FIRST TRUST HEDGED BUYWRITE INCME ETF ETF

The investment seeks to provide current income. The fund will pursue its objective by investing primarily in equity securities listed on U.S. exchanges and by utilizing an option strategy consisting of buying U.S. exchange-traded put options on the Standard & Poor's 500® Index (the index) and writing (selling) U.S. exchange-traded covered call options on the index. The call options written by the fund will be a laddered portfolio of call options with expirations of less than one year, written at-the-money to slightly out-of-the-money. The fund is non-diversified.