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First Trust Value Line® 100 Exchange-Traded Fund (FVL)
Investment Objective/Strategy - The First Trust Value Line® 100 Exchange-Traded Fund is an exchange-trade fund. The objective of the Fund is 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® 100 Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The Value Line® 100 Index selects 100 stocks from the universe of stocks of which Value Line, Inc.® ("Value Line®") gives a #1 ranking in the Value Line TimelinessTM Ranking System (the "Ranking System").
  • The Index is comprised of securities of companies that are listed on a U.S. exchange. Value Line® reconstitutes the Index on a monthly basis to match any changes in those stocks ranked #1 by the Ranking System.
  • Each week, Value Line® screens a wide array of data, using a series of proprietary calculations, such as long-term earnings and price trends, recent company earnings and price performance and earnings relative to expectations, to assign a TimelinessTM rank to each of the approximately 1,700 stocks in the Value Line® universe, based on their expected price performance relative to the other stocks in the universe over the following 6 to 12 months. At any one time, only 100 stocks are ranked #1 in the Ranking System.
  • The Index is rebalanced on or about the last Thursday of each calendar quarter so that each stock will be equally weighted as of such date.
Fund Overview
TickerFVL
Fund TypeGrowth
Investment Adviser/Portfolio ManagerFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
CUSIP33735G107
Intraday NAVFVLIV
Fiscal Year-End12/31
ExchangeNYSE Arca
Inception6/12/2003
Inception Price$15.00
Inception NAV$14.32
Rebalance FrequencyQuarterly
Gross Expense Ratio*0.87%
Net Expense Ratio*0.70%
* As of 12/31/2013
Expenses are capped contractually at 0.70% per year, at least until April 30, 2015.
Current Fund Data (as of 7/22/2014)
Closing NAV1$20.49
Closing Share Price2$20.49
Bid/Ask Midpoint$20.48
Bid/Ask Discount0.03%
Total Net Assets$61,255,695
Outstanding Shares2,989,982
Daily Volume3,018
Average 30-Day Daily Volume7,247
Closing Share Price 52-Week High/Low$20.65 / $15.63
Closing NAV 52-Week High/Low$20.65 / $15.63
Number of Holdings98
Fund Characteristics (as of 6/30/2014)7
Median Market Cap.$6,395
Maximum Market Cap.$206,022
Minimum Market Cap.$255
Price/Earnings15.40
Price/Book2.32
Price/Cash Flow6.99
Price/Sales0.82
Top Holdings (as of 7/22/2014)
Holding Percent
Amkor Technology, Inc. 2.13%
Southwest Airlines Co. 1.67%
Level 3 Communications, Inc. 1.48%
Sanmina Corporation 1.48%
The Goodyear Tire & Rubber Company 1.47%
Piper Jaffray Companies, Inc. 1.26%
ON Semiconductor Corporation 1.22%
Avis Budget Group, Inc. 1.21%
Micron Technology, Inc. 1.20%
United Rentals, Inc. 1.18%

Holdings are subject to change.

Bid/Ask Midpoint and NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.0324
30-Day SEC Yield (as of 6/30/2014)40.35%
12-Month Distribution Rate (as of 6/30/2014)50.52%
Index Yield (as of 6/30/2014)61.30%
Bid/Ask Midpoint vs. NAV (as of 6/30/2014)
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
6/30/2014 45 0 0 0
3/31/2014 39 0 0 0
12/31/2013 49 0 0 0
9/30/2013 30 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
6/30/2014 18 0 0 0
3/31/2014 22 0 0 0
12/31/2013 15 0 0 0
9/30/2013 34 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 Industry Exposure (as of 7/22/2014)
Consumer Discretionary 22.83%
Industrials 17.31%
Information Technology 14.22%
Energy 13.87%
Materials 6.85%
Utilities 6.65%
Financials 6.16%
Health Care 4.87%
Telecommunication Services 4.32%
Consumer Staples 2.92%
Month End Performance (as of 6/30/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
NAV 5.82% 10.82% 34.49% 13.48% 18.59% 6.01% 6.70%
After Tax Held 5.75% 10.67% 34.17% 13.15% 18.38% 4.85% 5.64%
After Tax Sold 3.30% 6.12% 19.51% 10.39% 15.04% 4.40% 5.05%
Market Price 5.71% 10.70% 34.69% 13.36% 18.58% 7.13% 6.69%
Index Performance **
Value Line® 100 Index 6.04% 11.33% 35.84% 14.44% 19.72% N/A N/A
Russell 3000® Index 4.87% 6.94% 25.22% 16.46% 19.33% 8.23% 9.02%
Quarter End Performance (as of 6/30/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
NAV 5.82% 10.82% 34.49% 13.48% 18.59% 6.01% 6.70%
After Tax Held 5.75% 10.67% 34.17% 13.15% 18.38% 4.85% 5.64%
After Tax Sold 3.30% 6.12% 19.51% 10.39% 15.04% 4.40% 5.05%
Market Price 5.71% 10.70% 34.69% 13.36% 18.58% 7.13% 6.69%
Index Performance **
Value Line® 100 Index 6.04% 11.33% 35.84% 14.44% 19.72% N/A N/A
Russell 3000® Index 4.87% 6.94% 25.22% 16.46% 19.33% 8.23% 9.02%
3-Year Statistics (as of 6/30/2014)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FVL 19.48% -8.90 1.47 0.73 0.97
Russell 3000® Index 12.85% --- 1.00 1.23 1.00
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.

On June 15, 2007, the fund acquired the assets and adopted the performance history of the First Trust Value Line® 100 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 June 15, 2007 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® 100 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 0.87%. Expenses are capped contractually at 0.70% per year, at least until April 30, 2015.

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® 100 Index
7 All market capitalization numbers are in USD$ Millions.
8 Inception Date is 6/12/2003

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® 100 Index.  Securities held by the fund will generally not be bought or sold in response to market fluctuations.

The fund may not be fully invested at times. 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® 100 Index" are trademarks of Value Line®, Inc. or Value Line® Publishing, 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® 100 Index, is not sponsored, endorsed, sold or promoted by Value Line® Publishing, Inc. or Value Line®, Inc. and neither entity makes any representation regarding the advisability of investing in the Fund.

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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