Under normal market conditions, the Fund seeks to achieve its investment objectives by investing in a portfolio of U.S.-listed exchange-traded funds (Underlying ETFs) that is designed to follow the High-Income Model (the High Income Model) developed by the Funds investment advisor, First Trust Advisors L.P. (First Trust or the Advisor). The Fund, through its investments in the Underlying ETFs comprising the High-Income Model, seeks to provide investors with a diversified income stream by holding a blend of fixed income assets that are actively managed to seek levels of high income and total return. The High-Income Model is principally composed of ETFs for which First Trust serves as investment advisor. Therefore, a significant portion of the ETFs in which the Fund invests are advised by First Trust. However, the Fund may also invest in ETFs other than First Trust ETFs.