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First Trust Long/Short Equity ETF (FTLS)
Investment Objective/Strategy - The Fund's investment objective is to seek to provide investors with long term total return. The Fund intends to pursue its investment objective by establishing long and short positions in a portfolio of Equity Securities.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerFTLS
Fund TypeUS Equity
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
CUSIP33739P103
ISINUS33739P1030
Intraday NAVFTLSIV
Fiscal Year-End10/31
ExchangeNYSE Arca
Inception9/8/2014
Inception Price$30.00
Inception NAV$30.00
Fees and Expenses
Management Fees: 0.95%
Acquired Fund Fees and Expenses:* 0.01%
Dividends on Short Sales: 0.45%
Total Annual Expenses: 1.41%
*Acquired fund fees and expenses reflect the fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds.

Current Fund Data (as of 5/25/2017)
Closing NAV1$35.98
Closing Share Price2$35.95
Bid/Ask Midpoint$35.99
Bid/Ask Premium0.01%
Total Net Assets$111,546,661
Outstanding Shares3,100,002
Daily Volume7,692
Average 30-Day Daily Volume15,642
Closing Share Price 52-Week High/Low$35.95 / $30.70
Closing NAV 52-Week High/Low$35.98 / $30.70
Number of Holdings208
Fund Characteristics - Long Exposure (as of 4/28/2017)6
Maximum Market Cap.$753,665
Median Market Cap.$15,900
Minimum Market Cap.$377
Price/Earnings21.89
Price/Book3.62
Price/Cash Flow15.77
Price/Sales2.27
Fund Characteristics - Short Exposure (as of 4/28/2017)6
Maximum Market Cap.$252,466
Median Market Cap.$3,749
Minimum Market Cap.$468
Price/Earnings17.77
Price/Book2.19
Price/Cash Flow11.04
Price/Sales1.60
Top Holdings - Long Exposure (as of 5/25/2017)
Holding Percent
Apple Inc. 3.28%
Adobe Systems Incorporated 2.31%
The Toro Company 2.12%
Equity Lifestyle Properties, Inc. 2.10%
The Boeing Company 2.08%
Visa Inc. (Class A) 2.06%
Allegion Public Limited Company 2.03%
TC Pipelines, LP 2.02%
Annaly Capital Management, Inc. 2.00%
The Hershey Company 1.99%

Holdings are subject to change.

Top Holdings - Short Exposure (as of 5/25/2017)
Holding Percent
S&P 500 Depositary Receipts (SPDR) -2.00%
Cubic Corporation -0.38%
Federal Realty Investment Trust -0.38%
Kellogg Company -0.38%
Liberty Broadband Corporation (Class A) -0.38%
Mondelez International, Inc. -0.38%
The Coca-Cola Company -0.38%
Air Products and Chemicals, Inc. -0.37%
Becton, Dickinson and Company -0.37%
General Electric Company -0.37%

Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.0287
30-Day SEC Yield (as of 4/28/2017)40.61%
12-Month Distribution Rate (as of 4/28/2017)50.89%
Bid/Ask Midpoint vs. NAV (as of 3/31/2017)
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
3/31/2017 48 0 0 0
12/31/2016 53 0 0 0
9/30/2016 34 0 0 0
6/30/2016 36 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
3/31/2017 14 0 0 0
12/31/2016 10 0 0 0
9/30/2016 30 0 0 0
6/30/2016 28 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.

Fund Exposure (as of 5/25/2017)
Long Exposure99.18%
Short Exposure-20.41%
Net Exposure78.77%
Top Sector - Long Exposure (as of 5/25/2017)
Percent
Industrials 15.77%
Information Technology 14.53%
Health Care 12.88%
Consumer Discretionary 12.52%
Consumer Staples 8.73%
Real Estate 7.78%
Financials 7.10%
Energy 6.77%
Telecommunication Services 3.47%
Materials 2.66%
Top Sector - Short Exposure (as of 5/25/2017)
Percent
Industrials -2.78%
Consumer Staples -2.61%
Health Care -2.39%
Consumer Discretionary -2.01%
Energy -1.95%
Real Estate -1.80%
Information Technology -1.69%
Financials -1.26%
Materials -1.06%
Telecommunication Services -0.86%
Month End Performance (as of 4/28/2017)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception7
Fund Performance *
Net Asset Value (NAV) 3.31% 2.81% 12.95% N/A N/A N/A 7.44%
After Tax Held 3.28% 2.77% 12.49% N/A N/A N/A 7.06%
After Tax Sold 1.88% 1.59% 7.31% N/A N/A N/A 5.56%
Market Price 3.34% 2.69% 13.02% N/A N/A N/A 7.44%
Index Performance
S&P 500 Index 5.16% 7.16% 17.92% N/A N/A N/A 9.11%
Quarter End Performance (as of 3/31/2017)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception7
Fund Performance *
Net Asset Value (NAV) 1.21% 1.21% 10.40% N/A N/A N/A 7.03%
After Tax Held 1.18% 1.18% 9.95% N/A N/A N/A 6.64%
After Tax Sold 0.69% 0.69% 5.87% N/A N/A N/A 5.23%
Market Price 1.01% 1.01% 10.37% N/A N/A N/A 6.99%
Index Performance
S&P 500 Index 6.07% 6.07% 17.17% N/A N/A N/A 8.98%

*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.

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 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. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

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.

Indexes do 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.
Total Annual Expenses are 1.41%. Management fees are 0.95%, acquired fund fees and expenses are 0.01% and dividends on short sales are 0.45%.

S&P 500 Index - The 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 outstanding shares .
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 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
4 The 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 and includes the effects of fee waivers and expense reimbursements, if applicable.
5 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.
6 All market capitalization numbers are in USD$ Millions.
7 Inception Date is 9/8/2014

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.

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. If the fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to the fund's net asset value and possibly face delisting.

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 security owned by the fund, fund shares or securities in general may fall in value. The fund is subject to management risk because it is an actively managed portfolio. In managing the fund's investment portfolio, the advisor will apply investment techniques and risk analyses that may not have the desired result. There can be no assurance that the fund's investment objective will be achieved.

The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies. 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 stock market.

An investment in a fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

Alternative investments may employ complex strategies, have unique investment and risk characteristics and may not be suitable for all investors.

Shorting may result in greater gains or greater losses. Short selling creates special risks which could result in increased volatility of returns. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited.

The fund may effect a portion of creations and redemptions for cash rather than in-kind securities. As a result, the fund may be less tax-efficient.

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.

The fund may invest in the shares of other ETFs, and therefore, the fund's investment performance and risks may be related to the investment performance and risks of the underlying ETFs. In general, as a shareholder in other ETFs, the fund bears its ratable share of the underlying ETF's expenses, and would be subject to duplicative expenses to the extent the fund invests in other ETFs.

The use of futures and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when the fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

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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