Portfolio manager Kevin Ziets purchases 3,000 FTHY shares — 08/20/2025

Rhea-AI Filing Summary

Kevin L. Ziets, a portfolio manager with First Trust Advisors L.P., reported a purchase of 3,000 common shares of First Trust High Yield Opportunities 2027 Term Fund (FTHY) on 08/20/2025 at a reported price of $14.5985 per share. Following the transaction he beneficially owns 3,000 shares in a direct capacity. The Form 4 shows no derivative transactions and the filing was signed by an attorney-in-fact on behalf of Mr. Ziets on 08/21/2025.

Positive

• Insider purchase disclosed: Reporting person acquired 3,000 common shares on 08/20/2025 at $14.5985 per share
• Direct ownership stated: Beneficial ownership following the transaction is listed as 3,000 shares (Direct)
• Proper execution: Form 4 signed by attorney-in-fact under a Power of Attorney on 08/21/2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchase of 3,000 shares signals a direct personal buy but is a limited, single transaction with no derivatives disclosed.

The reported acquisition of 3,000 common shares at $14.5985 is a straightforward open-market purchase reported on Form 4. As a portfolio manager affiliated with the adviser to the issuer, this purchase is notable as an insider buy but the filing provides only the transaction size, price, and resulting direct ownership. No information on total holdings beyond the reported 3,000 shares, no derivative positions, and no changes to control or large beneficial ownership are indicated. The filing does not provide context on intent or broader trading plans.

Corporate Governance Expert

TL;DR: Form 4 properly discloses a direct insider acquisition and is signed via power of attorney; no governance issues disclosed.

The submission includes the reporting person's role (Portfolio Manager) and the relationship checkbox, and the signature block shows execution by an attorney-in-fact under power of attorney dated 08/21/2025. There are no amendments indicated and no derivative instruments reported. From a disclosure and compliance perspective, the Form 4 appears to meet the basic requirements for reporting a change in beneficial ownership.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ziets Kevin L

(Last) (First) (Middle)

C/O FIRST TRUST ADVISORS L.P.

120 EAST LIBERTY DRIVE, SUITE 400

(Street)

WHEATON IL 60187

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND [ FTHY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			PORTFOLIO MANAGER

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/20/2025		P		3,000	A	$14.5985	3,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Kevin L. Ziets, by Kristi Maher, attorney-in-fact, pursuant to a Power of Attorney	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kevin L. Ziets report on Form 4 for FTHY?

He reported purchasing 3,000 common shares of FTHY on 08/20/2025 at a price of $14.5985 per share, resulting in 3,000 shares beneficially owned directly.

Did the filing report any derivative transactions for FTHY?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned in this filing.

What is the reporting person's relationship to the issuer?

The reporting person, Kevin L. Ziets, is identified as a Portfolio Manager associated with First Trust Advisors L.P.

When was the Form 4 signed and by whom?

The Form 4 was signed on behalf of Kevin L. Ziets by Kristi Maher, attorney-in-fact, under a Power of Attorney on 08/21/2025.

How many shares does the reporting person own after the transaction?

The filing reports 3,000 common shares beneficially owned following the reported transaction.