First Trust Dorsey Wright People's Portfolio ETF (DWPP)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

Fund Summary

Investment Objective/Strategy - The First Trust Dorsey Wright People's Portfolio ETF is an exchange-traded fund which seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq Dorsey Wright People's Portfolio Index.

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

The Nasdaq Dorsey Wright People's Portfolio Index is designed to provide exposure to either the U.S. equity market or T-bills, based upon daily relative strength readings resulting from a Nasdaq Dorsey Wright wholly-quantitative process.
The index always holds exactly one of the three possible positions:
- All the component securities in the Nasdaq US 500 Large Cap Index (the Cap Weight Index),
- All the component securities in the Nasdaq US 500 Large Cap Equal Weight Index (the Equal Weight Index) or
- All the component securities in the Nasdaq US T-bill Index (the T-Bill Index).
To construct the index, the closing price of the cap-weighted Nasdaq US 500 Large Cap Index is compared to the closing price of the Nasdaq US 500 Equal Weight Index, using point and figure charts.^
The equity index which exhibits the best point and figure relative strength is then compared to a cash-like proxy based on the 13-week T-bill, and the position with stronger relative strength is then included in the index.
The point and figure relative strength analysis between these indexes and T-bills is conducted daily. This may result in a high portfolio turnover rate.
The equity indexes and T-bill index rebalance on a semi-annual and weekly basis, respectively. The fund rebalances when the index in which it is currently invested rebalances.

Fund Overview

Ticker	DWPP
Fund Type	Tactical Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33733E880
ISIN	US33733E8802
Intraday NAV	DWPPIV
Fiscal Year-End	12/31
Exchange	Nasdaq
Inception	8/29/2012
Inception Price	$19.89
Inception NAV	$19.89
Rebalance Frequency	Periodically
Expense Ratio	0.60%

Current Fund Data (as of 4/2/2020)

Closing NAV¹	$25.40
Closing Market Price²	$25.40
Bid/Ask Midpoint	$25.39
Bid/Ask Discount	0.04%
Total Net Assets	$33,019,706
Outstanding Shares	1,300,002
Daily Volume	359
Average 30-Day Daily Volume	40,837
Closing Market Price 52-Week High/Low	$34.92 / $21.80
Closing NAV 52-Week High/Low	$34.91 / $21.71
Number of Holdings (excluding cash)	9

Fund Characteristics (as of 2/28/2020)⁷

Maximum Market Cap.	$1,232,256
Median Market Cap.	$22,683
Minimum Market Cap.	$5,520
Price/Earnings	18.88
Price/Book	2.61
Price/Cash Flow	12.04
Price/Sales	1.69

Top Holdings (as of 4/2/2020)*

Holding	Percent
U.S. Treasury Bill, 0%, due 04/30/2020	11.21%
U.S. Treasury Bill, 0%, due 05/07/2020	11.21%
U.S. Treasury Bill, 0%, due 05/14/2020	11.21%
U.S. Treasury Bill, 0%, due 05/21/2020	11.21%
U.S. Treasury Bill, 0%, due 05/28/2020	11.21%
U.S. Treasury Bill, 0%, due 06/04/2020	11.21%
U.S. Treasury Bill, 0%, due 06/11/2020	11.21%
U.S. Treasury Bill, 0%, due 06/18/2020	11.21%
U.S. Treasury Bill, 0%, due 06/25/2020	11.21%

* 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 4/3/2020)³	$0.1432
30-Day SEC Yield (as of 2/28/2020)⁴	1.31%
12-Month Distribution Rate (as of 2/28/2020)⁵	1.20%
Index Yield (as of 2/28/2020)⁶	2.13%

Bid/Ask Midpoint vs. NAV (as of 3/31/2020)

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
3/31/2020	39	1	0	0
12/31/2019	45	0	0	0
9/30/2019	48	0	0	0
6/30/2019	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
3/31/2020	22	0	0	0
12/31/2019	19	0	0	0
9/30/2019	16	0	0	0
6/30/2019	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.

Month End Performance (as of 2/28/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-6.81%	-8.92%	4.14%	7.78%	4.48%	N/A	7.29%
After Tax Held	-6.92%	-8.92%	3.65%	7.25%	3.88%	N/A	6.67%
After Tax Sold	-4.02%	-5.28%	2.46%	5.78%	3.18%	N/A	5.49%
Market Price	-6.68%	-8.77%	4.28%	7.83%	4.53%	N/A	7.31%

Index Performance **
Nasdaq Dorsey Wright Peoples Portfolio Index	-6.69%	-8.87%	4.80%	N/A	N/A	N/A	N/A
Nasdaq US 500 Large Cap Index	-5.20%	-7.92%	8.77%	10.03%	N/A	N/A	N/A
S&P 500 Index	-5.50%	-8.27%	8.19%	9.87%	9.23%	N/A	12.66%

Quarter End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	7.81%	30.24%	30.24%	13.31%	6.59%	N/A	8.83%
After Tax Held	7.68%	29.62%	29.62%	12.76%	5.99%	N/A	8.19%
After Tax Sold	4.63%	17.88%	17.88%	10.14%	4.84%	N/A	6.74%
Market Price	7.78%	30.09%	30.09%	13.24%	6.62%	N/A	8.83%

Index Performance **
Nasdaq Dorsey Wright Peoples Portfolio Index	8.01%	31.16%	31.16%	N/A	N/A	N/A	N/A
Nasdaq US 500 Large Cap Index	9.09%	32.04%	32.04%	15.34%	N/A	N/A	N/A
S&P 500 Index	9.07%	31.49%	31.49%	15.27%	11.70%	N/A	14.30%

3-Year Statistics (as of 2/28/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
DWPP	13.65%	-2.07	1.02	0.49	0.99
S&P 500 Index	13.16%	---	1.00	0.65	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 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.

**Performance information for the Nasdaq Dorsey Wright Peoples Portfolio 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.

On August 18, 2017, the fund's underlying index changed from the CBOE® VIX® Tail Hedge Index to the Nasdaq Dorsey Wright People's Portfolio Index. Therefore, the fund's performance and historical returns shown for the periods prior to this date are not necessarily indicative of the performance that the fund, based on its current index, would have generated.

Nasdaq US 500 Large Cap Index - The Index is a float modified market capitalization weighted index that contains the top 500 securities from the NASDAQ US Benchmark Index.

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 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	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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Nasdaq Dorsey Wright Peoples Portfolio Index.
⁷	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 8/29/2012

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 Nasdaq Stock Market LLC.

The fund's return may not match the return of the Nasdaq Dorsey Wright Peoples Portfolio Index. 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. 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 stock owned by the fund, fund shares or stocks in general may fall in value. Equity securities prices fluctuate for a variety of reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market. There can be no assurance that the fund's investment objective will be achieved. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

The fund may be concentrated in securities issued by companies concentrated in a particular industry which involves additional risks including limited diversification.

As the use of Internet technology has become more prevalent in the course of business, the fund has become more susceptible to potential operational risks through breaches in cyber security.

The index employs a "momentum" style methodology to determine if the portfolio is allocated to T-bills. During periods of positive stock market performance, the returns of the fund may be lower if the fund's net assets are allocated to T-bills. Momentum can turn quickly and cause significant variation from other types of investments.

The fund's strategy may frequently involve buying and selling portfolio securities to rebalance the fund's exposure to equity securities or T-Bills, which may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

The fund is subject to income risk and interest rate risk. Income risk is the risk that the fund's investment in T-bills could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the T-Bills in the fund's portfolio will decline because of rising market interest rates.

The fund may invest in U.S. government obligations. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.

If the fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the fund's net asset value and the price at which the fund's shares are trading. Although the shares are listed on the exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or other factors. Large inflows and outflows may impact the fund's market exposure for limited periods of time.

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 Nasdaq Dorsey Wright People's Portfolio 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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value