Funds and ETFs First Trust High Yield Opportunities 2027 Term Fund

First Trust High Yield Opportunities 2027 Term Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in high yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities. Its high yield debt securities include United States (U.S.) and non-U.S. corporate debt obligations and senior secured floating rate loans (Senior Loans). The Fund may invest no more than 25% of its managed assets in any single industry in the corporate debt market. The Fund invests in various industries, such as aerospace and defense, commercial printing, application software, cable and satellite, electric utilities, automobile manufacturers, building products, and apparel retail. The Fund's investment advisor is First Trust Advisors L.P.