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First Trust AQA® Equity Fund (AQAAX)
Investment Objective/Strategy - The First Trust AQA® Equity Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities (specifically, common stocks) of U.S. companies.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
Fund TypeAll-Cap Value
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorJ.J.B. Hilliard, W.L. Lyons, LLC
Share ClassClass A
Fiscal Year-End10/31
Inception Date11/10/2015
Minimum Investment Amount$2,500
Minimum Subsequent Investment Amount$50
Maximum Initial Sales Charge5.50%
Gross Expense Ratio*2.65%
Net Expense Ratio*1.60%
* As of 3/1/2017
Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of any class of shares of the fund from exceeding 1.35% per year, excluding 12b-1 distribution and service fees, acquired fund fees and expenses and certain other expenses as described in the prospectus, through 2/28/2018, and to not exceed 1.70% per year from 3/01/2018 through 2/28/2027. Net expense ratio shown above includes 12b-1 service fees, acquired fund fees and certain other expenses as described in the prospectus.
Current Fund Data (as of 3/27/2017)
Net Asset Value1$23.30
Total Net Assets$34,279,162
Outstanding Shares602,173
NAV 52-Week High/Low$24.10 / $18.90
Top 10 Issuers (as of 2/28/2017)3
Holding Percent
Cognex Corp. 4.53%
Wabash National Corp. 4.04%
Monolithic Power Systems, Inc. 3.83%
MSCI, Inc. 3.82%
Saia, Inc. 3.55%
SYNNEX Corp. 3.49%
ABIOMED, Inc. 3.39%
Trex Co., Inc. 3.37%
Winnebago Industries, Inc. 3.33%
Southwest Airlines Co. 3.22%
Fund Characteristics (as of 2/28/2017)2,3
Maximum Market Cap.$92,122
Median Market Cap.$4,823
Minimum Market Cap.$494
Price/Cash Flow11.72
NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend FrequencyAnnual
Industry Breakdown (as of 2/28/2017)3
Industry Percent
Machinery 9.51%
Capital Markets 8.75%
Electronic Equipment, Instruments & Components 8.02%
Health Care Equipment & Supplies 5.96%
Road & Rail 5.87%
Airlines 5.71%
Household Durables 5.62%
Media 5.21%
Semiconductors & Semiconductor Equipment 3.83%
Building Products 3.37%
Automobiles 3.34%
Auto Components 2.90%
Pharmaceuticals 2.83%
IT Services 2.81%
Oil, Gas & Consumable Fuels 2.74%
Construction & Engineering 2.70%
Software 2.63%
Hotels, Restaurants & Leisure 2.47%
Multiline Retail 2.28%
Biotechnology 2.14%
Textiles, Apparel & Luxury Goods 2.08%
Specialty Retail 2.04%
Leisure Products 2.03%
Food Products 1.92%
Chemicals 1.89%
Energy Equipment & Services 1.35%
Month End Performance (as of 2/28/2017)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Without Sales Charge 6.08% 3.23% 27.26% N/A N/A N/A 14.67%
With Sales Charge 0.25% -2.44% 20.26% N/A N/A N/A 9.79%
Index Performance **
Russell 3000® Value Index 6.77% 4.04% 30.02% N/A N/A N/A 15.11%
Russell 3000® Index 7.73% 5.67% 26.29% N/A N/A N/A 12.71%
Quarter End Performance (as of 12/30/2016)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Without Sales Charge 10.19% 18.60% 18.60% N/A N/A N/A 13.70%
With Sales Charge 4.13% 12.08% 12.08% N/A N/A N/A 8.20%
Index Performance **
Russell 3000® Value Index 7.24% 18.40% 18.40% N/A N/A N/A 13.43%
Russell 3000® Index 4.21% 12.74% 12.74% N/A N/A N/A 9.23%

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

**Indexes are unmanaged and an investor cannot invest directly in an index.

The gross expense ratio for this share class is 2.65%. Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of any class of shares of the fund from exceeding 1.35% per year, excluding 12b-1 distribution and service fees, acquired fund fees and expenses and certain other expenses as described in the prospectus through 2/28/2018, and 1.70% per year from 3/01/2018 through 2/28/2027.

The Russell 3000® Value Index is an unmanaged index comprised of companies in the Russell 3000® Index with lower price-to-book values and lower forecasted growth rates.

The Russell 3000® Index is an unmanaged index comprised of the 3000 largest, and most liquid stocks based and traded in the U.S.

1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares .
2 All market capitalization numbers are in USD$ Millions.
3 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-Q) that are based on trade date recording of security transactions. Holdings are subject to change.
4 Inception Date is 11/10/2015

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

The Fund is subject to the following risks:

You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objectives. A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

EQUITY SECURITIES RISK. Because the Fund invests in equity securities, the value of the Fund's shares will fluctuate with changes in the value of these equity securities. Equity securities 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 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.

LIQUIDITY RISK. The Fund invests in equity securities that may have limited liquidity despite being listed on a securities exchange. Equity securities that are less liquid or that trade less can be more difficult or more costly to buy, or to sell, compared to other more liquid or active investments. This liquidity risk is a factor of the trading volume of a particular security, as well as the size and liquidity of the market for such security. The prices at which the equity securities are held in the Fund will be adversely affected if trading markets for the equity securities are limited or absent.

MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund 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. Shares of the Fund could decline in value or underperform other investments.

MODEL RISK. The Fund relies heavily on a proprietary quantitative model that uses information and data supplied by third parties. When the model and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks.

NEW FUND RISK. The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Also, during the initial invest-up period, the Fund may depart from its principal investment strategies and invest a larger amount or all of its assets in cash equivalents or it may hold cash.

SMALLER COMPANIES RISK. The Fund invests in small and/or mid capitalization companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

VALUE INVESTING RISK. The Fund focuses its investments on securities that the proprietary quantitative model on which the Fund is based considers to be undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general risks associated with investing in them. These securities are selected on the basis of an issuer's business and economic fundamentals or a security's current credit profile, relative to current market practice. Disciplined adherence to a "value" investment mandate during period in which that style is "out of favor" can result in significant underperformance relative to overall market indices and other managed investment vehicles that pursue growth style investments and/or flexible style mandates.

AQA® is a registered trademark of J.J.B. Hilliard, W.L. Lyons, L.L.C.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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