487 1 s487.htm FORM S-6 TO EFFECTIVE AMENDMENT

Registration No. 333-249106

1940 Act No. 811-05903

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:

FT 9017

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:

	Copy to:

JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	111 West Monroe Street
Suite 400	Chicago, Illinois 60603
Wheaton, Illinois 60187

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.

|X|

Check box if it is proposed that this filing will become effective on November 18, 2020 at 2:00 p.m. pursuant to Rule 487.

________________________________

Capital Strength Buy-Write Portfolio, Series 54

FT 9017

FT 9017 is a series of a unit investment trust, the FT Series. FT 9017
consists of a single portfolio known as Capital Strength Buy-Write
Portfolio, Series 54 (the "Trust"). The Trust invests in a portfolio of
common stocks ("Common Stocks") and U.S. Treasury securities ("Treasury
Obligations"). The Common Stocks will be subject to Long Term Equity
AnticiPation Securities ("LEAPS(R)" or "Covered Call Options") which give
the option holder the right to buy the Common Stocks from the Trust at a
predetermined price on any business day prior to the LEAPS'(R) expiration
date, which means you give up any increase in the Common Stock above that
price. Collectively, the Common Stocks, Treasury Obligations and LEAPS(R)
are referred to as the "Securities." The Trust seeks income, with capital
appreciation as a secondary objective.

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 November 18, 2020

Page 1

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 FT Series 10
Portfolio 11
Risk Factors 12
Public Offering 16
Distribution of Units 19
The Sponsor's Profits 20
The Secondary Market 20
How We Purchase Units 20
Expenses and Charges 20
Tax Status 21
Retirement Plans 23
Rights of Unit Holders 23
Income and Capital Distributions 24
Redeeming Your Units 24
Removing Securities from the Trust 25
Amending or Terminating the Indenture 26
Information on the Sponsor, Trustee and Evaluator 27
Other Information 28

Page 2

Summary of Essential Information (Unaudited)

Capital Strength Buy-Write Portfolio, Series 54
FT 9017

At the Opening of Business on the Initial Date of Deposit-November 18, 2020

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

Initial Number of Units (1) 278,369
Fractional Undivided Interest in the Trust per Unit (1) 1/278,369
Public Offering Price:
Public Offering Price per Unit (2) $ 10.000
Less Initial Sales Charge per Unit (3) (.000)
__________
Aggregate Offering Price Evaluation of Securities per Unit (4) 10.000
Less Deferred Sales Charge per Unit (3) (.135)
__________
Redemption Price per Unit (5) 9.865
Less Creation and Development Fee per Unit (3) (5) (.050)
Less Organization Costs per Unit (5) (.023)
__________
Net Asset Value per Unit $ 9.792
==========
Cash CUSIP Number 30316N 105
Fee Account Cash CUSIP Number 30316N 113
Pricing Line Product Code 133003
Ticker Symbol FKVRXX

First Settlement Date November 20, 2020
Mandatory Termination Date (6) January 26, 2022
Income Distribution Record Date Tenth day of each June and December, commencing December 10, 2020.
Income Distribution Date (7) Twenty-fifth day of each June and December, commencing December 25, 2020.

_____________

(1) As of the Evaluation Time on the Initial Date of Deposit, we may
adjust the number of Units of the Trust so that the Public Offering Price
per Unit will equal approximately $10.00. If we make such an 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. No
investor will purchase Units at this price. The price you pay for your
Units will be based on their valuation at the Evaluation Time on the date
you purchase your Units. On the Initial Date of Deposit, the Public
Offering Price per Unit will not include any accumulated dividends on the
Common Stocks or accrued interest on the Treasury Obligations. After this
date, a pro rata share of any accumulated dividends on the Common Stocks
and accrued interest on the Treasury Obligations will be included. In
calculating the price of a Unit, the value of the Common Stocks is reduced
by the value of the LEAPS(R).

(3) You will pay a maximum sales charge of 1.85% of the Public Offering
Price per Unit (equivalent to 1.85% of the net amount invested) which
consists of an initial sales charge, a deferred sales charge and a
creation and development fee. The sales charges are described in the "Fee
Table."

(4) Each listed Common Stock is valued at its last closing sale price at
the Evaluation Time on the business day prior to the Initial Date of
Deposit. Each Treasury Obligation is valued at its last offering price. If
a Common Stock is not listed, or if no closing sale price exists, it is
valued at its closing ask price on such date. LEAPS(R) are valued at their
last closing sale price, or if no closing sale price exists, at their
closing bid price. The value of the LEAPS(R) is then netted against the
value of the Common Stocks. See "Public Offering-The Value of the
Securities." Evaluations for purposes of determining the purchase, sale or
redemption price of Units are 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 creation and development fee and the estimated organization costs
per Unit will be deducted from the assets of the Trust at the end of the
initial offering period. If Units are redeemed prior to any such
reduction, these fees will not be deducted from the redemption proceeds.
See "Redeeming Your Units."

(6) See "Amending or Terminating the Indenture."

(7) The Trustee will distribute money from the Income and/or Capital
Accounts, as determined at the semi-annual Record Date, semi-annually on
the twenty-fifth day of each June and December to Unit holders of record
on the tenth day of such month if the amount available for distribution
equals at least $1.00 per 100 Units. However, the Trustee will make
distributions from the Capital Account prior to a semi-annual distribution
date in certain circumstances as described in "Income and Capital
Distributions." In any case, the Trustee will distribute any funds in the
Capital Account in December of each year and as part of the final
liquidation distribution. See "Income and Capital Distributions."

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 14 months 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 0.00%(a) $.000
Deferred sales charge 1.35%(b) $.135
Creation and development fee 0.50%(c) $.050
_____ _____
Maximum sales charge (including creation and development fee) 1.85% $.185
===== =====
Organization Costs (as a percentage of public offering price)
Estimated organization costs .230%(d) $.0230
===== ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and evaluation fees .079% $.0080
Trustee's fee and other operating expenses .136%(f) $.0138
_____ ______
Total .215% $.0218
===== ======

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 14 Months
______ _________
$230 $234

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

_____________

(a) The combination of the initial and deferred sales charge comprises
what we refer to as the "transactional sales charge." The initial sales
charge is actually equal to the difference between the maximum sales
charge of 1.85% and the sum of any remaining deferred sales charge and
creation and development fee. When the Public Offering Price per Unit
equals $10, there is no initial sales charge. If the price you pay for
your Units exceeds $10 per Unit, you will pay an initial sales charge.

(b) The deferred sales charge is a fixed dollar amount equal to $.135 per
Unit which, as a percentage of the Public Offering Price, will vary over
time. The deferred sales charge will be deducted in three monthly
installments commencing February 19, 2021.

(c) 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 within approximately two months after the Initial Date
of Deposit. If the price you pay for your Units exceeds $10 per Unit, the
creation and development fee will be less than 0.50%; if the price you pay
for your Units is less than $10 per Unit, the creation and development fee
will exceed 0.50%. If you purchase Units after the initial offering
period, you will not be assessed the creation and development fee.

(d) Estimated organization costs 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.

(e) 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.

(f) Other operating expenses for the Trust do not include brokerage costs
and other portfolio transaction fees for the Trust. 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 FT 9017

Opinion on the Statement of Net Assets

We have audited the accompanying statement of net assets of FT 9017,
comprising Capital Strength Buy-Write Portfolio, Series 54 (the "Trust"),
one of the series constituting the FT Series, including the schedule of
investments, as of the opening of business on November 18, 2020 (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 November 18, 2020
(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 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 November 18, 2020, by correspondence with the Trustee. We
believe that our audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
November 18, 2020

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

Capital Strength Buy-Write Portfolio, Series 54
FT 9017

At the Opening of Business on the Initial Date of Deposit-November 18, 2020

NET ASSETS
Investment in Securities represented by purchase contracts (1) (2) $2,960,865
Accrued interest on underlying Treasury Obligations (2) (3) 932
Less liability for call options written-LEAPS(R) (1) (4) (177,178)
Less distributions payable (3) (932)
Less liability for reimbursement to Sponsor for organization costs (5) (6,402)
Less liability for deferred sales charge (6) (37,580)
Less liability for creation and development fee (7) (13,918)
__________
Net assets $2,725,787
==========
Units outstanding 278,369
Net asset value per Unit (8) $ 9.792

ANALYSIS OF NET ASSETS
Cost to investors (9) $2,783,687
Less maximum sales charge (9) (51,498)
Less estimated reimbursement to Sponsor for organization costs (5) (6,402)
__________
Net assets $2,725,787
==========

______________

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 Common Stocks and Treasury
Obligations with the Common Stocks subject to LEAPS(R). Aggregate cost of
the Securities listed under "Schedule of Investments" and the liability
for the LEAPS(R) are based on their aggregate underlying value. The
Securities and the LEAPS(R) were deposited at prices equal to their market
value as determined by the Evaluator. The Trust has a Mandatory
Termination Date of January 26, 2022.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon,
of which approximately $8,500,000 will be allocated to the Trust, has been
deposited with the Trustee as collateral, covering the monies necessary to
satisfy the amounts set forth below:

Aggregate Offering Price of
Common Stocks and Accrued Interest to Accrued Interest to
Treasury Obligations Initial Date of Deposit Expected Date of Delivery
___________________________ _______________________ _________________________

$2,960,865 $932 $7

(3) The Trustee will advance to the Trust the amount of net interest
accrued to the First Settlement Date which will be distributed to the
Sponsor as Unit holder of record.

(4) 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 during a defined period. The option purchaser
pays a premium to the option writer for the right to exercise the option.
The option writer is obligated to sell 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. The
Trust uses exchange-traded contracts that have standardized terms and
performance mechanics.

(5) 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 $.0230 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.

(6) Represents the amount of mandatory deferred sales charge distributions
of $.135 per Unit, payable to the Sponsor in three equal monthly
installments beginning on February 19, 2021 and on the twentieth day of
each month thereafter (or if such date is not a business day, on the
preceding business day) through April 20, 2021. If Unit holders redeem
Units before April 20, 2021, they will have to pay the remaining amount of
the deferred sales charge applicable to such Units when they redeem them.

(7) 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.

(8) Net asset value per Unit 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.

(9) The aggregate cost to investors in the Trust includes a maximum sales
charge (comprised of an initial sales charge, a deferred sales charge and
the creation and development fee) computed at the rate of 1.85% of the
Public Offering Price per Unit (equivalent to 1.85% of the net amount
invested, exclusive of the deferred sales charge and the creation and
development fee), assuming no reduction of the maximum sales charge as set
forth under "Public Offering."

Page 6

Schedule of Investments

Capital Strength Buy-Write Portfolio, Series 54
FT 9017

At the Opening of Business on the Initial Date of Deposit-November 18, 2020

COMMON STOCKS (100.28%):
Percentage Number Market Cost of
Ticker Symbol and of Aggregate of Value Securities to
Name of Issuer of Common Stocks (1) Offering Price Shares per Share the Trust (3)
___________________________________ ______________ ______ _________ _____________
Communication Services (7.83%):
ATVI Activision Blizzard, Inc. 3.88% 1,400 $ 77.11 $ 107,954
FB Facebook, Inc. (Class A) * 3.95% 400 275.00 110,000
Consumer Discretionary (18.96%):
DHI D.R. Horton, Inc. 3.70% 1,400 73.47 102,858
DG Dollar General Corporation 4.50% 600 208.75 125,250
LOW Lowe's Companies, Inc. 3.45% 600 159.86 95,916
NKE NIKE, Inc. (Class B) 3.80% 800 132.21 105,768
TGT Target Corporation 3.51% 600 163.04 97,824
Consumer Staples (7.03%):
COST Costco Wholesale Corporation 2.74% 200 381.92 76,384
WMT Walmart, Inc. 4.29% 800 149.37 119,496
Health Care (17.73%):
ANTM Anthem, Inc. 4.74% 400 329.84 131,936
LLY Eli Lilly and Company 4.06% 800 141.20 112,960
REGN Regeneron Pharmaceuticals, Inc. * 3.87% 200 538.15 107,630
UNH UnitedHealth Group Incorporated 5.06% 400 352.10 140,840
Industrials (15.83%):
CMI Cummins Inc. 3.32% 400 231.08 92,432
HON Honeywell International Inc. 4.43% 600 205.33 123,198
UNP Union Pacific Corporation 4.44% 600 205.85 123,510
UPS United Parcel Service, Inc. (Class B) 3.64% 600 168.88 101,328
Information Technology (32.90%):
ADBE Adobe Incorporated * 3.36% 200 467.95 93,590
AAPL Apple Inc. 4.29% 1,000 119.39 119,390
AMAT Applied Materials, Inc. 3.74% 1,400 74.37 104,118
MA Mastercard Incorporated 4.84% 400 336.50 134,600
MSFT Microsoft Corporation 4.62% 600 214.46 128,676
NVDA NVIDIA Corporation 3.86% 200 536.89 107,378
PYPL PayPal Holdings, Inc. * 4.14% 600 192.30 115,380
SWKS Skyworks Solutions, Inc. 4.05% 800 140.78 112,624
_______ __________
Total Common Stocks 100.28% $2,791,040
======= ==========

Page 7

Schedule of Investments (cont'd.)

Capital Strength Buy-Write Portfolio, Series 54
FT 9017

At the Opening of Business on the Initial Date of Deposit-November 18, 2020

TREASURY OBLIGATIONS (6.10%):
Percentage Market Cost of
of Aggregate Value Securities to
Name of Issuer and Title of Treasury Obligation (1) Offering Price Par Value per Share the Trust (3)
___________________________________________________ ______________ _________ _________ _____________
U.S. Treasury Note, 1.125%, due February 28, 2021 1.51% $ 42,000 N.A. $ 42,120
U.S. Treasury Note, 1.375%, due May 31, 2021 1.52% 42,000 N.A. 42,300
U.S. Treasury Note, 2.000%, due August 31, 2021 1.53% 42,000 N.A. 42,633
U.S. Treasury Note, 1.875%, due November 30, 2021 1.54% 42,000 N.A. 42,772
_______ __________
Total Treasury Securities 6.10% $ 169,825
_______ __________
Total Investment in Securities 106.38% $2,960,865
======= ==========

LONG TERM EQUITY ANTICIPATION SECURITIES ("LEAPS(R)") (-6.38%) (2):

Strike Percentage Number Market Proceeds
Price of Aggregate of Value per to
Description of Call Options (1) per Share Offering Price Contracts (2) Contract the Trust (3)
_______________________________ _________ ______________ _____________ _________ _____________
WRITTEN OPTIONS (-6.38%):
Communication Services (-0.66%):
Activision Blizzard, Inc. $ 95.00 (0.31)% 14 $ 615.00 $ (8,610)
Facebook, Inc. (Class A) 330.00 (0.35)% 4 2,407.00 (9,628)
Consumer Discretionary (-1.22%):
D.R. Horton, Inc. 90.00 (0.31)% 14 610.00 (8,540)
Dollar General Corporation 250.00 (0.23)% 6 1,050.00 (6,300)
Lowe's Companies, Inc. 190.00 (0.23)% 6 1,060.00 (6,360)
NIKE, Inc. (Class B) 160.00 (0.23)% 8 805.00 (6,440)
Target Corporation 195.00 (0.22)% 6 1,020.00 (6,120)
Consumer Staples (-0.28%):
Costco Wholesale Corporation 460.00 (0.10)% 2 1,450.00 (2,900)
Walmart, Inc. 180.00 (0.18)% 8 640.00 (5,120)
Health Care (-0.94%):
Anthem, Inc. 400.00 (0.29)% 4 2,010.00 (8,040)
Eli Lilly and Company 170.00 (0.16)% 8 540.00 (4,320)
Regeneron Pharmaceuticals, Inc. 660.00 (0.28)% 2 3,880.00 (7,760)
UnitedHealth Group Incorporated 430.00 (0.21)% 4 1,430.00 (5,720)
Industrials (-0.69%):
Cummins Inc. 280.00 (0.14)% 4 990.00 (3,960)
Honeywell International Inc. 250.00 (0.16)% 6 755.00 (4,530)
Union Pacific Corporation 250.00 (0.18)% 6 820.00 (4,920)
United Parcel Service, Inc. (Class B) 200.00 (0.21)% 6 975.00 (5,850)
Information Technology (-2.59%):
Adobe Incorporated 560.00 (0.28)% 2 3,830.00 (7,660)
Apple Inc. 145.00 (0.32)% 10 895.00 (8,950)
Applied Materials, Inc. 90.00 (0.23)% 14 460.00 (6,440)
Mastercard Incorporated 400.00 (0.28)% 4 1,970.00 (7,880)
Microsoft Corporation 260.00 (0.24)% 6 1,110.00 (6,660)
NVIDIA Corporation 640.00 (0.49)% 2 6,795.00 (13,590)
PayPal Holdings, Inc. 230.00 (0.40)% 6 1,840.00 (11,040)
Skyworks Solutions, Inc. 170.00 (0.35)% 8 1,230.00 (9,840)
_______ __________
Total Investment in LEAPS(R) (6.38)% $(177,178)
======= ==========
_______________

See "Notes to Schedule of Investments" on page 9.

Page 8

NOTES TO SCHEDULE OF INVESTMENTS

(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 November 18, 2020. Such purchase contracts are
expected to settle within two business days.

(2) The LEAPS(R) can be exercised on any business day prior to their
expiration on January 21, 2022. Each contract entitles the holder thereof
to purchase 100 shares of common stock at the strike price. The LEAPS(R)
call options are accounted for at market value, and are not accounted for
as hedging instruments. LEAPS(R) call options can be volatile and involve
certain risks. The LEAPS(R) call options could result in a reduction of
the total return of the Trust. The notional value of each LEAPS(R) call
option equals the value of the corresponding common stock.

(3) The cost or proceeds of the Securities to the Trust represents the
aggregate underlying value with respect to the Securities acquired
(generally determined by the closing sale prices of the listed Securities
and the ask prices of over-the-counter traded Securities at the Evaluation
Time on the business day prior to the Initial Date of Deposit). The cost
of Securities to the Trust may not compute due to rounding the market
value per share. The offering side price of the Treasury Obligations is
greater than the bid side price of the Treasury Obligations which is the
basis on which the Redemption Price per Unit will be determined. The
Evaluator valued the LEAPS(R) at their last closing sale price (or closing
bid price if there is no closing sale price) at the Evaluation Time on the
business day preceding the Initial Date of Deposit. The value of the
Securities, based on the bid side price of the Treasury Obligations, the
value of the Common Stocks, net of the value or ask price of the LEAPS(R),
is $2,765,173 (unaudited). The valuation of the Securities has been
determined by the Evaluator, an affiliate of 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 options 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
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
Common Stocks of $2,791,040 and LEAPS(R) of $(85,718) are classified as
Level 1, which refers to securities traded in an active market. The
Trust's investments in Treasury Obligations of $169,825 and LEAPS(R) of
$(91,460) are classified as Level 2, whose valuations on the date of
deposit were determined by the Evaluator using offering 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, including accrued interest, and the Sponsor's profit (which is
the difference between the cost of the Securities to the Sponsor
and the cost of the Securities to the Trust) are $2,782,429 and $2,180,
respectively.

* This Security represents a non-income producing security.

Page 9

The FT Series

The FT Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of a unit investment trust which we have named
the FT Series. The series to which this prospectus relates, FT 9017,
consists of a single portfolio known as Capital Strength Buy-Write
Portfolio, Series 54.

The Trust was created under the laws of the State of New York by a Trust
Agreement (the "Indenture") dated the Initial Date of Deposit. This
agreement, entered into among First Trust Portfolios L.P., as Sponsor, The
Bank of New York Mellon as Trustee and First Trust Advisors L.P. as
Portfolio Supervisor and Evaluator, governs the operation of the Trust.

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 Treasury
Obligations and Common Stocks (which Common Stocks are subject to the
LEAPS(R)) (collectively, the "Securities") with the Trustee and, in turn,
the Trustee delivered documents to us representing our ownership of the
Trust in the form of units ("Units"). Because the Common Stocks held by
the Trust are subject to the LEAPS(R), the Common Stocks' upside potential
will be limited. The Securities were deposited at prices equal to their
market value as determined by the Evaluator, which value has been reduced
to reflect the Trust's obligation under the LEAPS(R).

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. Any
additional Common Stocks deposited will be subject to the LEAPS(R) with
the same terms as the LEAPS(R) initially deposited. 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. In
addition, because the Trust pays the brokerage fees associated with the
creation of new Units and with the sale of Securities to meet redemption
and exchange requests, frequent redemption and exchange activity will
likely result in higher brokerage expenses.

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. Common Stocks may be called pursuant
to the LEAPS(R) prior to the Mandatory Termination Date or 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, but will not be
reinvested. 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 "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.

Page 10

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 on the next Income Distribution Date.
Any Replacement Security the Trust acquires will be identical to those
from the failed contract.

Portfolio

Objectives.

The Trust seeks income, with capital appreciation as a secondary
objective. The Trust is concentrated in stocks of the industry or group of
industries comprising the information technology sector.

Portfolio Selection Process.

Each Common Stock is subject to a contractual right, in the form of
LEAPS(R), which gives the holder of the LEAPS(R) (the "Right Holder") the
right to buy the Common Stock at a predetermined price (the "Strike
Price") on any business day prior to the expiration of the LEAPS(R). Each
LEAPS(R) will be issued by The Options Clearing Corporation ("OCC") in the
form of an American style option, which means that it is exercisable at
the Strike Price on any business day prior to its expiration date. The
expiration date for each of the LEAPS(R) included in the Trust is January
21, 2022. Future series of the Trust may have different maturity lengths
due to the expiration dates of the call options included therein. As of
the close of business on the business day preceding the Initial Date of
Deposit, the Strike Price of the LEAPS(R) in the Trust is equal to
approximately 120.67% of the closing market price on that date of the
Common Stocks deposited in the Trust.

You should be aware that a product which includes writing call options may
not be suitable for all investors. It may not be appropriate for investors
seeking above-average capital appreciation. Before investing, you should
make sure you understand the risks of this type of product, and whether it
suits your current financial objectives.

The Trust is a unit investment trust which invests in a fixed portfolio of
common stocks of well-capitalized companies with strong market positions,
and simultaneously, the portfolio sells a LEAPS(R) call option against
each position. The writing (selling) of a call option generates income in
the form of a premium paid by the option buyer. The portfolio invests this
income in U.S. Treasury notes and the interest received from the notes is
paid to Unit holders periodically.

Common Stocks are selected for the portfolio based on the following
criteria as of the date the portfolio was selected:

- Member of the S&P 500(R) Index;

- Cash position greater than $1 billion;

- Long-term debt to market value ratio less than 30%;

- Return on equity greater than 15%;

- LEAPS(R) availability; and

- Cash flow analysis and the judgment of the analyst.

Illustrative Market Scenarios.

Stock prices increase above the LEAPS'(R) exercise price: The LEAPS(R) are
exercised and the underlying stock shares are sold at the strike price.
Profits are limited to the premium income received from writing the
LEAPS(R), dividends received from the Common Stocks prior to their sale
from the portfolio, interest received from the U.S. Treasury Obligations,
plus the difference between each Common Stock's initial price and their
strike price. Investors will forgo any dividends paid on the Common Stocks
subsequent to their sale from the portfolio and any gain in the underlying
stock price after the stock is sold. It is important to note that writing
covered calls limits the appreciation potential of the underlying Common
Stocks.

Stock prices remain stable: The LEAPS(R) expire worthless and the
portfolio still owns the Common Stock shares. Profits are limited to the
premium income received from writing the LEAPS(R), plus dividends from the
Common Stocks, as well as interest received from the U.S. Treasury
Obligations.

Stock prices decrease: The LEAPS(R) expire worthless and the portfolio
still owns the Common Stock shares. The break even on the stocks is
lowered by the premium income received from writing the LEAPS(R). In
addition, the portfolio will receive dividends from the Common Stocks, and
interest from the U.S. Treasury Obligations.

On or before the Initial Date of Deposit, the Sponsor entered into
contracts to buy the Common Stocks. The Sponsor then wrote LEAPS(R) on
each of the Common Stocks and received an option premium therefore. Using
the option premium proceeds, the Sponsor entered into contracts to buy the
Treasury Obligations. On the Initial Date of Deposit, the Sponsor
deposited the Common Stocks subject to the LEAPS(R) and the Treasury
Obligations with the Trustee on behalf of the Trust. At such time the

Page 11

Sponsor also assigned the LEAPS(R) to the Trust, giving the Right Holders
the right to purchase Common Stocks from the Trust.

Each LEAPS(R) will give the Right Holder the right (but not the
obligation) to purchase Common Stocks from the Trust at the Strike Price
on any business day prior to the LEAPS'(R) expiration. The Strike Price
for a Common Stock held by the Trust will be adjusted downward (but not
below zero) upon certain extraordinary distributions made by the issuers
of the Common Stocks to Unit holders before the LEAPS'(R) expiration
triggered by certain corporate events affecting such Common Stock. See
"Risk Factors-LEAPS(R)."

In calculating the net asset value of a Unit, the price of a Unit is
reduced by the value of the LEAPS(R).

As of the close of business on the business day preceding the Initial Date
of Deposit, the capital appreciation on the Common Stocks held by the
Trust is limited to a maximum of approximately 20.67%, because of the
obligation of the Trust to the Right Holder with respect to each of the
Common Stocks entitling the Right Holder to purchase the Common Stocks at
the Strike Price. The LEAPS(R) limit your upside potential in the Common
Stocks to an amount equal to the Strike Price. However, as the option
premium received in return for issuing the LEAPS(R) was used to purchase
Treasury Obligations, you will receive interest from the Treasury
Obligations until they mature and your pro rata portion of the principal
from the Treasury Obligations shortly after they mature.

If the market price of a Common Stock held by the Trust is greater than
its Strike Price, the Trust will not participate in any appreciation in
that Common Stock above the Strike Price because it is expected that the
holder of the related LEAPS(R) will exercise its right to purchase that
Common Stock from the Trust at the Strike Price. If the market price of a
Common Stock held by the Trust is less than its Strike Price, it is
expected that the LEAPS(R) will terminate without being exercised, and the
Trust, in connection with its termination, will liquidate or distribute
the Common Stock at its then current market value. To the extent
particular Common Stocks held by the Trust decline in price or fail to
appreciate to a price equal to the related Strike Price, the Trust will
not achieve its maximum potential appreciation.

The Treasury Obligations included in the Trust are non-callable debt
obligations that are issued by and backed by the full faith and credit of
the U.S. Government, although Units of the Trust are not so backed.
Additionally, the U.S. Government assures the timely payment of principal
and interest on the underlying Treasury Obligations in the Trust. Of
course, this applies only to the payment of principal and interest on the
Treasury Obligations and not the Units themselves.

Additional Portfolio Contents.

In addition to the investments described above, the Trust has exposure to
the following investments: large capitalization companies.

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.

Risk Factors

Price Volatility. The Trust invests in Treasury Obligations, Common Stocks
and LEAPS(R) for each of the Common Stocks. The value of the Trust's Units
will fluctuate with changes in the value of the Treasury Obligations,
Common Stocks and LEAPS(R).

Because the Trust is not managed, the Trustee will not sell stocks in
response to or in anticipation of market fluctuations, as is common in
managed investments. As with any investment, we cannot guarantee that the
performance of the Trust will be positive over any period of time especially the
relatively short 14-month life of the Trust, or that you won't lose money. 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.

Market Risk. Market risk is the risk that a particular security, or Units
of the Trust in general, may fall in value. Securities are subject to
market fluctuations caused by such factors as economic, political,
regulatory or market developments, changes in interest rates and perceived
trends in securities prices. Units of the Trust could decline in value or
underperform other investments. In addition, local, regional or global
events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a
significant negative impact on the Trust and its investments. Such events
may affect certain geographic regions, countries, sectors and industries
more significantly than others. Such events could adversely affect the
prices and liquidity of the 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.

The recent outbreak of a respiratory disease designated as COVID-19 was
first detected in China in December 2019. The global economic impact of
the COVID-19 outbreak is impossible to predict but has resulted in

Page 12

disruptions to manufacturing, supply chains and sales in affected areas
and negatively impacted global economic growth prospects. The COVID-19
outbreak has also caused significant volatility and declines in global
financial markets, which have caused losses for investors. The impact of
the COVID-19 outbreak may be short term or may last for an extended period
of time, and in either case could result in a substantial economic
downturn or recession.

Government interventions aimed at curtailing the distress to financial
markets caused by the COVID-19 outbreak such as the Federal Reserve's $700
billion quantitative easing program announced in March 2020, coupled with
reducing the Federal funds rate to near-zero, may not work as intended and
may result in increased volatility in financial markets. Quantitative
easing refers to purchasing large quantities of securities issued or
guaranteed by the U.S. government, its agencies or instrumentalities on
the open market. The impact of government interventions on the markets,
and the practical implications for market participants, may not be fully
known for some time.

Common Stocks. The Trust invests in shares of Common Stocks. 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 the current market
volatility, or when political or economic events affecting the issuers
occur. In addition, common stock prices may be particularly sensitive to
rising interest rates, as the cost of capital rises and borrowing costs
increase, negatively impacting issuers.

U.S. Treasury Obligations. The Trust invests in U.S. Treasury obligations.
U.S. Treasury obligations are direct obligations of the United States
which are backed by the full faith and credit of the United States. The
value of the Treasury Obligations will be adversely affected by decreases
in bond prices and increases in interest rates. Certain Treasury
Obligations may have been purchased on the Initial Date of Deposit at
prices of less than their par value at maturity, indicating a market
discount. Other Treasury Obligations may have been purchased on the
Initial Date of Deposit at prices greater than their par value at
maturity, indicating a market premium. The coupon interest rate of
Treasury Obligations purchased at a market discount was lower than current
market interest rates of newly issued bonds of comparable rating and type
and the coupon interest rate of Treasury Obligations purchased at a market
premium was higher than current market interest rates of newly issued
bonds of comparable rating and type. Generally, the value of bonds
purchased at a market discount will increase in value faster than bonds
purchased at a market premium if interest rates decrease. Conversely, if
interest rates increase, the value of bonds purchased at a market discount
will decrease faster than bonds purchased at a market premium.

LEAPS(R). The Common Stocks held by the Trust are subject to LEAPS(R). The
value of the LEAPS(R) may be adversely affected if the market for LEAPS(R)
becomes less liquid or smaller. If this occurs, there will likely be a
negative impact on the value of your Units. Although you may redeem your
Units at any time, if you redeem before the LEAPS(R) are exercised or
expire, the value of your Units may be adversely affected by the value of
the LEAPS(R). However, if LEAPS(R) are not exercised and you hold your
Units until the scheduled Termination Date, the LEAPS(R) will have ceased
to exist and the Trust's portfolio will consist of only cash or Securities
or a combination of each.

If you sell or redeem your Units before the LEAPS(R) are exercised, or if
the Trust terminates prior to its scheduled Termination Date and the
LEAPS(R) have not been exercised, you may not realize any appreciation in
the value of the Common Stocks because even if the Common Stocks
appreciate in value, that appreciation may be more than fully, fully or
partly offset by an increase in value in the LEAPS(R). The value of the
LEAPS(R) is deducted from the value of the Trust's assets when determining
the value of a Unit. If the Securities decline in price, your loss may be
greater than it would be if there were no LEAPS(R) because the value of
the LEAPS(R) is a reduction to the value of the Securities when
calculating the value of a Unit. An increase in value of the LEAPS(R), an
obligation of the Trust to sell or deliver the Common Stocks at the Strike
Price if the LEAPS(R) are exercised by the Right Holder, will reduce the
value of the Securities in the Trust, below the value of the Securities
that would otherwise be realizable if the Common Stocks were not subject
to the LEAPS(R). You should note that even if the price of a Common Stock
does not change, if the value of a LEAPS(R) increases (for example, based
on increased volatility of a Common Stock) your Unit will lose value.

The value of the LEAPS(R) reduces the value of your Units. As the value of
the LEAPS(R) increases, it has a more negative impact on the value of your
Units. The value of the LEAPS(R) will also be affected by changes in the
value and dividend rates of the Common Stocks, an increase in interest
rates, a change in the actual and perceived volatility of the stock market
and the Common Stocks and the remaining time to expiration. Additionally,

Page 13

the value of a LEAPS(R) does not increase or decrease at the same rate as
the underlying stock (although they generally move in the same direction).
However, as a LEAPS(R) approaches its expiration date, its value
increasingly moves with the price of the Common Stock subject to the
LEAPS(R).

The Strike Price for each LEAPS(R) held by the Trust may be adjusted
downward before the LEAPS(R) expiration triggered by certain corporate
events affecting that Common Stock. A downward adjustment to the Strike
Price will have the effect of reducing the equity appreciation that a Unit
holder may receive. If the Strike Price is adjusted downward and the
LEAPS(R) is exercised at the reduced Strike Price, a Unit Holder would
lose money if the value of the Common Stock at the time that the Unit is
purchased is greater than the adjusted Strike Price. Adjustments will be
made to the Strike Price of a Common Stock based on adjustments made by
the OCC to options on that security. The OCC generally does not adjust
option strike prices to reflect ordinary dividends but may adjust option
strike prices to reflect certain corporate events such as extraordinary
dividends, stock splits, merger or other extraordinary distributions or
events.

If the value of the underlying Common Stocks exceeds the Strike Price of
the LEAPS(R), it is likely that the Right Holder will exercise their right
to purchase the Equity Security subject to the LEAPS(R) from the Trust. As
the LEAPS(R) may be exercised on any business day prior to their
expiration, Common Stocks may be sold to the Right Holders of the LEAPS(R)
prior to the termination of the Trust. If this occurs, distributions from
the Trust will be reduced by the amount of the dividends which would have
been paid by Common Stocks sold from the Trust. As discussed in "Tax
Matters," the sale of Common Stocks from the Trust will likely result in
capital gains to Unit holders, which may be short-term depending on the
holding period of the Common Stocks. In addition, the sale of Common
Stocks may, in certain circumstances, result in the early termination of
the Trust.

Options. The value of an option may be adversely affected if the market
for the option becomes less liquid or smaller, and will be affected by
changes in the value and dividend rates of the Common Stock subject to the
option, an increase in interest rates, a change in the actual and
perceived volatility of the stock market and the Common Stock and the
remaining time to expiration. Additionally, the value of an option does
not increase or decrease at the same rate as the underlying Common Stock
(although they generally move in the same direction). However, as an
option approaches its expiration date, its value increasingly moves with
the price of the Common Stock subject to an option. The strike price for
an option may be adjusted downward before an option expiration triggered
by certain corporate events affecting that Common Stock. A downward
adjustment to the strike price will have the effect of reducing the equity
appreciation. Option strike prices may be adjusted to reflect certain
corporate events such as extraordinary dividends, stock splits, merger or
other extraordinary distributions or events. If the value of the
underlying Common Stock exceeds the strike price of an option, it is
likely that the holder of that option will exercise their right to
purchase the Common Stock.

Distributions. Certain of the Common Stocks held by the Trust may
currently pay dividends, but there is no guarantee that the issuers of the
Common Stocks will declare dividends in the future or that, if declared,
they will either remain at current levels or increase over time. In
addition, there is no guarantee that the U.S. Government will be able to
satisfy its interest payment obligations to the Trust over the life of the
Trust.

Concentration Risk. When at least 25% 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 the industry or group of industries
comprising the information technology sector.

Information Technology. 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 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.

Interest Rate Risk. Interest rate risk is the risk that the value of the
Securities held by the Trust will fall if interest rates increase. Bonds
typically fall in value when interest rates rise and rise in value when

Page 14

interest rates fall. Bonds with longer periods before maturity are often
more sensitive to interest rate changes. Due to the current period of
historically low rates, the bonds held by the Trust may be subject to a
greater risk of rising interest rates than would normally be the case.

Credit Risk. Credit risk is the risk that a security's issuer is unable or
unwilling to make dividend, interest or principal payments when due and
the related risk that the value of a security may decline because of
concerns about the issuer's ability or willingness to make such payments.

Call Risk. Call risk is the risk that the issuer prepays or "calls" a bond
before its stated maturity. An issuer might call a bond if interest rates
fall and the bond pays a higher than market interest rate or if the issuer
no longer needs the money for its original purpose. If an issuer calls a
bond, the Trust will distribute the principal to you but your future
interest distributions will fall. You might not be able to reinvest this
principal in another investment with as high a yield. A bond's call price
could be less than the price the Trust paid for the bond and could be
below the bond's par value. This means you could receive less than the
amount you paid for your Units.

Bond Quality Risk. Bond quality risk is the risk that a bond will fall in
value if a rating agency decreases the bond's rating.

Liquidity Risk. Liquidity risk is the risk that the value of a bond will
fall if trading in the bond is limited or absent. No one can guarantee
that a liquid trading market will exist for any bond because these bonds
generally trade in the over-the-counter market (they are not listed on a
securities exchange).

Extension Risk. If interest rates rise, certain obligations may be paid
off by the obligor at a slower rate than expected, which will cause the
value of such obligations to fall.

Prepayment Risk. Many types of debt instruments are subject to prepayment
risk, which is the risk that the issuer will repay principal prior to the
maturity date. Debt instruments allowing prepayment may offer less
potential for gains during a period of declining interest rates.

Valuation Risk. Unlike publicly traded securities that trade on national
securities exchanges, there is no central place or exchange for trading
most debt securities. Debt securities generally trade on an "over-the-
counter" market. Due to the lack of centralized information and trading,
the valuation of debt securities may carry more uncertainty and risk than
that of publicly traded securities. Accordingly, determinations of the
fair value of debt securities may be based on infrequent and dated
information. Also, because the available information is less reliable and
more subjective, elements of judgment may play a greater role in valuation
of debt securities than for other types of securities.

Market Discount. Certain of the Securities held by the Trust may have
current market values which are below the principal value of such
Securities on the Initial Date of Deposit. A primary reason for the market
value of such bonds being less than principal value at maturity is that
the interest rate of such bonds is at lower rates than the current market
interest rate for comparably rated bonds. Bonds selling at market
discounts tend to increase in market value as they approach maturity.
Because the Trust is not actively managed, the Trustee will not sell bonds
in response to or in anticipation of market discounts or fluctuations.

On sale or redemption, Unit holders may receive ordinary income dividends
from the Trust if the Trust sells or redeems bonds that were acquired at a
market discount, or sells bonds at a short-term capital gain. In general,
the Internal Revenue Service will treat bonds as market discount bonds
when the cost of the bond, plus any original issue discount that has not
yet accrued, is less than the amount due to be paid at the maturity of the
bond. Any gain realized that is in excess of the earned portion of
original issue discount will be taxable as capital gain unless the gain is
attributable to market discount in which case the accretion of market
discount is taxable as ordinary income.

Large Capitalization Companies. All of the Common Stocks held by the Trust
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.

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 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. 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

Page 15

unavailable to intended users. 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. 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.

Legislation/Litigation. 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 companies represented in the Trust. In addition,
litigation regarding the issuers of the Securities, 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 Securities.

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 Treasury Obligations and the
Common Stocks, less the value of the LEAPS(R);

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

- Net interest accrued but unpaid on the Treasury Obligations after the
First Settlement Date to the date of settlement;

- Dividends receivable on the Common Stocks; and

- The maximum sales charge (which combines an initial upfront sales
charge, a deferred 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 LEAPS(R) and changes in
the value of the Income and/or Capital Accounts.

Although you are not required to pay for your Units until two business
days 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 LEAPS(R).

Organization Costs. Securities purchased with 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, the initial audit of the Trust's statement of net
assets, legal fees and the initial fees and expenses of the Trustee) will
be purchased in the same proportionate relationship as all the Securities
contained in the Trust. Securities will be sold to reimburse the Sponsor
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).
During the initial offering period, there may be a decrease in the value
of the Securities. To the extent the proceeds from the sale of these
Securities are insufficient to repay the Sponsor for Trust organization
costs, the Trustee will sell additional Securities to allow the Trust to
fully reimburse the Sponsor. In that event, the net asset value per Unit
of the Trust will be reduced by the amount of additional Securities sold.
Although the dollar amount of the reimbursement due to the Sponsor will
remain fixed and will never exceed the per Unit amount set forth for the
Trust in "Notes to Statement of Net Assets," this will result in a greater
effective cost per Unit to Unit holders for the reimbursement to the
Sponsor. To the extent actual organization costs are less than the
estimated amount, only the actual organization costs will ultimately be
charged to the Trust. When Securities are sold to reimburse the Sponsor
for organization costs, the Trustee will sell Securities, to the extent
practicable, which will maintain the same proportionate relationship among
the Securities contained in the Trust as existed prior to such sale.

Accrued Interest.

Accrued interest represents unpaid interest on a Treasury Obligation from
the last day it paid interest. Interest on the Treasury Obligations is
paid monthly, although the Trust accrues such interest daily. Because the

Page 16

Trust always has an amount of interest earned but not yet collected, the
Public Offering Price of Units will have added to it the proportionate
share of accrued interest to the date of settlement. You will receive the
amount, if any, of accrued interest you paid for on the next Distribution
Date. In addition, if you sell or redeem your Units you will be entitled
to receive your proportionate share of the accrued interest from the
purchaser of your Units.

Minimum Purchase.

The minimum amount per account you can purchase of the Trust is generally
$1,000 worth of Units ($500 if you are purchasing Units for your
Individual Retirement Account or any other qualified retirement plan), but
such amounts may vary depending on your selling firm.

Maximum Sales Charge.

The maximum sales charge of 1.85% 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 0.50%, to
reflect the amount of the previously charged creation and development fee.

Transactional Sales Charge.

The transactional sales charge you will pay has both an initial and a
deferred component.

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 1.85% of the Public Offering Price and the sum of the maximum
remaining deferred sales charge and creation and development fee
(initially $.185 per Unit). On the Initial Date of Deposit, and any other
day the Public Offering Price per Unit equals $10.00, there is no initial
sales charge. Thereafter, you will pay an initial sales charge when the
Public Offering Price per Unit exceeds $10.00 and as deferred sales charge
and creation and development fee payments are made.

Monthly Deferred Sales Charge. In addition, three monthly deferred sales
charges of $.045 per Unit will be deducted from the Trust's assets on
approximately the twentieth day of each month from February 19, 2021
through April 20, 2021. If you buy Units at a price of less than $10.00
per Unit, the dollar amount of the deferred sales charge will not change,
but the deferred sales charge on a percentage basis will be more than
1.35% 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. If you buy Units at a price of less than $10.00 per Unit, the
dollar amount of the creation and development fee will not change, but the
creation and development fee on a percentage basis will be more than 0.50%
of the Public Offering Price.

Discounts for Certain Persons.

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

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.

You will be charged the deferred sales charge per Unit regardless of the
price you pay for your Units or whether you are eligible to receive any
discounts. However, if the purchase price of your Units was less than
$10.00 per Unit or if you are eligible to receive a discount such that the
maximum sales charge you must pay is less than the applicable maximum
deferred sales charge, including Fee Account Units, you will be credited
additional Units with a dollar value equal to the difference between your
maximum sales charge and the maximum deferred sales charge at the time you

Page 17

buy your Units. The dollar value of these additional credited Units (as
with all Units) will fluctuate over time, and may be less on the dates
deferred sales charges or the creation and development fee are collected
than their value at the time they were issued.

The Value of the Securities.

The Evaluator will determine the aggregate underlying value of the
Securities and LEAPS(R) 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 Treasury Obligations in the Trust
will be determined on the basis of current offering prices. The aggregate
underlying value of the Common Stocks in the Trust will be determined as
follows: if the Common Stocks are listed on a national or foreign
securities exchange or The NASDAQ Stock Market, LLC(R), their value shall
generally be based on the closing sale price on the exchange or system
which is the principal market therefore ("Primary Exchange"), which shall
be deemed to be the NYSE if the Common Stocks are listed thereon (unless
the Evaluator deems such price inappropriate as the basis for evaluation).
In the event a closing sale price on the Primary Exchange is not
published, the Common Stocks will be valued based on the last trade price
on the Primary Exchange. If no trades occur on the Primary Exchange for a
specific trade date, the value will be based on the closing sale price
from, in the opinion of the Evaluator, 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 Evaluator will determine
the value of the Common Stocks using the best information available to the
Evaluator, which may include the prior day's evaluated price. If the
Common Stock 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 value will be based on the 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
Evaluator deems appropriate. For purposes of valuing Common Stocks traded
on The NASDAQ Stock Market, LLC(R), closing sale price shall mean the
Nasdaq(R) Official Closing Price as determined by The NASDAQ Stock Market,
LLC(R). If the Common Stocks are not so listed or, if so listed and the
principal market therefore is other than on the Primary Exchange or any
appropriate secondary exchange, the value shall generally be based on the
current ask price on the over-the-counter market (unless the Evaluator
deems such price inappropriate as a basis for evaluation). If current ask
prices are unavailable, the value is generally determined (a) on the basis
of current ask prices for comparable securities, (b) by appraising the
value of the Common Stocks 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 value of such Common Stock shall be converted to U.S. dollars
based on current exchange rates (unless the Evaluator deems such prices
inappropriate as a basis for evaluation). The valuation of LEAPS(R)
written by the Trust will be determined as set forth above for Common
Stocks, with the exception that bid prices will be used instead of ask
prices during the initial offering period. If the Evaluator deems a price
determined as set forth above to be inappropriate as the basis for
evaluation, the Evaluator shall use such other information available to
the Evaluator which it deems appropriate as the basis for determining the
value of a Security or LEAP(R).

After the initial offering period is over, the aggregate underlying value
of the Securities and LEAPS(R) will be determined as set forth above,
except that bid prices are used instead of ask prices when necessary for
purposes of valuing the Common Stocks and Treasury Obligations and ask
prices are used instead of bid prices when necessary for purposes of
valuing the LEAPS(R).

The value of the Common Stocks and the value of the LEAPS(R) have an
interrelated effect on the value of a Unit. The value of the LEAPS(R) will
be affected by the value of the Common Stocks, the volatility of the
Common Stocks, the remaining time to the expiration of the LEAPS(R), the
level of interest rates and the dividend yields on the Common Stocks.

Page 18

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 1.25% 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:

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

Page 19

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 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 for the Trust 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 3 of "Notes to 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 the
Evaluator fees 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. If you sell or
redeem your Units before you have paid the total deferred sales charge on
your Units, you will have to pay the remainder at that time.

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 Evaluator and will be compensated for providing portfolio
supervisory services and evaluation 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

Page 20

dealers of the Trust. As Sponsor, 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 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 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.

In addition to the Trust's operating expenses and those fees described
above, the Trust may also incur the following charges:

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

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

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

- Payment for any loss, liability or expense the Trustee incurred without
negligence, bad faith 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
negligence, bad faith or willful misconduct in acting as Sponsor 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

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 "regulated investment company," commonly
known 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.

Page 21

Income from the Trust.

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.

Certain Stock Dividends.

Ordinary income dividends received by an individual Unit holder from a RIC
such as the Trust are generally taxed at the same rates that apply to long-
term capital gains, provided certain holding period requirements are
satisfied and provided the dividends are attributable to qualifying
dividend income ("QDI") received by the Trust itself. Dividends that do
not meet these requirements will generally be taxed at ordinary income tax
rates. After the end of the tax year, the Trust will provide a tax
statement to its Unit holders reporting the amount of any distribution
which may be taken into account as a dividend which is eligible for the
capital gains tax rates.

Unit holders that are corporations may be eligible for the dividends
received deduction with respect to certain ordinary income dividends on
Units that are attributable to qualifying dividends received by the Trust
from certain corporations.

As part of its investment strategy the Trust has invested in certain
offsetting positions. Such offsetting positions may reduce the amount of
dividends that are eligible for the capital gains tax rates.

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.

Investments in Certain Non-U.S. Corporations.

A foreign corporation will generally be treated as a passive foreign
investment company ("PFIC") if 75% or more of its income is passive income
or if 50% or more of its assets are held to produce passive income. If
the Trust holds an equity interest in PFICs, the Trust could be subject to
U.S. federal income tax and additional interest charges on gains and
certain distributions from the PFICs, even if all the income or gain is
distributed in a timely fashion to the Trust Unit holders. The Trust will
not be able to pass through to its Unit holders any credit or deduction
for such taxes if the taxes are imposed at the Trust level. The Trust may
be able to make an election that could limit the tax imposed on the Trust.
In this case, the Trust would recognize as ordinary income any increase in
the value of such PFIC shares, and as ordinary loss any decrease in such
value to the extent it did not exceed prior increases included in income.

Page 22

Under this election, the Trust might be required to recognize income in
excess of its distributions from the PFICs and its proceeds from
dispositions of PFIC stock during that year, and such income would
nevertheless be subject to the distribution requirement and would be taken
into account for purposes of determining the application of the 4% excise
tax imposed on RICs that do not meet certain distribution thresholds.
Dividends paid by PFICs are not treated as QDI to shareholders of the PFICs.

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 and
short-term capital gains dividends, 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.

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 applies to the gross proceeds from the disposition of
securities that produce U.S. source interest or dividends after December
31, 2018. 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.

Foreign Tax Credit.

If the Trust directly or indirectly invests in non-U.S. stocks, the tax
statement that you receive may include an item showing foreign taxes the
Trust paid to other countries. You may be able to deduct or receive a tax
credit for your share of these taxes. The Trust would have to meet certain
IRS requirements in order to pass through credits to you.

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.

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;

Page 23

- 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.

It is the responsibility of the entity through which you hold your Units
to distribute these statements to you. In addition, you may also request
from the Trustee copies of the evaluations of the Securities as prepared
by the Evaluator to enable you to comply with applicable federal and state
tax reporting requirements.

Income and Capital Distributions

You will begin receiving distributions on your Units only after you become
a Record Owner. The Trustee will credit dividends and interest received on
the Trust's Securities to the Income Account of the Trust. All other
receipts, such as return of capital or capital gain dividends, are
credited to the Capital Account of the Trust. Dividends received on
foreign Securities, if any, are converted into U.S. dollars at the
applicable exchange rate.

The Trustee will distribute money from the Income and Capital Accounts, as
determined at the semi-annual Record Date, semi-annually on the twenty-
fifth day of each June and December to Unit holders of record on the tenth
day of such months. However, if the Capital Account contains proceeds from
any matured Securities as of the tenth day of a month, the Trustee will
distribute money in the Capital Account on the twenty-fifth day of such
month to Unit holders of record on the tenth day of such month. In other
months, the Trustee will only distribute money in the Capital Account if
the amount available for distribution from that account equals at least
$1.00 per 100 Units. In any case, the Trustee will distribute any funds in
the Capital Account in December of each year and as part of the final
liquidation distribution. See "Summary of Essential Information." No
income distribution will be paid if accrued expenses of the Trust exceed
amounts in the Income Account on the Distribution Dates. Distribution
amounts will vary with changes in the Trust's fees and expenses, in
dividends received and with the sale of Securities. If the Trustee does
not have your taxpayer identification number ("TIN"), it is required to
withhold a certain percentage of your distribution and deliver such amount
to the IRS. You may recover this amount by giving your TIN to the Trustee,
or when you file a tax return. However, you should check your statements
to make sure the Trustee has your TIN to avoid this "back-up withholding."

If an Income or 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 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.

We anticipate that there will be enough money in the Capital Account of
the Trust to pay the deferred sales charge to the Sponsor. If not, the
Trustee may sell Securities to meet the shortfall.

Within a reasonable time after the Trust is terminated, you will receive
the 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 the Trust.

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. No redemption fee will be charged, but you are
responsible for any governmental charges that apply. Certain
broker/dealers may charge a transaction fee for processing redemption
requests. Two business days 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 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.

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. The IRS will require the Trustee to withhold a

Page 24

portion of your redemption proceeds if the Trustee does not have your TIN
as generally discussed under "Income and Capital Distributions."

The Trustee may sell Securities to make funds available for redemption.
The Trustee will purchase the LEAPS(R) which will cancel it and then sell
the underlying Common Stocks. Because of the minimum amounts in which the
LEAPS(R) must be traded, the proceeds of Common Stocks sold subject to the
LEAPS(R) may exceed the amount required at the time to redeem Units. These
excess proceeds will be distributed to Unit holders. If Securities are
sold, the size and diversification 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.

The Trustee is not 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;

2. the aggregate underlying value of the Securities held in the Trust;

3. dividends receivable on the Securities trading ex-dividend as of the
date of computation; and

4. accrued interest on the Treasury Obligations; and

deducting

1. the aggregate value of the LEAPS(R);

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.

Any remaining deferred sales charge on the Units when you redeem them will
be deducted from your redemption proceeds. In addition, 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 (and its related
LEAPS(R)) 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;

- 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" in the case of the Trust which has elected to qualify as such 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 which is a "regulated investment company";

- 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 securities laws, regulations and/or regulatory
actions and interpretations which may be in effect from time to time.

Page 25

Except for instances in which the Trust acquires Replacement Securities,
as described in "The FT 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
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; however, termination of the Trust before the
Mandatory Termination Date for any other stated reason will result in all
remaining unpaid deferred sales charges on your Units being deducted from
your termination proceeds. For various reasons, the Trust may be reduced
below the Discretionary Liquidation Amount and could therefore be
terminated before the Mandatory Termination Date.

Unless terminated earlier, the Trustee will begin to sell Securities in
connection with the termination of the Trust during the period beginning
nine business days prior to, and no later than, the 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 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 Mandatory Termination Date will be subsequent to the
expiration date of the LEAPS(R). If the LEAPS(R) are exercised prior to
their expiration, the Trust will receive cash; if the LEAPS(R) are not
exercised, the Trust will continue to hold the Common Stocks in the
Portfolio. If the Trust is terminated early, the Trustee will either (a)
sell the Common Stocks subject to the LEAPS(R); or (b) enter into a
closing purchase transaction as a result of which the LEAPS(R) will be
canceled and then sell the underlying Common Stocks.

Page 26

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 required as a reserve to
pay any taxes or other governmental charges.

Information on the Sponsor, Trustee and Evaluator

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 and 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)

- 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 $460 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, 2019, the total partners' capital of First Trust
Portfolios L.P. was $49,108,615.

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.

Limitations of Liabilities of Sponsor and Trustee.

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

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

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;

- Terminate the Indenture and liquidate the Trust; or

- Continue to act as Trustee without terminating the Indenture.

The Evaluator.

The Evaluator is First Trust Advisors L.P., an Illinois limited
partnership formed in 1991 and an affiliate of the Sponsor. The
Evaluator's address is 120 East Liberty Drive, Wheaton, Illinois 60187.

Page 27

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

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 111 W. Monroe St., Chicago,
Illinois 60603. 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.

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Page 31

FIRST TRUST(R)

Capital Strength Buy-Write Portfolio, Series 54
FT 9017

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
Please refer to the "Summary of Essential Information" for the Product Code.
________________________

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. 333-249106) and

- Investment Company Act of 1940 (file no. 811-05903)

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

November 18, 2020

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

Page 32

First Trust(R)

The FT Series

Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trust contained in FT
9017 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 November 18, 2020. Capitalized terms have
been defined in the prospectus.

Table of Contents

Risk Factors
Securities 1
Dividends 1
Concentration
Concentration Risk 1
Information Technology 1
Common Stocks Selected for Capital Strength Buy-Write Portfolio, Series 54 3

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.

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

Concentration

Concentration Risk. When at least 25% 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 the industry or group of industries
comprising the information technology sector.

Information Technology. Technology companies generally include companies
involved in the development, design, manufacture and sale of computers and

Page 1

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
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 2

Common Stocks Selected for Capital Strength Buy-Write Portfolio, Series 54

Communication Services
_______________________

Activision Blizzard, Inc., headquartered in Santa Monica, California, is a
publisher, developer and distributor of interactive entertainment and leisure
software and peripheral products. The company's product line includes action,
adventure, racing, sports, first-person action, strategy and simulation
products.

Facebook, Inc. (Class A), headquartered in Menlo Park, California, is an
information technology company. The company designs and operates various
social media products that enable people to connect and share data through
mobile devices and other platforms.

Consumer Discretionary
______________________

D.R. Horton, Inc., headquartered in Arlington, Texas, is one of the most
geographically diversified homebuilders in the United States, with operating
divisions in more than 25 states. The company positions itself between large-
volume and local custom homebuilders and sells its single-family homes to the
entry-level and move-up market segments.

Dollar General Corporation, headquartered in Goodlettsville, Tennessee,
operates a chain of discount retail stores located primarily in the southern,
southwestern, midwestern and eastern United States. The company offers a broad
selection of merchandise, including consumable products such as food, paper
and cleaning products, health and beauty products and pet supplies, and non-
consumable products such as seasonal merchandise.

Lowe's Companies, Inc., headquartered in Mooresville, North Carolina, a home
improvement retailer, operates stores which sell building commodities and
millwork; heating, cooling and water systems; home decorating and illumination
products; kitchens, bathrooms and laundries; yard, patio and garden products;
tools; home entertainment products; and special order products.

NIKE, Inc. (Class B), headquartered in Beaverton, Oregon, develops and sells
footwear and apparel for men, women and children for competitive and
recreational wear, and designed for specific sports. The company's other
brands include "Converse" and "Hurley."

Target Corporation, headquartered in Minneapolis, Minnesota, is a general
merchandise retailer. The company specializes in discount stores featuring
moderately-priced merchandise and groceries. The company also offers a fully
integrated online business.

Consumer Staples
________________

Costco Wholesale Corporation, headquartered in Issaquah, Washington, operates
a chain of wholesale cash-and-carry membership warehouses that sell high-
quality, nationally branded and select private label merchandise at low prices
to businesses and individuals who are members of selected employee groups. The
company's warehouses are located internationally.

Walmart, Inc., headquartered in Bentonville, Arkansas, is an international
consumer staples company. The company owns and operates retail department
stores, supercenters, full-line supermarkets and warehouse clubs.

Health Care
___________

Anthem, Inc., headquartered in Indianapolis, Indiana, through its
subsidiaries, operates as a commercial health benefits company in the United
States. The company offers a spectrum of network-based managed care plans to
the large and small employer, individual, Medicaid and senior markets.

Eli Lilly and Company, headquartered in Indianapolis, Indiana, with
subsidiaries, develops, makes and markets pharmaceutical and animal health
products sold in countries around the world. The company also provides health
care management services in the United States.

Page 3

Regeneron Pharmaceuticals, Inc., headquartered in Tarrytown, New York, is a
biopharmaceutical company. The company discovers, develops and commercializes
medicines for the treatment of serious medical conditions in the United States.

UnitedHealth Group Incorporated, headquartered in Minnetonka, Minnesota, is a
diversified health and well-being company that provides services in the United
States and internationally. The company provides benefit plans and services
for employers of all sizes and for individuals, pharmacy services and
programs, claims processing and patient support programs.

Industrials
___________

Cummins Inc., headquartered in Columbus, Indiana, is an engine manufacturer.
The company designs, manufactures and services diesel and natural gas engines
and engine-related products.

Honeywell International Inc., headquartered in Charlotte, North Carolina, is a
diversified manufacturing and technology company. The company's products
include aerospace equipment and services, turbochargers, security
technologies, specialty chemicals and energy efficiency solutions.

Union Pacific Corporation, headquartered in Omaha, Nebraska, is a railway
transportation company. Together with its subsidiaries, the company transports
a variety of products, including automotive parts, finished vehicles,
chemicals, grains, commodities, foods and beverages.

United Parcel Service, Inc. (Class B), headquartered in Atlanta, Georgia,
delivers packages and documents both domestically and internationally. In
addition, the company provides management of supply chains and logistic services
for major corporations worldwide.

Information Technology
______________________

Adobe Incorporated, headquartered in San Jose, California, is a software
company. The company develops, markets and supports software products and
technologies for creative professionals, marketers, application developers,
enterprises and consumers.

Apple Inc., headquartered in Cupertino, California, is a technology company.
The company designs, manufactures and markets personal computers, related
personal computing and mobile communication devices through the company's
retail and online stores, resellers and third-party wholesalers.

Applied Materials, Inc., headquartered in Santa Clara, California, is an
information technology company. The company develops, manufactures, sells and
services semiconductor wafer fabrication equipment and related spare parts for
the worldwide semiconductor industry.

Mastercard Incorporated, headquartered in Purchase, New York, with its
subsidiaries, develops and markets payment solutions, processes payment
transactions and provides consulting services to customers and merchants
worldwide. The company provides services for credit and debit cards, automated
teller machines, electronic cash and travelers checks.

Microsoft Corporation, headquartered in Redmond, Washington, is a technology
company. The company develops, manufactures, licenses and supports a range of
software products, including scalable operating systems, server applications,
worker productivity applications and software development tools.

NVIDIA Corporation, headquartered in Santa Clara, California, designs,
develops and markets graphics processors and related software for personal
computers and digital entertainment platforms.

PayPal Holdings, Inc., headquartered in San Jose, California, operates as a
technology platform company that enables digital and mobile payments on behalf
of consumers and merchants. The company offers online payment options to
customers worldwide.

Skyworks Solutions, Inc., headquartered in Irvine, California, is a
semiconductor manufacturer. The company is focused on radio frequency and
complete semiconductor system solutions for mobile communications applications.

We have obtained the foregoing company descriptions from third-party sources
we deem reliable.

Page 4

Undertaking

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.

CONTENTS OF REGISTRATION STATEMENT

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.

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

The facing sheet

The Prospectus

The signatures

Exhibits

S-1

SIGNATURES

The Registrant, FT 9017, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8955; FT 8956; FT 8976; FT 8978 and FT 8997 for purposes of the representations required by Rule 487 and represents the following:

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

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

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

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 9017, 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 November 18, 2020.

FT 9017

By:

First Trust Portfolios L.P.
Depositor

By:

/s/ Elizabeth H. Bull
Senior Vice President

S-2

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:

Name	Title*	Date

James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	) ) ) )By: /s/ Elizabeth H. Bull ) Attorney-in-Fact** ) November 18, 2020
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	) )
Christina Knierim	Controller of First Trust Portfolios L.P.	) )

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 were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 8880 (File No. 333-240230) and the same is hereby incorporated herein by this reference.

S-3

CONSENT OF COUNSEL

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

CONSENT OF FIRST TRUST ADVISORS L.P.

The consent of First Trust Advisors L.P. to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.1 to 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 will be filed as Exhibit 4.2 to the Registration Statement.

S-4

EXHIBIT INDEX

1.1

Standard Terms and Conditions of Trust for FT 4484 and certain subsequent Series, effective November 6, 2013 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, First Trust Advisors L.P., as Portfolio Supervisor and FTP Services LLC, as FTPS Unit Servicing Agent (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-191558] filed on behalf of FT 4484).

1.1.1

Trust Agreement for FT 9017 and certain subsequent Series, effective November 18, 2020 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

Certificate of Limited Partnership 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 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 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 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).

1.6

Underwriter Agreement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 33-42755] filed on behalf of The First Trust Special Situations Trust, Series 19).

2.2

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

S-5

3.1

Opinion of counsel as to legality of securities being registered.

4.1

Consent of First Trust Advisors L.P.

4.2

Consent of Independent Registered Public Accounting Firm.

6.1

List of Principal Officers 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 executed by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-240230] filed on behalf of FT 8880).

S-6