First Trust California Municipal High Income ETF (FCAL)

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	Fact Sheet
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	Monthly Performance Report
	Investor Guide

Fund Summary

Investment Objective/Strategy - The First Trust California Municipal High Income ETF's primary investment objective will be to seek to provide current income that is exempt from regular federal income taxes and California income taxes, and its secondary objective will be long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes and California income taxes (collectively, "Municipal Securities").

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

Fund Overview

Ticker	FCAL
Fund Type	Tax-Free Fixed Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33739P863
ISIN	US33739P8639
Intraday NAV	FCALIV
Fiscal Year-End	07/31
Exchange	Nasdaq
Inception	6/20/2017
Inception Price	$50.00
Inception NAV	$50.00
Total Expense Ratio*	0.65%

* As of 12/2/2024

Current Fund Data (as of 7/3/2025)

Closing NAV¹	$48.03
Closing Market Price²	$47.96
Bid/Ask Midpoint	$47.96
Bid/Ask Discount	0.16%
30-Day Median Bid/Ask Spread³	0.23%
Total Net Assets	$283,402,210
Outstanding Shares	5,900,002
Daily Volume	9,178
Average 30-Day Daily Volume	20,872
Closing Market Price 52-Week High/Low	$50.51 / $47.18
Closing NAV 52-Week High/Low	$50.44 / $47.13
Number of Holdings (excluding cash)	349

Top Holdings (as of 7/3/2025)*

Holding	Percent
ANAHEIM CA HSG & PUBLIC IMPT AUTH Variable rate, due 10/01/2054	1.57%
CALIFORNIA ST POLL CONTROL FIN AUTH Variable rate, due 07/01/2031	1.08%
IRVINE CA FACS FING AUTH LEASE REV 5.25%, due 05/01/2048	1.08%
CALIFORNIA ST POLL CONTROL FIN AUTH Variable rate, due 07/01/2043	1.07%
SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2049	1.07%
SAN FRANCISCO CALIF CITY & CNTY APRTS COMMN 5%, due 05/01/2034	0.97%
CALIFORNIA ST ENTERPRISE DEV AUTH 5.25%, due 11/01/2049	0.95%
TURLOCK CA PUBLIC FING AUTH 5%, due 04/01/2045	0.92%
LOS ANGELES CA N/C, 5%, due 06/25/2026	0.91%
UNIV OF CALIFORNIA CA RGTS MED CTR Variable rate, due 05/15/2045	0.87%

* Excluding cash. Holdings are subject to change.

Overall Morningstar Rating^TM (as of 5/31/2025)⁴

Among 100 funds in the Muni California Long category. This fund was rated 3 stars/100 funds (3 years), 4 stars/97 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 7/5/2025)⁵	$0.1320
30-Day SEC Yield (as of 6/30/2025)⁶	3.11%
Taxable Equivalent 30-Day SEC Yield (as of 6/30/2025)⁷	6.93%
12-Month Distribution Rate (as of 6/30/2025)⁸	3.20%
Distribution Rate (as of 6/30/2025)⁹	3.30%
Taxable Equivalent Annualized Distribution Rate (as of 6/30/2025)¹⁰	7.37%

Fund Characteristics (as of 5/30/2025)

Weighted Average Effective Duration (Includes Short Positions)¹¹	7.77 Years
Weighted Average Effective Duration (Long Positions)¹¹	7.91 Years
Weighted Average Modified Duration¹²	6.15 Years
Weighted Average Maturity	14.13 Years
Weighted Average Price	$101.24
Weighted Average Coupon	4.64%
Weighted Average Yield-to-Worst¹³	4.31%
Short Position - US Treasury Futures	-1.85%

Maturity Exposure (as of 5/30/2025)

Years	Percent
Cash	-0.28%
0 - 0.99 Years	9.76%
1 - 1.99 Years	0.94%
2 - 2.99 Years	1.48%
3 - 3.99 Years	1.28%
4 - 4.99 years	4.11%
5 - 5.99 Years	0.96%
6 - 6.99 Years	2.47%
7 - 7.99 Years	2.48%
8 - 8.99 Years	2.76%
9 - 9.99 Years	2.28%
10 - 14.99 Years	13.41%
15 - 19.99 Years	38.88%
20 - 24.99 Years	14.03%
25 - 29.99 Years	4.81%
30 Years & Over	0.63%

Credit Quality (as of 5/30/2025)

Credit Quality	Percent
Cash	-0.28%
AAA	8.10%
AA	44.54%
A	18.49%
BBB	9.36%
BB	2.41%
NR	17.38%

The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

Bid/Ask Premium/Discount (as of 7/3/2025)

	2024	Q1 2025	Q2 2025	Q3 2025
Days Traded at Premium	143	39	24	0
Days Traded at Discount	109	21	38	3

Top Sector Exposure (as of 5/30/2025)

SPECIAL ASSESSMENT	12.75%
INSURED	11.42%
COP	10.25%
HOSPITAL	9.05%
WATER & SEWER	7.04%
AIRPORT	6.96%
IDB	6.85%
GO-UNLTD	6.69%
EDUCATION	5.54%
GAS	5.12%

Hypothetical Growth of $10,000 Since Inception (as of 7/3/2025) *

Month End Performance (as of 5/30/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁴
Fund Performance *
Net Asset Value (NAV)	-2.76%	-1.77%	1.01%	1.71%	1.18%	N/A	2.09%
After Tax Held	-3.08%	-2.31%	-0.25%	0.54%	0.14%	N/A	1.00%
After Tax Sold	-1.63%	-1.05%	0.61%	0.82%	0.47%	N/A	1.14%
Market Price	-2.68%	-1.53%	0.99%	1.84%	1.22%	N/A	2.09%

Index Performance **
Bloomberg 10 Year California Exempt Index	-1.99%	-0.32%	2.63%	2.00%	0.30%	N/A	1.67%
Bloomberg Municipal Bond Index	-2.42%	-0.96%	2.03%	1.73%	0.55%	N/A	1.74%

Quarter End Performance (as of 3/31/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁴
Fund Performance *
Net Asset Value (NAV)	-0.64%	-0.64%	1.17%	1.29%	1.59%	N/A	2.28%
After Tax Held	-0.96%	-0.96%	-0.07%	0.14%	0.56%	N/A	1.20%
After Tax Sold	-0.38%	-0.38%	0.69%	0.49%	0.78%	N/A	1.29%
Market Price	-0.54%	-0.54%	1.11%	1.30%	1.55%	N/A	2.27%

Index Performance **
Bloomberg 10 Year California Exempt Index	-0.07%	-0.07%	0.19%	1.73%	0.88%	N/A	1.74%
Bloomberg Municipal Bond Index	-0.22%	-0.22%	1.22%	1.53%	1.07%	N/A	1.88%

3-Year Statistics (as of 5/30/2025)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FCAL	6.26%	-0.45	0.93	-0.40	0.97
Bloomberg 10 Year California Exempt Index	6.52%	---	1.00	-0.33	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.

Bloomberg 10 Year California Exempt Index - The Index is the subset of bonds of the Bloomberg Municipal Bond Index that were issued by California issuers and have 10 years to maturity.

Bloomberg Municipal Bond Index - The Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

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	The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
⁵	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.
⁶	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.
⁷	The taxable equivalent yield is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt yield using the highest federal and California state tax brackets and Medicare tax for 2025. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal and California state personal income tax and Medicare tax.
⁸	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.
⁹	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.
¹⁰	The taxable equivalent annualized distribution rate is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt annualized distribution rate using the highest federal and California state tax bracket and Medicare tax for 2025. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal and California state personal income tax and Medicare tax.
¹¹	A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. It accounts for the likelihood of changes in the timing of cash flows in response to interest rate movements.
¹²	A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. In contrast to effective duration, modified duration assumes that the timing of cash flows remain constant.
¹³	YTW is the measure of the lowest possible yield that can be received on a fixed income security with an early retirement provision without the issuer defaulting. The calculation does not include the effect of fund fees and expenses.
¹⁴	Inception Date is 6/20/2017

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 Statement of Additional Information 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.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

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.

Stocks with growth characteristics tend to be more volatile than certain other stocks and their prices may fluctuate more dramatically than the overall stock market.

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.

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

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, natural disasters or other events could have significant negative impact on a fund.

There can be no assurance that the securities held by a fund will stay within a fund's intended market capitalization range.

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.

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.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

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.

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

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value