First Trust Value Line® Equity Allocation Index Fund (FVI)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Value Line® Equity Allocation 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 the Fund's fees and expenses) of an equity index called the Value Line® Equity Allocation Index™.

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

The Index is designed to objectively identify and select those stocks that appear to have the greatest potential for capital appreciation from the universe of stocks Value Line^® gives a Timeliness^TM, Safety^TM or Technical^TM Ranking of #1 or #2 using the Value Line^® Ranking Systems.
The universe of stocks is separated into large, mid and small cap categories. Stocks which do not meet certain daily trading volume and market cap criteria are eliminated. The remaining stocks are then divided into growth and value universes. Value Line determines the equity allocations among the six resulting style classifications.
The stocks in each style classification are then ranked using several factors including price to cash flow, price to book, return on assets and price appreciation. The 25 highest ranked stocks in each of the six style classifications are selected. The stocks are equally weighted within each classification.
On a weekly basis, stocks in the index are adjusted to reflect changes in Value Line's rankings. The index is rebalanced semi-annually each February and August through the re-application of the stock selection methodology.

Fund Overview

Ticker	FVI
Fund Type	Growth
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York
CUSIP	336919105
Intraday NAV	FVIIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	12/5/2006
Inception Price	$20.00
Inception NAV	$20.00
Gross Expense Ratio (12/31/2012)	1.85%
Net Expense Ratio	0.70%
Rebalance Frequency	Semi-Annual

Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of the fund from exceeding 0.70% per year, at least until April 30, 2013.

Current Fund Data (as of 5/17/2013)

Closing NAV¹	$22.91
Closing Share Price²	$22.78
Bid/Ask Midpoint	$22.91
Bid/Ask Discount	0.02%
Total Net Assets	$4,582,151
Outstanding Shares	200,002
Daily Volume	-----
Average 30-Day Daily Volume	1,149
Closing Share Price 52-Week High/Low	$22.78 / $17.11
Closing NAV 52-Week High/Low	$22.91 / $17.20
Number of Holdings	150

Fund Characteristics (as of 4/30/2013)⁷

Median Market Cap.	$4,638
Maximum Market Cap.	$428,747
Minimum Market Cap.	$562
Price/Earnings	15.26
Price/Book	1.88
Price/Cash Flow	8.77
Price/Sales	0.94

Top 10 Holdings (as of 5/16/2013)

Holding	Percent
Sony Corporation (ADR)	1.56%
Celgene Corporation	1.39%
Toyota Motor Corporation (ADR)	1.38%
Netflix Inc.	1.37%
NIKE, Inc. (Class B)	1.34%
Magna International Inc. (Class A)	1.33%
BlackRock, Inc.	1.33%
Principal Financial Group, Inc.	1.32%
Life Technologies Corporation	1.32%
Becton, Dickinson and Company	1.29%

Bid/Ask Midpoint and NAV History (Since Inception)

Past performance is not indicative of future results.

Volume (Since Inception)

Distribution Information

Dividend per Share Amt³	$0.0483
30-Day SEC Yield (as of 4/30/2013)⁴	0.74%
12-Month Distribution Rate (as of 4/30/2013)⁵	2.08%
Index Yield (as of 4/30/2013)⁶	1.45%

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	28	0	0	0
12/31/2012	17	0	0	0
9/30/2012	28	1	0	0
6/30/2012	42	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	25	7	0	0
12/31/2012	44	1	0	0
9/30/2012	33	1	0	0
6/30/2012	21	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.

Sector Breakdown (as of 5/17/2013)

Consumer Discretionary	21.97%
Consumer Staples	6.24%
Energy	4.83%
Financials	21.52%
Health Care	6.91%
Industrials	18.82%
Information Technology	16.22%
Materials	2.93%
Other	0.07%
Utilities	0.49%

Month End Performance (as of 4/30/2013)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
NAV	5.05%	11.62%	13.04%	6.26%	3.72%	N/A	2.61%
After Tax Held	4.95%	11.52%	12.11%	5.64%	3.15%	N/A	2.10%
After Tax Sold	2.86%	6.58%	7.50%	4.58%	2.63%	N/A	1.80%
Market Price	5.21%	11.63%	12.99%	6.23%	3.70%	N/A	2.60%

Index Performance **
Value Line® Equity Allocation Index™	5.35%	12.00%	14.03%	7.12%	4.69%	N/A	3.48%
Russell 3000® Index	7.02%	12.89%	17.21%	12.78%	5.63%	N/A	4.36%

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

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
NAV	11.78%	11.78%	11.65%	6.84%	4.82%	N/A	2.67%
After Tax Held	11.67%	11.67%	10.74%	6.22%	4.24%	N/A	2.15%
After Tax Sold	6.67%	6.67%	6.71%	5.03%	3.49%	N/A	1.84%
Market Price	11.79%	11.79%	11.60%	6.83%	4.81%	N/A	2.66%

Index Performance **
Value Line® Equity Allocation Index™	12.06%	12.06%	12.63%	7.71%	5.78%	N/A	3.53%
Russell 3000® Index	11.07%	11.07%	14.56%	12.97%	6.32%	N/A	4.15%

3-Year Statistics (as of 4/30/2013)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
First Trust Value Line® Equity Allocation Index Fund	15.42%	-5.52	0.96	0.43	0.97
Russell 3000® Index	15.65%	---	---	0.81	---

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.

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.

**Past performance is not a guarantee of future results. Performance information for the Value Line® Equity Allocation Index™ is for illustrative purposes only and does not represent actual fund performance. No representation is being made that any investment will achieve performance similar to that shown. 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. All index returns assume that dividends are reinvested when they are received.

The gross expense ratio for this fund is 1.85%. Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of the fund from exceeding 0.70% per year, at least until April 30, 2013.

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

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	Most recent distribution paid or declared through today's date. Subject to change in the future.
⁴	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.
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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Value Line® Equity Allocation Index(TM)
⁷	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 12/5/2006

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® Equity Allocation 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^® Equity Allocation 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^® Equity Allocation 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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value