First Trust Dorsey Wright Momentum & Value ETF (DVLU)

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Fund Summary

Investment Objective/Strategy - The First Trust Dorsey Wright Momentum & Value ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Value™ Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and was developed by Nasdaq, Inc. (the "Index Provider").

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

Index Description According to the Index Provider

The Index is a rules-based equity index that is designed to track the overall performance of the 50 most undervalued stocks within the Nasdaq US Large Mid Cap Index that maintain high levels of relative strength.
To construct the Index, Dorsey, Wright & Associates (DWA) begins with the eligible constituents of the Nasdaq US Large Mid Cap Index.
- These eligible constituents are determined after meeting certain criteria, including maintaining a minimum average daily dollar volume of $1 million for the 30-day period prior to evaluation.
Each security is assigned a relative strength score based on its forward price momentum compared to the momentum of a broad market benchmark index. Securities that exhibit a minimum level of relative strength are eligible for inclusion in the index.
Eligible securities are individually ranked on four "value" metrics:
- Price-to-Sales Ratio
- Price-to-Book Ratio
- Price-to-Earnings Ratio
- Price-to-Cash Flow Ratio
Each security is assigned a percentile rank for each of the four metrics listed above, and a cumulative value score is then calculated for each security by averaging the percentile scores for each of the value metrics.
The securities are then ranked based upon their value scores, and the top 50 securities with the highest value scores are selected for inclusion in the index.
- The securities are then weighted, with greater weights given to securities with higher value scores.
The Index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker	DVLU
Fund Type	Large Value
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33741L207
ISIN	US33741L2079
Intraday NAV	DVLUIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	9/5/2018
Inception Price	$19.98
Inception NAV	$19.98
Rebalance Frequency	Quarterly
Expense Ratio*	0.60%

* As of 2/1/2023

The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's SAI for full details.

Current Fund Data (as of 2/6/2023)

Closing NAV¹	$24.02
Closing Market Price²	$24.03
Bid/Ask Midpoint	$24.02
Bid/Ask Premium	0.00%
30-Day Median Bid/Ask Spread³	0.13%
Total Net Assets	$22,818,573
Outstanding Shares	950,002
Daily Volume	2,367
Average 30-Day Daily Volume	3,886
Closing Market Price 52-Week High/Low	$26.45 / $20.34
Closing NAV 52-Week High/Low	$26.45 / $20.33
Number of Holdings (excluding cash)	50

Top Holdings (as of 2/6/2023)*

Holding	Percent
Builders FirstSource, Inc.	3.16%
UFP Industries Inc.	3.01%
United States Steel Corporation	2.99%
Penske Automotive Group, Inc.	2.90%
Nexstar Media Group, Inc.	2.87%
Westlake Corporation	2.86%
Synchrony Financial	2.81%
OneMain Holdings, Inc.	2.79%
Reliance Steel & Aluminum Co.	2.79%
Equitable Holdings, Inc.	2.78%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 2/7/2023)⁴	$0.2033
30-Day SEC Yield (as of 12/30/2022)⁵	1.54%
12-Month Distribution Rate (as of 12/30/2022)⁶	2.17%
Index Yield (as of 12/30/2022)⁷	2.26%

Fund Characteristics (as of 1/31/2023)⁹

Maximum Market Cap.	$473,553
Median Market Cap.	$11,518
Minimum Market Cap.	$4,882
Price/Earnings	6.81
Price/Book	1.71
Price/Cash Flow	5.08
Price/Sales	0.57

Bid/Ask Premium/Discount (as of 2/6/2023)

	2022	Q1 2023	Q2 2023	Q3 2023
Days Traded at Premium	165	13	---	---
Days Traded at Discount	86	11	---	---

Top Sector Exposure (as of 2/6/2023)

Financials	28.51%
Materials	21.31%
Health Care	12.95%
Industrials	10.45%
Energy	9.43%
Consumer Discretionary	6.46%
Utilities	2.99%
Communication Services	2.87%
Information Technology	2.76%
Consumer Staples	2.27%

Hypothetical Growth of $10,000 Since Inception (as of 2/6/2023) *

Tracking Index: Dorsey Wright Momentum Plus Value™ Index

Month End Performance (as of 1/31/2023)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	6.64%	8.28%	-0.37%	9.77%	N/A	N/A	6.11%
After Tax Held	6.24%	8.28%	-1.25%	8.99%	N/A	N/A	5.37%
After Tax Sold	3.91%	4.90%	-0.27%	7.21%	N/A	N/A	4.38%
Market Price	6.63%	8.33%	-0.33%	9.44%	N/A	N/A	6.12%

Index Performance **
Dorsey Wright Momentum Plus Value™ Index	6.82%	8.39%	0.32%	10.45%	N/A	N/A	6.78%
S&P 500 Index	5.76%	6.28%	-8.22%	9.88%	N/A	N/A	10.03%

Quarter End Performance (as of 12/30/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	9.92%	-9.86%	-9.86%	5.98%	N/A	N/A	4.29%
After Tax Held	9.52%	-10.65%	-10.65%	5.23%	N/A	N/A	3.55%
After Tax Sold	5.87%	-5.84%	-5.84%	4.27%	N/A	N/A	2.97%
Market Price	9.87%	-9.90%	-9.90%	5.98%	N/A	N/A	4.29%

Index Performance **
Dorsey Wright Momentum Plus Value™ Index	10.14%	-9.28%	-9.28%	6.62%	N/A	N/A	4.94%
S&P 500 Index	7.56%	-18.11%	-18.11%	7.66%	N/A	N/A	8.69%

3-Year Statistics (as of 1/31/2023)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
DVLU	29.05%	0.49	1.15	0.45	0.84
S&P 500 Index	21.39%	---	1.00	0.51	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.

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 determined by using the midpoint of the national best bid offer price ("NBBO") 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.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. 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.

S&P 500 Index - The Index is an unmanaged index of 500 companies 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 market 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 median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
⁴	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.
⁵	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.
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 Dorsey Wright Momentum Plus Value(TM) Index.
⁸	Distribution Rate is calculated by dividing the fund's most recent ordinary distribution paid or declared, on an annualized basis, by the NAV price. Distribution rates may vary.
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 9/5/2018

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.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and SAI for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Financial services companies are subject to the adverse effects of economic recession, currency exchange rates, government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentration in geographic markets, industries or products, and competition from new entrants in their fields of business.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, or other events could have significant negative impact on a fund. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

A "momentum" style of investing emphasizes selecting stocks that have had higher recent price performance compared to other stocks. Momentum can turn quickly and cause significant variation from other types of investments.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

Value characteristics of a stock may not be fully recognized for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

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.

Nasdaq® and Dorsey Wright Momentum Plus Value™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value