First Trust Value Line® Dividend Index Fund (FVD)

	Printer Friendly Page
	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Value Line® Dividend Index Fund is an exchange-traded index fund. The objective of the Fund is to seek investment results that correspond generally to the price and yield, before fees and expenses, of the Value Line® Dividend Index™.

There can be no assurance that the Fund's investment objectives will be achieved.

The index begins with the universe of stocks that Value Line^® gives a Safety^TM Ranking of #1 or #2 using the Value Line^® Safety^TM Ranking System. All registered investment companies, limited partnerships and foreign securities not listed in the U.S. are removed from this universe.
From those stocks, Value Line^® selects those companies with a higher than average dividend yield, as compared to the indicated dividend yield of the Standard & Poor's 500 Composite Stock Price Index.
Value Line^® then eliminates those companies with an equity market capitalization of less than $1 billion.
The index seeks to be equally weighted in each of the securities in the index. The index is rebalanced on the application of the above model on a monthly basis.

Fund Overview

Ticker	FVD
Fund Type	Equity Income
Investment Adviser/Portfolio Manager	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York
CUSIP	33734H106
Intraday NAV	FVDIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	8/19/2003
Inception Price	$15.00
Inception NAV	$14.32
Gross Expense Ratio (12/31/2012)	0.78%
Net Expense Ratio	0.70%
Rebalance Frequency	Monthly

Expenses are capped contractually at 0.70% per year, at least until April 30, 2014.

Current Fund Data (as of 6/18/2013)

Closing NAV¹	$20.05
Closing Share Price²	$20.07
Bid/Ask Midpoint	$20.06
Bid/Ask Premium	0.02%
Total Net Assets	$674,506,691
Outstanding Shares	33,637,986
Daily Volume	131,300
Average 30-Day Daily Volume	162,917
Closing Share Price 52-Week High/Low	$20.46 / $16.25
Closing NAV 52-Week High/Low	$20.44 / $16.23
Number of Holdings	153

Fund Characteristics (as of 5/31/2013)⁸

Median Market Cap.	$19,890
Maximum Market Cap.	$414,705
Minimum Market Cap.	$1,022
Price/Earnings	15.95
Price/Book	2.30
Price/Cash Flow	8.06
Price/Sales	1.28

Top 10 Holdings (as of 6/18/2013)

Holding	Percent
Applied Materials, Inc.	0.71%
Intel Corporation	0.70%
NextEra Energy Inc.	0.70%
St. Jude Medical, Inc.	0.68%
AGL Resources Inc.	0.68%
Cisco Systems, Inc.	0.68%
CA Inc.	0.68%
Cardinal Health, Inc.	0.68%
Lorillard, Inc.	0.68%
Verizon Communications Inc.	0.67%

Bid/Ask Midpoint and NAV History (Since Inception)

Past performance is not indicative of future results.

Volume (Since Inception)

Overall Morningstar Rating^TM (as of 5/31/2013)³

Among 1049 funds in the Large Value category. This fund was rated 5 stars/1049 funds (3 years), 5 stars/941 funds (5 years).

Distribution Information

Dividend per Share Amt⁴	$0.1067
30-Day SEC Yield (as of 5/31/2013)⁵	2.55%
12-Month Distribution Rate (as of 5/31/2013)⁶	2.55%
Index Yield (as of 5/31/2013)⁷	3.29%

Bid/Ask Midpoint vs. NAV (as of 3/31/2013)

Number of Days Bid/Ask Midpoint Above NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2013	54	0	0	0
12/31/2012	48	0	0	0
9/30/2012	49	0	0	0
6/30/2012	56	0	0	0

Number of Days Bid/Ask Midpoint Below NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2013	6	0	0	0
12/31/2012	14	0	0	0
9/30/2012	14	0	0	0
6/30/2012	7	0	0	0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Top Sector Exposure (as of 6/18/2013)

Utilities	28.17%
Consumer Staples	14.93%
Industrials	11.20%
Information Technology	10.58%
Financials	9.69%
Health Care	9.17%
Energy	5.82%
Consumer Discretionary	5.19%
Materials	2.63%
Telecommunication Services	2.62%

Month End Performance (as of 5/31/2013)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
NAV	6.72%	14.68%	25.02%	17.31%	8.02%	N/A	8.79%
After Tax Held	6.47%	14.41%	23.73%	16.16%	6.89%	N/A	7.09%
After Tax Sold	3.80%	8.31%	14.29%	13.12%	5.76%	N/A	6.45%
Market Price	6.72%	14.77%	25.01%	17.33%	8.03%	N/A	8.80%

Index Performance **
Value Line® Dividend Index	6.92%	15.05%	26.04%	18.26%	8.87%	N/A	N/A
Dow Jones Select Dividend Index^SM	6.83%	13.91%	22.46%	18.14%	6.89%	N/A	N/A
S&P 500® Index	8.22%	15.37%	27.28%	16.87%	5.43%	N/A	7.28%

Quarter End Performance (as of 3/28/2013)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
NAV	12.53%	12.53%	18.02%	14.57%	8.83%	N/A	8.74%
After Tax Held	12.26%	12.26%	16.80%	13.44%	7.69%	N/A	7.00%
After Tax Sold	7.09%	7.09%	10.33%	10.93%	6.42%	N/A	6.40%
Market Price	12.56%	12.56%	18.02%	14.57%	8.80%	N/A	8.74%

Index Performance **
Value Line® Dividend Index	12.74%	12.74%	18.94%	15.47%	9.67%	N/A	N/A
Dow Jones Select Dividend Index^SM	11.78%	11.78%	17.93%	15.87%	6.70%	N/A	N/A
S&P 500® Index	10.61%	10.61%	13.96%	12.67%	5.81%	N/A	6.94%

3-Year Statistics (as of 5/31/2013)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
First Trust Value Line® Dividend Index Fund	10.97%	4.30	0.73	1.47	0.94
Dow Jones Select Dividend Index^SM	10.55%	6.13	0.66	1.59	0.88
S&P 500® Index	14.02%	---	---	1.15	---

Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*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. You can obtain performance information which is current through the most recent month-end by visiting ftportfolios.com.

On December 15, 2006, the fund acquired the assets and adopted the performance history of the First Trust Value Line^® Dividend Fund, a closed-end fund. The investment goals, strategies and policies of the fund are substantially similar to those of the predecessor fund. Performance information for periods prior to December 15, 2006 is based on the performance history of the predecessor fund and reflects the operating expenses of the predecessor fund.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are based on the midpoint of the bid/ask spread. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for the Value Line® Dividend Index is for illustrative purposes only and does not represent actual fund performance. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

The gross expense ratio for this fund is 0.78%. Expenses are capped contractually at 0.70% per year, at least until April 30, 2014.

The Dow Jones U.S. Select Dividend Index^SM consists of 100 widely-traded, dividend-paying stocks derived from the Dow Jones U.S.Total Market Index^SM.

The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.

Footnotes

¹	The NAV represents the fund's net assets (assets less liabilities) divided by the fund's shares outstanding.
²	Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
³	The Morningstar Rating^TM is provided for those exchange-traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF's Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF's risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. PLEASE NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF's 3,5, and 10 year rating). The determination of an ETF's rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
⁴	Most recent distribution paid or declared through today's date. Subject to change in the future.
⁵	30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period.
⁶	12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution Rates May Vary.
⁷	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Value Line® Dividend Index
⁸	All market capitalization numbers are in USD$ Millions.
⁹	Inception Date is 8/19/2003

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.

ETF Characteristics

The fund lists and principally trades its shares on the NYSE Arca, Inc.

The fund's return may not match the return of the Value Line® Dividend Index. The fund may not be fully invested at times. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.

Risk Considerations

The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value.

The fund may invest in securities issued by companies concentrated in a particular industry. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

"Value Line^®" and "Value Line^® Dividend Index" are trademarks of Value Line^®, Inc. and have been licensed for use for certain purposes by First Trust on behalf of the Fund. The Fund, based on the Value Line^® Dividend Index, is not sponsored, endorsed, sold, or promoted by Value Line^®, Inc., and Value Line^® makes no representation regarding the advisability of investing in the Fund.

©2013 Morningstar, Inc. All Rights Reserved. The Morningstar Rating^TM information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value