Depositor may treat the Depository Trust Company as the absolute owner of such Units for all purposes whatsoever, including, without limitation, the payment of distributions and the giving of reports and notices of redemption, tender and other matters with respect to such Units and (b) the Series Trustee shall have no responsibility or obligation with respect to (i) the accuracy of the records of beneficial ownership of such Units maintained by the Depository Trust Company (or any participant in the Depository Trust Company), (ii) the delivery to any beneficial owner of such Units (other than the Depository Trust Company) of any report or any notice of redemption, tender or any other matter related to such Units, (iii) the payment or distribution to any beneficial owner of such Units (other than the Depository Trust Company) of any amount payable or other property distributable with respect to such Units, (iv) the failure of the Depository Trust Company (or any participant in the Depository Trust Company) to effect any transfer of Units or (v) any other act or omission of the Depository Trust Company (or any participant in the Depository Trust Company).

 *Section 5.04. Rollover of Units*. The provisions of this Section 5.04 shall be applicable to a Series if expressly specified in the Series Trust 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) If the Depositor shall offer a subsequent Series (the *"New Series"*), the Series Trustee shall, at the Depositor's sole cost and expense, include in the notice sent to Unit holders specified in Section 8.02 a form of election whereby Unit holders, whose redemption distribution would be in an amount sufficient to purchase at least one Unit of the New Series, may elect to have their Unit(s) redeemed in-kind in the manner provided in Section 5.02, the Securities included in the redemption distribution sold, and the cash proceeds applied by the Series Trustee as agent of such electing Unit holders (in such capacity, the *"Distribution Agent"*) to purchase Units of a New Series, all as hereinafter provided. The Series Trustee shall honor properly completed election forms returned to the Series Trustee, accompanied by a properly completed redemption request, by its close of business on the notification date set forth in the notice sent to Unit holders (the *"Rollover Notification Date"*). The notice and form of election to be sent to Unit holders in respect of any redemption and purchase of Units of a New Series as provided in this Section shall be in such form and shall be sent at such time or times as the Depositor shall direct the Series Trustee in writing and the Series Trustee shall have no responsibility therefor. The Distribution Agent acts solely as disbursing agent in connection with purchases of Units pursuant to this Section and nothing herein shall be deemed to constitute the Distribution Agent a broker in such transactions.

All Units so tendered by a Unit holder (a *"Rollover Unit holder"*) shall be redeemed and cancelled during the Special Redemption and Liquidation Period on such date or dates specified by Depositor. Subject to payment by such Rollover Unit holder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made in-kind pursuant to Section 5.02 by distribution of cash and/or Securities to the Distribution Agent on the redemption date equal to the net asset value (determined on the basis of the Series Fund Evaluation as of the redemption date in accordance with Section 4.01) multiplied by the number of Units being redeemed (herein called the *"Rollover Distribution"*). Any Securities that are made part of the Rollover Distribution shall be valued for purposes of the redemption distribution as of the redemption date.

All Securities included in a Unit holder's Rollover Distribution shall be sold by the Distribution Agent during the Special Redemption and Liquidation Period specified in the Prospectus pursuant to the Depositor's direction, and the Distribution Agent shall, unless directed otherwise by the Depositor, employ the Depositor as broker in connection with such sales. For such brokerage services, the Depositor shall be entitled to compensation at its customary rates, *provided, however,* that its compensation shall not exceed the amount authorized by applicable securities laws and regulations. The Depositor shall direct that sales be made in accordance with the guidelines set forth in the Prospectus under the heading "Special Redemption, Liquidation and Investment in a New Series." Should the Depositor fail to provide direction, the Distribution Agent shall sell the Securities in the manner provided in the Prospectus. The Distribution Agent shall have no responsibility for any loss or depreciation incurred by reason of any sale made pursuant to this Section.

Upon completion of all sales of Securities included in the Rollover Unit holder's Rollover Distribution, the Distribution Agent shall, as agent for such Rollover Unit holder, enter into a contract with the Depositor to purchase from the Depositor Units of a New Series (if any), at the Depositor's public offering price for such Units on such day, and at such reduced sales charge as shall be described in the Prospectus for such Series. Such contract shall provide for purchase of the maximum number of Units of a New Series whose purchase price is equal to or less than the cash proceeds held by the Distribution Agent for the Unit holder on such day (including therein the proceeds anticipated to be received in respect of Securities traded on such day net of all brokerage fees, governmental charges and any other expenses incurred in connection with such sale), to the extent Units are available for purchase from the Depositor. In the event a sale of Securities included in the Rollover Unit holder's redemption distribution shall not be consummated in accordance with its terms, the Distribution Agent shall apply the cash proceeds held for such Unit holder as of the settlement date for the purchase of Units of a New Series to purchase the maximum number of Units which such cash balance will permit, and the Depositor agrees that the settlement date for Units whose purchase was not consummated as a result of insufficient funds will be extended until cash proceeds from the Rollover Distribution are available in a sufficient amount to settle such purchase. If the Unit holder's Rollover Distribution will produce insufficient cash proceeds to purchase all of the Units of a New Series contracted for, the Depositor agrees that the contract shall be rescinded with respect to the Units as to which there was a cash shortfall without any liability to the Rollover Unit holder or the Distribution Agent. Any cash balance remaining after such purchase shall be distributed within a reasonable time to the Rollover Unit holder by distribution to the Depository Trust Company for further distribution to the Rollover Unit Holder in accordance with the customary procedures of the Depository Trust Company. Any cash held by the Distribution Agent shall be held in a non-interest-bearing account which will be of benefit to the Distribution Agent in accordance with normal banking procedures. Neither the Series Trustee nor the Distribution Agent shall have any responsibility or liability for loss or depreciation resulting from any reinvestment made in accordance with this paragraph, or for any failure to make such reinvestment in the event the Depositor does not make Units available for purchase.

&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) Notwithstanding the foregoing, the Depositor may, in its discretion at any time, decide not to offer any New Series in the future, and if so, this Section 5.04 concerning the Rollover of Units shall be inoperative.

&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 Distribution Agent shall receive no fees for performing its duties hereunder. The Distribution Agent shall, however, be indemnified and entitled to receive reimbursement from the Series and the New Series for any and all liabilities, expenses and disbursements to the same extent as the Series Trustee is indemnified and permitted reimbursement hereunder.

**Article VI**

**Series Trustee**

 *Section 6.01. General Definition of Series Trustee's Liabilities, Rights and Duties*. The Series Trustee agrees to perform its duties under these Standard Terms and Conditions in good faith but only upon the express terms of these Standard Terms and Conditions. To the fullest extent permitted by law, neither the Series Trustee nor any of its officers, directors, employees, agents or affiliates shall have any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Master Trust, any Series or any Unit holder, which implied duties and liabilities are hereby eliminated. Every provision of these Standard Terms and Conditions relating to the conduct or affecting the liability of or affording protection to the Series Trustee shall be subject to the provisions of this Article. To the extent the Series Trustee shall take any action that the Series Trustee may deem necessary in accordance with the provisions of these Standard Terms and Conditions, or to the extent the Series Trustee shall take any action at the direction of the Depositor that the Depositor may deem necessary to protect each Series and the rights and interests of the Unit holders thereof pursuant to the terms of these Standard Terms and Conditions, the expenses and costs of such actions, undertakings or proceedings shall be reimbursable to the Series Trustee from the Income and Capital Accounts of such Series and the payment of such costs and expenses shall be secured by a lien on the assets of the Series Fund prior to the interest of Unit holders and any other Person having or asserting a claim on such assets. The Series Trustee shall not be personally liable to the Series, the Master Trust, the Unit holders, any party to theses Standard Terms and Conditions or any other Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, except that such limitation shall not relieve the Series Trustee of any personal liability it may have to the Series, the Master Trust, or the Unit holders for the Series Trustee's own bad faith, willful misconduct or negligence in the performance of its express duties under these Standard Terms and Conditions.

In addition to and notwithstanding the other duties, rights, privileges and liabilities of the Series Trustee as otherwise set forth, the liabilities of the Series Trustee are further defined as follows:

&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) All moneys deposited with or received by the Series Trustee hereunder related to a Series shall be held by it without interest in trust within the meaning of the Investment Company Act of 1940, as part of the Series Fund or the Reserve Account of such Series until required to be disbursed in accordance with the provisions of these Standard Terms and Conditions, and such moneys will be segregated by separate recordation on the trust ledger of the Series Trustee so long as such practice preserves a valid preference under applicable law, or if such preference is not so preserved the Series Trustee shall handle such moneys in such other manner as shall constitute the segregation and holding thereof in trust within the meaning of the Investment Company 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) The Series Trustee shall be under no liability for any action taken in good faith on any appraisal, paper, order, list, demand, request, consent, affidavit, notice, opinion, direction, evaluation, endorsement, assignment, resolution, draft or other document, whether or not of the same kind, prima facie properly executed, or for the disposition of moneys, Securities, or Units, pursuant to these Standard Terms and Conditions, or in respect of any evaluation which it is required to make or is required or permitted to have made by others under these Standard Terms and Conditions or otherwise, except by reason of its own negligence, lack of good faith or willful misconduct, *provided* that the Series Trustee shall not in any event be liable or responsible for any evaluation made by the Depositor. The Series Trustee may construe any of the provisions of these Standard Terms and Conditions, insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any construction of any such provisions hereof by the Series Trustee in good faith shall be binding upon the parties hereto and the Unit holders. The Series Trustee shall in no event be deemed to have assumed or incurred any liability, duty or obligation to any Unit holder, the Depositor, the Portfolio Supervisor or any other Person, other than as expressly provided for herein.

&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 Series Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of these Standard Terms and Conditions or for the due execution hereof by the Depositor or the Portfolio Supervisor, for the form, character, genuineness, sufficiency, value or validity of any of the Securities (except that the Series Trustee shall be responsible for the exercise of due care in determining the genuineness of Securities delivered to it pursuant to contracts for the purchase of such Securities), for or in respect of the validity or sufficiency of the Units, or for tax elections (including the qualification of any Series to make the same), the tax characterization of any asset of a Series Fund or any tax position or other action taken relating to the taxation of a Series or its Unit holders, and the Series Trustee shall in no event assume or incur any liability, duty or obligation to any Unit holder, the Depositor, the Portfolio Supervisor or any other Person, other than as expressly provided for herein. The Series Trustee shall not be responsible for or in respect of the validity of any signature by or on behalf of the Depositor or the Portfolio Supervisor.

&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) The Series Trustee shall be under no obligation to appear in, prosecute or defend any action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in its opinion may involve it in expense or liability, unless as often as required by the Series Trustee it shall be furnished with reasonable security and indemnity against such expense or liability, and any pecuniary cost of the Series Trustee from such actions shall be deductible from and a charge against the Income and Capital Accounts of the affected Series. Subject to the preceding sentence, the Series Trustee shall take such action as the Depositor may direct, or, if no Depositor is acting, as the Series Trustee may deem necessary, to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) (1) Subject to the provisions of subparagraph (2) of this paragraph, the Series Trustee may employ, for the account of any Series, agents, sub-custodians, attorneys, accountants and auditors selected by the Depositor or by the Series Trustee, and the Series Trustee shall not be answerable for the default or misconduct of any such agents, sub-custodians, attorneys, accountants or auditors if selected by the Depositor or selected by the Series Trustee with reasonable care. The Series Trustee shall be fully protected in respect of any action under these Standard Terms and Conditions taken or suffered in good faith by the Series Trustee in accordance with the opinion of counsel, which may be counsel to the Depositor acceptable to the Series Trustee, or by accountants or other skilled Persons, *provided, however,* that this disclaimer of liability shall not excuse the Series Trustee from the responsibilities specified in subparagraph (2) below. The fees and expenses charged by such agents, sub-custodians, attorneys, accountants or auditors shall constitute an expense of the Series reimbursable from the Income and Capital Accounts of the Series as set forth in Section 6.04 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) To the extent permitted under the Investment Company Act of 1940 as evidenced by an opinion of counsel to the Depositor satisfactory to the Series Trustee or "no-action" letters or exemptive orders issued by the Securities and Exchange Commission or its staff, the Series Trustee may place and maintain in the care of an Eligible Foreign Custodian (which is employed by the Series Trustee as a sub-custodian as contemplated by subparagraph (1) of this paragraph (e) and which may be an affiliate or subsidiary of the Series Trustee or any other entity in which the Series Trustee may have an ownership interest) or an Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940 (17 C.F.R. Section 270.17f-7) the Series' investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents in amounts reasonably necessary to effect the Series' transactions in such investments, *provided* that:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) The Series Trustee shall indemnify the Series and hold the Series harmless from and against loss of assets of a Series Fund resulting from the failure of an Eligible Foreign Custodian to perform in accordance with the applicable foreign custody contract.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) The Series Trustee shall exercise reasonable care, prudence and diligence such as a Person having responsibility for the safekeeping of assets of a Series Fund would exercise, and shall be liable to the Series for any loss occurring as a result of its failure to do so.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C) The Series Trustee shall perform all duties assigned to the Foreign Custody Manager by Rule 17f-5 under the Investment Company Act of 1940 (17 C.F.R. Section 270.17f-5), as now in effect or as such rule may be amended in the future (*"Rule 17f-5"* — capitalized terms used in this Section 6.01(e)(2) and not otherwise defined in these Standard Terms and Conditions have the meaning ascribed thereto in such Rule). The Series Trustee shall not delegate such duties.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) The Series Trustee shall (i) provide the Depositor with an analysis of the custody risks associated with maintaining assets with an Eligible Securities Depository; (ii) monitor the custody risks associated with maintaining assets with the Eligible Securities Depository on a continuing basis and promptly notify the Depositor of any material change in such risks; and (iii) exercise reasonable care, prudence and diligence in performing the foregoing duties. The Depositor shall instruct the Series Trustee to take such action as the Depositor deems appropriate in response to a notification by the Series Trustee provided pursuant to (ii) in the preceding sentence.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E) The Depositor shall cause the Series' Prospectus to contain such disclosure regarding foreign securities and foreign custody as is required for management investment companies by Forms N-1A and N-2. Such Prospectus shall also contain disclosure concerning the Depositor's responsibilities described in (D) above. The Depositor shall be solely responsible for such disclosure and the Series Trustee may conclusively rely upon its adequacy.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F) The Series Trustee shall maintain and keep current written records regarding the basis for the choice or continued use of a particular Eligible Foreign Custodian pursuant to this subparagraph for a period of not less than six years from the end of the fiscal year in which the Series was dissolved, the first two years in an easily accessible place. Such records shall be available for inspection by Unit holders and the Securities and Exchange Commission at the Series Trustee's Unit Investment Trust office during its usual business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) If at any time the Depositor shall resign or shall fail to undertake or perform any of the duties which by the terms of these Standard Terms and Conditions are required by it to be undertaken or performed, or such Depositor shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of such Depositor or of its property shall be appointed, or any public officer shall take charge or control of such Depositor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then in any such case, the Series Trustee may, in its sole discretion: (1) appoint a successor depositor who shall act hereunder in all respects in place of such Depositor, which successor shall be satisfactory to the Series Trustee, and which may be compensated at rates deemed by the Series Trustee to be reasonable under the circumstances, by deduction ratably from the Income Account of the affected Series or, to the extent funds are not available in such Account, from the Capital Account of the affected Series, but no such deduction shall be made exceeding such reasonable amount as the Securities and Exchange Commission may prescribe in accordance with Section 26(a)(2)(C) of the Investment Company Act of 1940, or (2) dissolve the Series in the manner provided in Section 8.02 and terminate the Series created hereby in the manner provided in Section 8.02. Promptly following the appointment of a successor depositor, the Series Trustee shall provide notice to the Depository Trust Company of such resignation or failure of the Depositor to act and of such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) If, after the end of the initial offering period, (i) the value of any Series as shown by a Series Fund Evaluation by the Series Trustee pursuant to Section 5.01 hereof shall be less than the lower of $2,000,000 or 20% of the total value of Securities deposited in such Series during the initial offering period, or (ii) by reason of the Depositor's redemption of Units of a Series not theretofore sold constituting more than 60% of the number of Units initially authorized, the Series Fund Evaluation of the Series is reduced to less than 40% of the aggregate principal amount of Securities (and for this purpose, principal amount shall mean the Evaluation of the Securities) deposited in such Series at the termination of the initial offering period, the Series Trustee may in its discretion, and shall when so directed by the Depositor, dissolve such Series and terminate such Series in such manner as the Depositor shall direct, consistent with Section 8.02 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) In no event shall the Series Trustee be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon their income or proceeds or upon it as Series Trustee hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for any expenses, including counsel fees, which the Series Trustee may sustain or incur with respect to such taxes or charges, the Series Trustee shall be reimbursed and indemnified out of the Income and Capital Accounts of the affected Series, and the payment of such amounts so paid by the Series Trustee shall be secured by a lien on the Series Fund prior to the interest of the Unit holders of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) No payment to a Depositor or to any principal underwriter (as defined in the Investment Company Act of 1940) for any Series or to any affiliated Person (as so defined) or agent of a Depositor or such underwriter shall be allowed as an expense except (a) for payment of such reasonable amounts as the Securities and Exchange Commission may prescribe as compensation for performing bookkeeping and other administrative services of a character normally performed by the Series Trustee, and (b) such other amounts permitted under the Investment Company 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; (j) The Series Trustee, except by reason of its own negligence or willful misconduct, shall not be liable for any action taken or suffered to be taken by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) The Series Trustee in its individual or any other capacity may become an owner or pledgee of, or be an underwriter or dealer in respect of, securities or obligations issued by the same issuer (or an affiliate of such issuer) of any Securities at any time held as part of the Series and may deal in any manner with the same or with the issuer (or an affiliate of the issuer) with the rights and powers as if it were not the Series Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) The Series may include: (I) a letter or letters of credit meeting the requirements of Section 2.04 for the purchase of Securities or Contract Obligations issued by the Series Trustee in its individual capacity for the account of the Depositor; or (II) Securities issued by the Series Trustee, its parent, or an affiliate or by an entity for which the Series Trustee, in its individual capacity, or its parent, or an affiliate acts as trustee or other service provider, or (in the case of an option or other similar Security) references a security for which the Series Trustee, in its individual capacity, or its parent, or an affiliate acts as trustee or other service provider, and any such relationship shall not constitute a conflict of interest for any purpose hereunder or prevent the Series Trustee from acting hereunder, and the Series Trustee may otherwise deal with the Depositor and the Series with the same rights and powers as if it were not the Series Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) The Series Trustee is authorized to appoint as co-trustee of any Series a trust company affiliated with the Series Trustee to perform the functions of custodian and receiving and paying agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) Pursuant to Section 3.15, the Series Trustee may act, and may engage any corporation, partnership or other entity affiliated with The Bank of New York Mellon (an *"Affiliated Entity"*) to act, as broker or dealer to execute transactions, including foreign exchange transactions or the purchase or sale of any securities currently distributed, underwritten or issued by any Affiliated Entity, and receive, or pay to the Affiliated Entity, as applicable, compensation for such services at standard commission rates, markups or concessions, without reduction of the compensation payable to the Series Trustee for its services as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Series Trustee shall not be personally liable for (x) special, consequential or punitive damages, however styled, including, without limitation, lost profits or (y), subject to paragraph (e)(2) of this Section 6.01, the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Master Trust's or a Series' Securities or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) The Series Trustee shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic); it being understood that the Series Trustee shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Except for those actions that the Series Trustee is required to take hereunder without written direction, the Series Trustee shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party that requires written direction in the absence of such written direction as provided hereunder regardless of the consequences of the failure to take, or refraining from taking, such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) Each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, each Unit holder agrees, that the Series Trustee (x) in any capacity has not provided, and will not provide in the future, any advice, counsel or opinion regarding the tax, financial, investment or securities law implications and consequences of the formation, funding and ongoing administration of the Master Trust or any Series, (y) has not made, and will not make, any investigation as to the accuracy of any representations, warranties or other obligations of the Master Trust or any Series under any contract to which the Master Trust or the Series is a party and shall have no liability in connection therewith and (z) has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the sale or transfer of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) The Series Trustee shall not have any obligation or duty to supervise or monitor the performance of the Depositor, the Portfolio Supervisor or any other Person and shall have no liability for the failure of the Depositor or the Portfolio Supervisor to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (t) The Series Trustee shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (u) The Series Trustee shall take such action or refrain from taking such action under these Standard Terms and Conditions as it may be directed in writing by the Depositor from time to time; provided, however, that the Series Trustee shall not be required to take or refrain taking any such action if it shall have determined, or shall have been advised by counsel, that such performance or failure to perform may involve the Series Trustee in personal liability or is contrary to the terms hereof or of any document contemplated hereby to which the Master Trust or a Series is a party, or is contrary to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) If at any time the Series Trustee determines that it requires or desires guidance regarding the application of any provision of these Standard Terms and Conditions or any other document, then the Series Trustee may deliver a notice to the Depositor requesting such written instructions as to the course of actions desired by the Depositor, and the Series Trustee shall be fully protected in respect of any action taken pursuant to such instruction. If the Series Trustee does not receive such instructions within five (5) Business Days after it has delivered to the Depositor such notice requesting instructions, or such shorter period of time as may be set forth in such notice, it shall refrain from taking any action with respect to the matters described in such notice without regard to the consequences and shall have no liability for any failure to act. Each instruction delivered by the Depositor to the Series Trustee shall certify to the Series Trustee that any actions to be taken pursuant to such instructions comply with the terms of these Standard Terms and Conditions and the Series Trustee may rely on such certification and instruction without inquiry except to the extent it has actual knowledge to the contrary.

 *Section 6.02. Books, Records and Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *General*. The Series Trustee shall keep proper books of record and account of all the transactions of each Series under these Standard Terms and Conditions at its Unit Investment Trust office, including a record of the Units issued by each Series, and such books and records of each Series shall be open to inspection by any Unit holder of such Series at all reasonable times during the usual business hours. The Series Trustee shall make such annual or other reports, including, subject to the provisions of Section 3.17 hereof, tax filings and reportings, as may from time to time be required under any applicable state or federal statute or rule or regulations thereunder. Pursuant to Section 6.01(e)(1) and subject to Section 3.17, the Series Trustee is authorized to employ accountants and other agents as it deems necessary for the preparation of such reports and the expense of such accountants and agents shall be reimbursable to the Series Trustee in accordance with Section 6.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Audit of* Series *Accounts*. Unless the Depositor determines that such an audit is not required, the accounts of the Series shall be audited not less than annually by independent public accountants designated from time to time by the Depositor and the Series Trustee and the reports of such accountants shall be furnished upon request to Unit holders. So long as the Depositor is making a secondary market for Units, the Depositor shall bear the cost of such annual audits to the extent such cost exceeds that amount set forth in the Prospectus for a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Costs of Updating of Registration Statement*. If provided for in the Prospectus for a Series, the Series Trustee shall pay, or reimburse to the Depositor, the expenses related to the updating of the Series' registration statement, to the extent of legal fees, typesetting fees, electronic filing expenses and regulatory filing fees. Such expenses shall be paid by the Series Trustee from the Income Account, or to the extent funds are not available in such Account, from the Capital Account, against an invoice or invoices therefor presented to the Series Trustee by the Depositor. By presenting such invoice or invoices, the Depositor shall be deemed to certify, upon which certification the Series Trustee is authorized conclusively to rely, that the amounts claimed therein are properly payable pursuant to this paragraph. The Depositor shall provide the Series Trustee, from time to time as requested, an estimate of the amount of such expenses, which the Series Trustee shall use for the purpose of estimating the accrual of Series expenses. The amount paid by the Series pursuant to this paragraph in each year shall be separately identified in the annual statement provided to Unit holders. The Depositor shall cause the Prospectus for the Series to contain such disclosure as shall be necessary to permit payment by the Series of the expenses contemplated by this paragraph under applicable laws and regulations. The provisions of this paragraph shall not limit the authority of the Series Trustee to pay, or reimburse to the Depositor or others, such other or additional expenses as may be determined to be payable from the Series as provided in this Section 6.02.

*Section 6.03. Standard Terms and Conditions and List of Securities on File*. The Series Trustee shall keep a certified copy or duplicate original of these Standard Terms and Conditions on file at its Unit Investment Trust office available for inspection at all reasonable times during the usual business hours by any Unit holder, together with a current list of the Securities in each Series.

 *Section 6.04. Compensation, Reimbursement and Indemnification of the Trustee*. The Series Trustee shall receive at the times set forth in Section 3.05, as compensation for performing ordinary, normal and recurring services under these Standard Terms and Conditions, an amount calculated at the annual compensation rate stated in the Series Trust Agreement. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Series Trustee provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. The Series Trustee may from time to time adjust its compensation as set forth above, *provided* that total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase, after the date hereof, in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be charged by the Series Trustee against the Income and Capital Accounts of each Series at the times set forth in Section 3.05(I) or otherwise specified herein. For avoidance of doubt, the ordinary, normal and recurring services performed by the Series Trustee and compensated pursuant to this paragraph do not include services as broker or dealer in connection with the execution of the purchase and sale of securities, services in connection with foreign exchange transactions or services as local custodian with respect to assets held in custody outside the United States. In the event the Series Trustee or any affiliate of the Series Trustee performs services which are in addition to the Series Trustee's ordinary, normal and recurring services (including, without limitation, the services specified in the preceding sentence), the Series Trustee or such affiliate may receive compensation for such services as agreed upon with the Depositor (if engaged by the Depositor) or otherwise at standard rates, commissions, markups or concessions, without reduction of the compensation the Series Trustee is entitled to pursuant to this paragraph.

The Series Trustee shall charge the Income and Capital Accounts for any and all expenses and disbursements incurred for the account of a Series hereunder, including, but not limited to, legal, tax accounting and reporting and auditing expenses, including, but not limited to, the fees and expenses of attorneys, accountants and other advisors engaged by the Depositor or the Series Trustee, license fees, if any, expenses incurred in connection with communications to Unit holders, and for any extraordinary services performed hereunder, which extraordinary services shall include but not be limited to all costs and expenses incurred by the Series Trustee in making any annual or other reports or other documents referred to in Section 6.02; *provided, however,* that the amount of any such charge which has not been finally determined as of any Record Date may be estimated and any necessary adjustments shall be made, *provided, further,* that if the balances in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to this Section 6.04, the Series Trustee shall sell Securities in the manner provided in Section 5.02. The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any such sale. Notwithstanding the previous provisions, to the extent the cash balance of the Income and Capital Accounts are insufficient for the payment of Series expenses and disbursements when due, when directed by the Depositor, the Series Trustee shall advance out of its own funds and deposit in and credit to the Income or Capital Account, as appropriate, the amount or amounts required for the payment thereof; *provided, however,* that the Series Trustee shall not be required to advance more than $15,000 for such purpose. The Series Trustee shall be entitled to be reimbursed without interest from the Income Account or Capital Accounts when funds are next available therein, but not later than upon the receipt of proceeds from the sale or exercise of options or other securities held as Series assets. The Series Trustee shall be deemed to be the beneficial owner of the assets of the Series Fund to the extent of any such advances pursuant to this paragraph; amounts payable to the Series Trustee in respect of such advances shall be secured by a lien on the Series Fund prior to the interests of Unit holders or any other Person.

The Series Trustee shall be indemnified ratably, as determined by the aggregate value of the Securities and other assets held by each affected Series, by the affected Series and held harmless against any loss or liability accruing to it without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Series, including the costs and expenses (including counsel fees) of defending itself against any claim of liability in the premises, and including any loss, liability or expense incurred in acting pursuant to written directions to the Series Trustee given by the Depositor from time to time in accordance with the provisions of these Standard Terms and Conditions or in undertaking actions from time to time which the Series Trustee deems necessary in its discretion to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions. The Series Trustee's right to indemnification shall survive its resignation or removal pursuant to Section 6.05.

The Series Trustee and its affiliates may perform services in any capacity for any exchange traded fund, investment company, investment trust or other entity whose shares are held as an asset of the Series, and the Series Trustee shall be entitled to receive the compensation due to it under these Standard Terms and Conditions, without reduction, notwithstanding that the Series Trustee or its affiliate is receiving compensation for services to such exchange traded fund, investment company, investment trust or other entity.

All monies payable to the Series Trustee under this Section 6.04 shall be secured by a lien on the Series Fund prior to the interest of Unit holders or any other Person.

 *Section 6.05. Removal and Resignation of Series Trustee; Successor*. The following provisions shall provide for the removal and resignation of the Series Trustee and the appointment of any successor trustee:

&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) Any successor trustee appointed hereunder shall execute, acknowledge and deliver to the Depositor and to the resigning or removed Series Trustee an instrument accepting such appointment hereunder, and such successor trustee without any further act, deed or conveyance shall become vested with all the rights, powers and duties and obligations of its predecessor hereunder with like effect as if originally named Series Trustee herein and shall be bound by all the terms and conditions of these Standard Terms and Conditions. Upon the request of such successor trustee, the Depositor and the resigning or removed Series Trustee shall, upon payment of any amounts due the resigning or removed Series Trustee, or provision therefor to the satisfaction of such resigning or removed Series Trustee, execute and deliver an instrument acknowledged by it transferring to such successor trustee all the rights and powers of the resigning or removed Series Trustee; and the resigning or removed Series Trustee shall transfer, deliver and pay over to the successor trustee all Securities and moneys at the time held by it hereunder, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the records or copies thereof maintained by the resigning or removed Series Trustee in the administration hereof as may be requested by the successor trustee, and shall thereupon be discharged from all duties and responsibilities under these Standard Terms and Conditions.

&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) In case at any time the Series Trustee shall resign and no successor trustee shall have been appointed and have accepted appointment within thirty days after notice of resignation has been received by the Depositor, the resigning Series Trustee may forthwith apply to a court of competent jurisdiction for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

&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) Any corporation or other entity into which any trustee hereunder maybe merged or with which it may be consolidated, or any corporation or other entity resulting from any merger or consolidation to which any trustee hereunder shall be a party, shall be the successor trustee under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, anything herein, or in any agreement relating to such merger or consolidation, by which any such trustee may seek to retain certain powers, rights and privileges theretofore obtaining for any period of time following such merger or consolidation, to the contrary notwithstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Any resignation or removal of the Series Trustee and appointment of a successor trustee pursuant to this Section shall become effective upon acceptance of appointment by the successor trustee as provided in subsection (b) hereof. The Series Trustee's and each successor Series Trustee's right to indemnification shall survive its resignation or removal.

 *Section 6.06. Qualifications of Series Trustee*. The Series Trustee shall be an entity organized and doing business under the laws of the United States or any state thereof, which is authorized under such laws to exercise corporate trust powers and having at all times aggregate capital, surplus and undivided profits of not less than $5,000,000.

**Article VII**

**Rights of Unit Holders**

 *Section 7.01. Beneficiaries of Series*. By the purchase and acceptance or other lawful delivery and acceptance of any Unit, the Unit holder shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. All Units of a Series when issued and paid for in accordance with the Series Trust Agreement shall be validly issued, fully paid and non-assessable, and the Unit holders are entitled to the limitation of liability set forth in Section 3803(a) of the Delaware Statutory Trust Act.

 *Section 7.02. Rights, Terms and Conditions*. In addition to the other rights and powers set forth in the other provisions and conditions of these Standard Terms and Conditions, the Unit holders shall have the following rights and powers and shall be subject to the following terms and conditions:

&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) A Unit holder may at any time prior to the Series Trustee's close of business as of the date on which the Series is dissolved tender his or her Units to the Series Trustee for redemption, subject to and in accordance with Section 5.02;

&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 death or incapacity of any Unit holder shall not operate to terminate these Standard Terms and Conditions or a related Series, nor entitle his legal representatives or heirs to claim an accounting or to take any action or proceeding in any court of competent jurisdiction for a partition or winding up of the Series, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Unit holder expressly waives any right he may have under any rule of law, of the provisions of any statute, or otherwise, to require the Series Trustee at any time to account, in any manner other than as expressly provided in these Standard Terms and Conditions, in respect of the Securities or moneys from time to time received, held and applied by the Series Trustee hereunder; and

&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) No Unit holder shall have any right to vote or in any manner otherwise control the operation and management of the Series Fund, a related Series, or the obligations and management of the Series Fund, or the obligations of the parties hereto, nor shall anything herein set forth be construed so as to constitute the Unit holders from time to time as partners or members of an association.

**Article VIII**

**Additional Covenants; Miscellaneous Provisions**

 *Section 8.01. Amendments*. These Standard Terms and Conditions may be amended from time to time by the Depositor and the Series Trustee, or their respective successors, without the consent of any of the Unit holders: (a) to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision contained herein; or (b) to make such other provision regarding matters or questions arising hereunder as shall not materially adversely affect the interests of the Unit holders; *provided, however,* that in no event may any amendment be made which would adversely affect the characterization of any Series as a grantor trust for federal income tax purposes with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22). These Standard Terms and Conditions may not be amended, however, without the consent of all Unit holders then outstanding, so as (1) to permit, except in accordance with the terms and conditions hereof, the acquisition hereunder of any Securities other than those specified in Schedule A to the Series Trust Agreement, or (2) to reduce the aforesaid percentage of Units the holders of which are required to consent to such amendment. Further, these Standard Terms and Conditions may not be amended so as to reduce the interest in the Series represented by Units without the consent of all affected Unit holders.

It shall not be necessary for the consent of Unit holders under this Section 8.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereby by Unit holders shall be subject to such reasonable regulations as the Series Trustee may prescribe.

Unless the Depositor otherwise directs, notice of any such amendment shall be included in the annual statement provided pursuant to Section 3.06.

 *Section 8.02. Dissolution*. Each Series shall dissolve upon the maturity, redemption, sale or other disposition as the case may be of the last Security held in such Series hereunder unless sooner dissolved as hereinbefore specified, and may be dissolved at any time by the written consent of 100% of the Unit holders of the respective Trust; *provided* that in no event shall any Series continue beyond the Mandatory Dissolution Date, except to wind up its affairs. Upon the date of dissolution, the registration books of the Series Trustee shall be closed. Upon dissolution, the Series shall be wound-up by the Series Trustee at the written direction of the Depositor in accordance with Sections 3808(f) and 3808(g) of the Delaware Statutory Trust Act and, to the extent not inconsistent with such Section, these Standard Terms and Conditions. Upon such winding up of the Series, the Series shall terminate.

In the event of any dissolution of the Series prior to the Mandatory Dissolution Date, the Series Trustee shall proceed to liquidate the Securities then held and make the payments and distributions provided for hereinafter in this Section 8.02, except that in such event, the distribution to each Unit holder shall be made in cash and shall be such Unit holder's pro rata interest in the balance of the Income and Capital accounts after the deductions herein provided. .

In the event that the Series shall dissolve on the Mandatory Dissolution Date, the Series Trustee shall, at least thirty days prior to the Mandatory Dissolution Date, send a written notice to the Depository Trust Company (a *"Mandatory Dissolution Notice"*). If such Trust is a regulated investment company, and such Unit holder owns at least the minimum number of Units of such Series set forth in Part II of the Series Trust Agreement (unless the Series Trust Agreement provides that no Unit holder shall be eligible for an in-kind distribution), the Mandatory Dissolution Notice shall further indicate that such Unit holder may elect to receive an in-kind distribution of such Unit holder's pro rata share of the Securities, to the extent of whole shares. If requested by the Depositor, the Series Trustee shall further indicate in the Mandatory Dissolution Notice that such Unit holder may elect (such election, a *"New Investment Election"*) to apply the cash distribution that such Unit holder would otherwise receive upon the dissolution and liquidation such Series under this Section 8.02 to purchase units of another unit investment trust then offered by the Depositor for which the Series Trustee acts as trustee (a *"New Unit Investment Trust"*) on the terms and conditions specified in the Mandatory Dissolution Notice. The Depositor shall determine and provide to the Series Trustee the terms and conditions of the New Investment Election and shall be solely responsible for those terms and conditions. The Series Trustee will honor duly executed requests for in-kind distributions and New Investment Elections received by the close of business ten Business Days prior to the Mandatory Dissolution Date. Unit holders who do not effectively request an in-kind distribution or effectively make a New Investment Election shall receive their distribution upon dissolution in cash. In applying the cash distribution otherwise payable to a Unit holder pursuant to such Unit holder's New Investment Election, the Series Trustee is acting solely as a disbursing agent for such Unit holder in connection with such Unit holder's purchase of units of a New Unit Investment Trust from the Depositor, and the Series Trustee is not acting as, and shall not be deemed to be acting as, a broker in connection with such transactions. The Series Trustee shall have no responsibility for any loss or depreciation resulting from any New Investment Election made in accordance with this paragraph, or for any failure by the Depositor to (i) request that the Series Trustee make the New Investment Election available or (ii) offer units of a New Unit Investment Trust for purchase under the New Investment Election. Each Unit holder making a request for in-kind distribution or making a New Investment Election shall indemnify the Series Trustee and the Depositor for, and hold them harmless against, any and all losses, claims, damages, liabilities, expenses (including reasonable attorneys' fees and costs), judgments, fines, settlements, demands, actions, or suits related to or arising from any act or omission of the Series Trustee or Depositor taken pursuant to this Section 8.02 related to such Unit holder's in-kind distribution or New Investment Election. The provisions of the preceding sentence shall survive the termination of the Series.

Commencing no earlier than the Business Day following that date on which Unit holders must submit to the Series Trustee notice of their request to receive an in-kind distribution of Securities at dissolution, the Series Trustee will liquidate the Securities not segregated for in-kind distributions during such period and in such daily amounts as the Depositor shall direct. The Depositor shall direct the liquidation of the Securities in such manner as to effectuate orderly sales and a minimal market impact. In the event the Depositor does not so direct, the Securities shall be sold within a reasonable period and in such manner as the Series Trustee, in its sole discretion, shall determine. The Series Trustee shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the Depositor's direction or, in the absence of such direction, in the exercise of the discretion granted by this Section 8.02. The Series Trustee shall deduct from the proceeds of these sales and pay any tax or governmental charges and any brokerage commissions in connection with such sales. Amounts received by the Series Trustee representing the proceeds from the sales of Securities shall be credited to the Capital Account.

On the first Business Day following receipt of all proceeds of sale of the Securities, the Series Trustee shall:

&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) deduct from the Income Account of such Series or, to the extent that funds are not available in such Account of such Series, from the Capital Account of such Series, and pay to itself individually an amount equal to the sum of (i) its accrued compensation for its ordinary recurring services, (ii) any compensation due it for its extraordinary services in connection with such Series, and (iii) any costs, expenses or indemnities in connection with such Series as provided herein;

&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) deduct from the Income Account of such Series or, to the extent that funds are not available in such Account, from the Capital Account of such Series, and pay accrued and unpaid fees of the Portfolio Supervisor, the Depositor and counsel in connection with such Series, if any;

&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) deduct from the Income Account of such Series or the Capital Account of such Series any amounts which the Depositor shall determine to be required to be deposited in the Reserve Account to provide for payment of any applicable taxes or other governmental charges and any other amounts which may be required to meet expenses incurred under these Standard Terms and Conditions in connection with such Series and, if a Series contains options, what amount, if any, shall be added to the Reserve Account to be applied to the settlement of, or any other liability arising from, the options;

&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) make final distributions from the Series, as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to each Unit holder requesting an in-kind distribution (y) such Unit holder's pro rata portion of each of the Securities segregated for distribution in-kind, in whole shares, and (z) cash equal to such Unit holder's pro rata portion of the Income and Capital Accounts as follows: (1) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unit holder's pro rata share of the Securities and (2) such other cash as may properly be included in such Unit holder's pro rata share of the sum of the cash balances of the Income and Capital Accounts less deduction of the fees and expenses and other amounts specified in this Section 8.02 and less deduction of the Series Trustee's cost of registration and delivery of such Unit holder's Securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to each Unit holder receiving a distribution in cash, such holder's pro rata share of the cash balances of the Income and Capital Accounts, *provided,* that if such holder made an effective New Investment Election, the Series Trustee shall, as disbursing agent for such holder, apply such distribution in accordance with the terms and conditions of such New Investment Election;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) at such time as the Depositor shall determine and on the conditions set forth in Section 3.04 hereof, to all Unit holders, their pro rata share of the balance of the Reserve Account.

To the extent possible, in-kind distributions of Securities shall be made by the Series Trustee through the distribution of each of the Securities in book-entry form to the account of the Unit holder's bank or broker-dealer at the Depository Trust Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) together with such distribution to each Unit holder as provided for in (d), provide the Depository Trust Company the dollar amount per Unit distributed from each Account in substantially the manner provided for in Section 3.06 hereof.

To the fullest extent permitted by law, the Series Trustee shall be under no liability with respect to moneys held by it in the Income, Reserve and Capital Accounts of a Series upon dissolution except to hold the same in trust within the meaning of the Investment Company Act of 1940, until disposed of in accordance with the terms of these Standard Terms and Conditions. All such moneys shall be held by Series Trustee for the account of the Series without interest.

Funds held or received by the Series subsequent to the dissolution distribution described above (including, but not limited to, residual funds remaining after payment of expenses estimated in the calculation of such dissolution distribution and amounts received by the Series subsequent to dissolution) shall be distributed to Unit holders within a reasonable time following the final determination of such expenses or receipt of the funds, as applicable, less reimbursement to the Series Trustee of the cost of such distribution, *provided, however,* that if, because of the smallness of the amount or otherwise, the Series Trustee determines that the funds cannot effectively be distributed, the funds shall be escheated by the Series Trustee in accordance with applicable law. The Series Trustee shall not be liable to any Unit holder or other Person for any such determination made in good faith.

To the fullest extent permitted by law, none of the Series Trustee, the Depositor or the Portfolio Supervisor shall have any liability to any Unit holder or any other Person for the failure to reserve funds for claims which were not reasonably foreseeable based on the facts known to the Depositor at the time a Series dissolves and terminates. None of the Series Trustee, the Depositor or the Portfolio Supervisor, or their respective officers, directors, trustees, shareholders, agents, partners or employees, shall be liable to any Person for liabilities arising from the administration of a Series or from its assets; for all such liabilities, Persons transacting with the Series Trustee, the Depositor or the Portfolio Supervisor, acting in their representative capacity for the account of the Series, shall have recourse solely to the assets of the Series Fund then in the custody of the Series Trustee or other custodian of Series assets.

 *Section 8.03. Construction*. The validity and construction of these Standard Terms and Conditions and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflicts of law provisions thereof; *provided, however,* that the parties hereto and the Unit holders intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Statutory Trust Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Master Trust, the Depositor, the Series Trustee, the Unit holders or these Standard Terms and Conditions any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, (g) the existence of rights or interests (beneficial or otherwise) in trust assets, (h) the ability of beneficial owners or other Persons to terminate or dissolve a trust, or (i) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or beneficial owners that are inconsistent with the limitations on liability or authorities and powers of the Series Trustee or the Unit holders set forth or referenced in these Standard Terms and Conditions. Sections 3540, 3542 and 3561 of Title 12 of the Delaware Code shall not apply to these Standard Terms and Conditions.

The United States District Court for the Southern District of New York will have non-exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from these standard terms and conditions and each of the parties agree that this court will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in this court. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by applicable law, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this agreement or the transactions contemplated hereby.

 *Section 8.04. Registration of Units*. The Depositor agrees and undertakes on its own part to register the Units with the Securities and Exchange Commission or other applicable governmental agency, federal or state, pursuant to applicable federal or state statutes, if such registration shall be required, and to do all things that may be necessary or required to comply with this provision during the term of each Series created hereunder, and the Series Trustee shall incur no liability or be under any obligation or expenses in connection therewith.

 *Section 8.05. Written Notice*. Any notice, demand, direction or instruction to be given to the Depositor hereunder shall be in writing and shall be duly given if mailed or delivered to the Depositor, 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, or at such other address as shall be specified by the Depositor to the other parties hereto in writing.

Any notice, demand, direction or instruction to be given to the Series Trustee shall be in writing and shall be duly given if delivered to the Unit Investment Trust Offices of the Series Trustee, 240 Greenwich Street, New York, New York 10286, or to such other address as shall be specified by the Series Trustee to the other parties hereto in writing.

Any notice, demand, direction or instruction to be given to the Portfolio Supervisor shall be in writing and shall be duly given if mailed or delivered to the Portfolio Supervisor at 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, or at such other address as shall be specified by the Portfolio Supervisor to the other parties hereto in writing.

Notwithstanding the preceding, any notice or other instrument in writing which is authorized or required by these Standard Terms and Conditions to be given shall be sufficiently given to the Depositor, Series Trustee or Portfolio Supervisor (but not to the Unit holders) if sent by "Electronic Means" (meaning telecopy, e-mail or other electronic means of communication including "electronic transmission" as defined in the Delaware Statutory Trust Act, with the means of transmission and address or addresses to be as specified by the recipient), inasmuch as such sufficiency is previously agreed to by the Depositor, Series Trustee or Portfolio Supervisor.

Any notice to be given to the Unit holders shall be duly given if mailed by first class mail with postage prepaid to the Unit holder at the address of such holder appearing on the registration books of the Series Trustee or, if the Unit holder is Depository Trust Company (or its nominee, Cede & Co.), delivered to Depository Trust Company in accordance with its customary procedures.

 *Section 8.06. Severability*. If any one or more of the covenants, agreements, provisions or terms of these Standard Terms and Conditions shall be held contrary to any express provision of law or contrary to policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of these Standard Terms and Conditions and shall in no way affect the validity or enforceability of the other provisions of these Standard Terms and Conditions or the rights of the Unit holders.

 *Section 8.07. Dissolution of Depositor Not to Terminate*. The dissolution of the Depositor for any cause whatsoever shall not operate to terminate these Standard Terms and Conditions or any Series insofar as the duties and obligations of the Series Trustee are concerned.

In Witness Whereof, First Trust Portfolios L.P., The Bank of New York Mellon and First Trust Advisors L.P. have each caused these Standard Terms and Conditions of Trust to be executed and the respective corporate seal to be hereto affixed and attested (if applicable) by authorized officers; all as of the day, month and year first above written.

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| |
|:---|
| First Trust Portfolios L.P., Depositor |
| By: /s/ Ronda L. Saeli-Chiappe |
| &nbsp;&nbsp;&nbsp;&nbsp;Name:<u> </u>Ronda L. Saeli-Chiappe |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President |

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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;

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| |
|:---|
| The Bank of New York Mellon, Series Trustee |
| By: /s/ Rosalia A. Koopman |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Rosalia A. Koopman |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Director |

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| |
|:---|
| First Trust Advisors L.P., Portfolio Supervisor |
| By: /s/ Ronda L. Saeli-Chiappe |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: Ronda L. Saeli-Chiappe |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President |

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## Ex-99

MEMORANDUM

FTP 1

<u>File No. 333-291813</u>

The Prospectus and the Indenture filed with Amendment No. 1 of the Registration Statement on Form S-6 have been revised to reflect information regarding the execution of the Indenture and the deposit of Securities on December 23, 2025 and to set forth certain statistical data based thereon. In addition, there are a number of other changes described below.

THE PROSPECTUS

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>Cover Page</u> | &nbsp;&nbsp;The date of the Trust has been completed. |
| &nbsp;&nbsp;<u>Summary of Essential Information</u> | &nbsp;&nbsp;The Summary of Essential Information has been completed. |
| &nbsp;&nbsp;<u>Fee Table</u> | &nbsp;&nbsp;The Fee Table has been completed. |
| &nbsp;&nbsp;<u>Report of Independent Registered Public Accounting Firm</u> | &nbsp;&nbsp;The Report of Independent Registered Public Accounting Firm has been completed. |
| &nbsp;&nbsp;<u>Statement of Net Assets</u> | &nbsp;&nbsp;The Statement of Net Assets has been completed. |
| &nbsp;&nbsp;<u>Schedule of Investments</u> | &nbsp;&nbsp;The Schedule of Investments has been completed. |
| &nbsp;&nbsp;<u>Back Cover</u> | &nbsp;&nbsp;The date of the Prospectus and file number has been completed. |

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THE SERIES TRUST AGREEMENT AND STANDARD TERMS AND CONDITIONS OF TRUST

The Series Trust Agreement has been conformed to reflect the execution thereof.

/s/ CHAPMAN AND CUTLER LLP

December 23, 2025

## Ex-99.A1

FTP 1

SERIES TRUST AGREEMENT

Dated: December 23, 2025

This Series Trust Agreement among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Series Trustee, and First Trust Advisors L.P., as Portfolio Supervisor, supplements the Master Trust Agreement, dated as of November 18, 2025, among First Trust Advisors L.P., as Depositor, The Bank of New York Mellon, as Trustee, and First Trust Advisors L.P., as Portfolio Supervisor, and sets forth certain provisions in full and incorporates other provisions by reference to the document entitled "Standard Terms and Conditions of Trust for FTP 1 and certain subsequent Series, Effective: December 23, 2025" (herein called the "Standard Terms and Conditions"), and such provisions as are incorporated by reference constitute a single instrument. All references herein to Articles and Sections are to Articles and Sections of the Standard Terms and Conditions.

WITNESSETH THAT:

In consideration of the premises and of the mutual agreements herein contained, the Depositor, the Series Trustee, and the Portfolio Supervisor agree as follows:

PART I

STANDARD TERMS AND CONDITIONS

Subject to the provisions of Part II and Part III hereof, all the provisions contained in the Standard Terms and Conditions are herein incorporated by reference in their entirety and shall be deemed to be a part of this instrument as fully and to the same extent as though said provisions had been set forth in full in this instrument. All capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Standard Terms and Conditions. Facsimile or electronic signatures (including signatures in Portable Document Format (PDF)) to this Series Trust Agreement shall be acceptable and binding, and this Series Trust Agreement may be delivered by facsimile or other electronic means (including by electronic mail or a designated document storage website) confirmed by electronic mail.

PART II

SPECIAL TERMS AND CONDITIONS

VEST 2-YEAR S&P 500(R) DEEP BUFFERED 100 PORTFOLIO

The following special terms and conditions are hereby agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Securities initially deposited in the Series pursuant to Section 2.01 of the Standard Terms and Conditions are set forth in Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The aggregate number of Units delivered by the Series Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03 of the Standard Terms and Conditions and the initial fractional undivided interest in and ownership of the Series represented by each Unit thereof are set forth in the Prospectus in the section "Summary of Essential Information."

Documentation confirming the ownership of this number of Units for the Series is being delivered by the Series Trustee to the Depositor pursuant to Section 2.03 of the Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Record Date shall be as set forth in the Prospectus under "Distributions." The Series Trustee shall pay the amounts specified in Part I of Section 3.05 of the Standard Terms and Conditions which have accrued as of the last Business Day of each calendar month on or shortly after such Business Day, provided, however, that fees and expenses accrued during the initial offering period, as determined in Section 4.01 of the Standard Terms and Conditions (such fees to be computed on the largest number of Units outstanding during the period for which the compensation is paid) shall be paid as provided in the following sentence. Fees payable pursuant to Section 4.03 of the Standard Terms and Conditions shall be paid on, or shortly after, the last Business Day of each calendar month, and fees paid to the Series Trustee shall be paid on or shortly after the calendar month in which the initial offering period ends, together with any accrual of fees and expenses during such calendar month after the initial offering period ends. Fees accrued during such month after the end of the initial offering period shall be computed on the number of Units outstanding at the opening of business on the Business Day immediately following the date on which the initial offering period ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Distribution Date shall be the 25th day of the month in which the related Record Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Mandatory Dissolution Date for the Series shall be as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.First Trust Advisors L.P.'s compensation as referred to in Section 3.16 of the Standard Terms and Conditions and First Trust Portfolios L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions shall be an annual aggregate fee in the amount of $.0080 per Unit. The Series Trustee shall pay such aggregate amount to First Trust Advisors L.P., which shall be responsible for remitting the Depositor's fee to First Trust Portfolios L.P. First Trust Advisors L.P. shall confirm such remittance and the amount thereof to the Series Trustee upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Series Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions shall be an annual fee in the amount of $.0096 per Unit. However, in no event shall the Series Trustee receive compensation in any one year from any Series of less than $2,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.The Initial Date of Deposit for the Series is December 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.There is no minimum amount of Securities to be sold by the Series Trustee pursuant to Section 5.02 of the Standard Terms and Conditions for the redemption of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.The minimum number of Units a Unit holder must redeem in order to be eligible for an in-kind distribution of Securities pursuant to Section 5.02 is set forth in the Prospectus. No in-kind distribution requests submitted during the 10 Business Days prior to the Series' Mandatory Dissolution Date will be honored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.No Unit holder will be eligible for an in-kind distribution of Securities pursuant to Section 8.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Pershing LLC will act as clearing broker with respect to transactions involving options and other instruments owned by the Series cleared through the Options Clearing Corporation and in such capacity will maintain custody of such options and instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.For this Series, the Depositor will deliver the sum of $10,000 to the aforementioned clearing broker which the clearing broker will credit to the account maintained by the clearing broker for the Series. The Series Trustee will record such sum, and any income earned thereon, as an asset of the Reserve Account of the Series. The sum may be applied by the clearing broker to satisfy the liabilities due the clearing broker in respect of the Series or its assets. To the extent the sum is so applied, it will be restored by liquidation of Series assets at the Depositor's direction. The Series Trustee shall not treat any part of the sum as an asset of the Series (including, without limitation, for purposes of the calculation of the Series Fund Evaluation pursuant to Section 5.01), unless and until the sum is applied to Series liabilities without reimbursement from other Series assets and in such event the Series Trustee shall treat only the unreimbursed amount as an asset of the Series Fund. Upon dissolution of the Series the sum, or such part of it which then remains, shall be returned to the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.For this Series, the Depositor will deposit cash with the Series Trustee in connection with the initial deposit of Securities in the amount specified in the Statement of Net Assets in the Prospectus, and will replicate such cash deposit in connection with any deposit of Additional Securities pursuant to Section 2.01(b)(5) of the Standard Terms and Conditions. Such cash shall be credited to the Capital Account of the Series and shall be applied to payment of Series expenses, including the Series' annual operating expenses pursuant to Section 3.05(I) of the Standard Terms and Conditions. Notwithstanding any contrary provision of Section 3.05(II) of the Standard Terms and Conditions, such cash shall not be included in the balance of the Capital Account of the Series to be distributed to Unit holders.

PART III

[RESERVED]

IN WITNESS WHEREOF, First Trust Portfolios L.P., The Bank of New York Mellon and First Trust Advisors L.P. have each caused this Series Trust Agreement to be executed by authorized officers as of the day, month and year first above written.

FIRST TRUST PORTFOLIOS L.P.,

Depositor

First Trust Advisors L.P.,

Portfolio Supervisor

By /s/ Ronda L. Saeli-Chiappe<br> Senior Vice President of:

&nbsp;&nbsp;&nbsp;&nbsp;First Trust Portfolios L.P. and

&nbsp;&nbsp;&nbsp;&nbsp;First Trust Advisors L.P.

THE BANK OF NEW YORK MELLON, Series Trustee

By /s/ Rosalia A. Koopman

Senior Director

SCHEDULE A TO SERIES TRUST AGREEMENT

Securities Initially Deposited

FTP 1

(Note: Incorporated herein and made a part hereof for the Series is the "Schedule of Investments" for the Series as set forth in the Prospectus.)

## Exhibit 99.3

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|:---|:---|
| ![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 |

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December 23, 2025

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

Re: FTP 1

Ladies and Gentlemen:

We have served as counsel for First Trust Portfolios L.P., as Sponsor and Depositor of FTP 1 in connection with the preparation, execution and delivery of a Series Trust Agreement dated December 23, 2025 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Series Trustee, and First Trust Advisors L.P., as Portfolio Supervisor, pursuant to which the Depositor has delivered to and deposited the Securities listed in Schedule A to the Series Trust Agreement with the Series Trustee and pursuant to which the Series Trustee has issued to or on the order of the Depositor units of fractional undivided interest in and ownership of the Fund created under said Series Trust Agreement.

In connection therewith, we have examined such pertinent records and documents and matters of law as we have deemed necessary in order to enable us to express the opinions hereinafter set forth.

Based upon the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the execution and delivery of the Series Trust Agreement and the issuance of Units in the Fund have been duly authorized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Units in the Fund when duly issued and delivered by the Series Trustee in accordance with the aforementioned Series Trust Agreement, will constitute valid and binding obligations of the Fund and the Depositor and such Units, when issued and delivered in accordance with the Series Trust Agreement against payment of the consideration set forth in the Trust prospectus, will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement (File No. 333-291813) relating to the Units referred to above, to the use of our name and to the reference to our firm in said Registration Statement and in the related Prospectus.

Respectfully submitted,

/s/ CHAPMAN AND CUTLER LLP

EFF/arr

## Exhibit 99.3

![](image_001.jpg)

December 23, 2025

Chapman & Cutler LLP 320 South Canal Street Chicago, IL 60606

Re: <u>FTP Series</u> <br>

Ladies and Gentlemen:

We have acted as special Delaware counsel for FTP Series, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

We have examined and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render the opinions expressed below, including the following documents:

&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;(a) The Registration Statement (the "Registration
Statement") on Form S-6, including a preliminary prospectus (the "Prospectus") relating to the units of undivided beneficial
interests in FTP 1 series of the Trust (each, a "Unit"), filed by the Trust with the Securities and Exchange Commission (the
"Commission") on or about December 23, 2025;

&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;(b) The Certificate of Trust of the Trust (the "Certificate
of Trust"), as filed with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on
November 21, 2025;

&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;(c) The Master Trust Agreement, dated as of November
18, 2025 (the "Master Trust Agreement"), between First Trust Portfolios L.P., as depositor (the "Depositor") and
The Bank of New York Mellon, as trustee (the "Trustee");

&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;(d) A form of Series Trust Agreement (the "Series
Trust Agreement"), to be entered into among the Depositor and the Trustee with respect to FTP 1 series of the Trust, filed as an
exhibit to the Registration Statement; and

&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;(e) The Standard Terms and Conditions of Trust for FTP
1 series of the Trust dated December 23, 2025 (the "Standard Terms" and, together with the Master Trust Agreement and the
Series Trust Agreement, the "Trust

![](image_001.gif)

Agreement"), entered into among the Depositor and the Trustee, which is to be incorporated by reference into the Series Trust Agreement and a form of which is filed as an exhibit to the Registration Statement;

&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;(f) A Certificate of Good Standing for the Trust, dated
December 23, 2025, obtained from the Secretary of State.

Initially capitalized terms used herein and not otherwise defined are used as defined in the Trust Agreement.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Series Trust Agreement and the Standard Terms will be executed and delivered by the parties thereto in substantially the forms reviewed by us and that when the Units are issued the Master Trust Agreement, the Series Trust Agreement, the Standard Terms and the Certificate of Trust will be in full force and effect and will not have been amended, (ii) the due organization or due formation, as the case may be, and valid existence in good standing of each party to the documents (other than the Trust) examined by us under the laws of the jurisdiction governing its organization or formation, (iii) the legal capacity of natural persons who are signatories to the documents examined by us, (iv) that each of the parties to the documents (other than the Trust) examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) the due authorization, execution and delivery by all parties thereto of all documents (other than the Trust) examined by us, (vi) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time, (vii) that the Units will be duly issued and sold to Persons (collectively, the "Unitholders") in accordance with the Trust Agreement and the Registration Statement and (viii) the Trustee shall have received on behalf of the Trust the assets to be delivered to it pursuant to the Series Trust Agreement. We have not participated in the preparation of the Registration Statement (except for providing this opinion) or the Prospectus and assume no responsibility for their contents, other than this opinion.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

Based upon the foregoing, and upon our examination of such questions of laws and rules, regulations and orders thereunder as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&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;1. The Trust is validly existing in good standing as a statutory trust under the Statutory Trust Act.

&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;2. The Units of the Trust will represent valid and fully paid and nonassessable beneficial interests in the assets of the Trust.

We consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving the foregoing consents, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.

Very truly yours,

![](image_003.jpg)

JWP/AMB1

## Exhibit 99.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement No. 333-291813 on Form S-6 of our report dated December 23, 2025, relating to the financial statement of FTP 1, comprising Vest 2-Year S&P 500(R) Deep Buffered 100 Portfolio, one of the series constituting the FTP Series, appearing in the Prospectus, which is a part of such Registration Statement, and to the reference to us under the heading "Experts" in such Prospectus.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

December 23, 2025