First Trust Emerging Markets Local Currency Bond ETF (FEMB)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

2018 Estimated Capital Gain Distributions
Certain First Trust Exchange-Traded Funds are expected to pay a long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a long-term capital gain distribution, please click here. Short-term capital gain distributions, if any, are expected to be nominal and are taxed like ordinary income. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.

Investment Objective/Strategy - The investment objective of the Fund is to seek maximum total return and current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in bonds, notes and bills issued or guaranteed by issuers in emerging market countries ("Debt Instruments") that are denominated in the local currency of the issuer.

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

Fund Overview

Ticker	FEMB
Fund Type	Emerging Market Bonds
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
Portfolio Manager/Sub-Advisor	First Trust Global Portfolios Limited
CUSIP	33739P202
ISIN	US33739P2020
Intraday NAV	FEMBIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	11/4/2014
Inception Price	$50.00
Inception NAV	$50.00
Expense Ratio	0.85%

Current Fund Data (as of 12/13/2018)

Closing NAV¹	$36.73
Closing Share Price²	$36.78
Bid/Ask Midpoint	$36.73
Bid/Ask Discount	0.01%
Total Net Assets	$56,928,382
Outstanding Shares	1,550,002
Daily Volume	7,858
Average 30-Day Daily Volume	9,439
Closing Share Price 52-Week High/Low	$43.95 / $35.67
Closing NAV 52-Week High/Low	$43.91 / $35.83
Number of Holdings	42

Fund Characteristics (as of 11/30/2018)

Weighted Average Effective Duration⁶	4.88 Years
Weighted Average Maturity	6.70 Years
Weighted Average Coupon	6.38%

Top Holdings (as of 12/13/2018)

Holding	Percent
HUNGARY GOVERNMENT BOND N/C, 3%, due 10/27/2027	6.39%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/2027	5.77%
REPUBLIC OF SOUTH AFRICA N/C, 10.50%, due 12/21/2026	5.41%
NOTA DO TESOURO NACIONAL 10%, due 01/01/2025	5.19%
ISRAEL FIXED BOND 6.25%, due 10/30/2026	4.77%
TITULOS DE TESORERIA B N/C, 7%, due 05/04/2022	4.07%
INTL FINANCE CORP N/C, 6.30%, due 11/25/2024	4.01%
REPUBLIC OF CHILE N/C, 5.50%, due 08/05/2020	3.96%
REPUBLIC OF SOUTH AFRICA Series R209, 6.25%, due 03/31/2036	3.29%
ROMANIA GOVERNMENT BOND N/C, 5.85%, due 04/26/2023	2.95%

Holdings are subject to change.

Top Country Exposure (as of 12/13/2018)

Country	Percent
Brazil	13.64%
South Africa	9.35%
Colombia	8.94%
Hungary	8.39%
Indonesia	6.31%
Mexico	5.79%
United States	5.04%
Romania	4.98%
Poland	4.85%
Israel	4.84%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 12/14/2018)³	$0.1600
30-Day SEC Yield (as of 11/30/2018)⁴	5.27%
12-Month Distribution Rate (as of 11/30/2018)⁵	6.28%

Bid/Ask Midpoint vs. NAV (as of 9/30/2018)

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
9/30/2018	33	2	0	0
6/30/2018	15	1	0	0
3/31/2018	25	2	0	0
12/31/2017	24	2	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
9/30/2018	24	4	0	0
6/30/2018	39	9	0	0
3/31/2018	30	4	0	0
12/31/2017	35	2	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.

Maturity Exposure (as of 11/30/2018)

Years	Percent
0 - 3 Years	20.70%
3 - 5 Years	11.20%
5 - 7 Years	19.70%
7 - 10 Years	31.70%
10 - 15 Years	8.70%
15+ Years	6.60%
Cash	1.40%

Currency Exposure (as of 11/30/2018)

Exposure	Percent
USD	16.70%
BRL	10.00%
ZAR	8.80%
MXN	8.70%
PHP	6.00%
RUB	5.50%
IDR	5.30%
COP	5.20%
MYR	4.60%
HUF	4.40%
PEN	4.40%
INR	4.10%
RON	3.80%
CLP	3.40%
THB	3.10%
TRY	2.70%
CZK	1.60%
ILS	1.00%
PLN	0.70%

Credit Quality (as of 11/30/2018)

Cash	1.40%
AAA	5.60%
AA	3.50%
AA-	9.00%
A	9.30%
A-	14.10%
BBB	12.70%
BBB-	19.20%
BB+	9.50%
BB-	15.70%

The ratings are by Standard & Poor's except where otherwise indicated. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. 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.

Month End Performance (as of 11/30/2018)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁷
Fund Performance *
Net Asset Value (NAV)	2.71%	-8.09%	-6.12%	3.33%	N/A	N/A	-2.04%
After Tax Held	2.09%	-10.11%	-8.46%	0.74%	N/A	N/A	-4.33%
After Tax Sold	1.53%	-4.53%	-3.40%	1.42%	N/A	N/A	-2.52%
Market Price	2.18%	-8.06%	-5.71%	2.98%	N/A	N/A	-2.07%

Index Performance
Bloomberg Barclays Emerging Markets Local Currency Government - 10% Country Capped Index	2.31%	-6.03%	-4.61%	4.43%	N/A	N/A	-0.81%

Quarter End Performance (as of 9/28/2018)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁷
Fund Performance *
Net Asset Value (NAV)	-1.73%	-9.34%	-9.59%	2.83%	N/A	N/A	-2.46%
After Tax Held	-2.32%	-10.95%	-11.97%	0.31%	N/A	N/A	-4.74%
After Tax Sold	-0.98%	-5.22%	-5.33%	1.08%	N/A	N/A	-2.81%
Market Price	-1.02%	-9.08%	-9.70%	2.76%	N/A	N/A	-2.44%

Index Performance
Bloomberg Barclays Emerging Markets Local Currency Government - 10% Country Capped Index	-1.02%	-6.73%	-5.32%	4.94%	N/A	N/A	-1.03%

3-Year Statistics (as of 11/30/2018)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FEMB	10.54%	-1.19	1.05	0.27	0.98
Bloomberg Barclays Emerging Markets Local Currency Government - 10% Country Capped Index	9.86%	---	1.00	0.39	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.

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 Barclays Emerging Markets Local Currency Government - 10% Country Capped Index - The Index measures the performance of local currency Emerging Markets debt but caps country exposure to a maximum of 10%.

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 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 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	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.
⁷	Inception Date is 11/4/2014

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.

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 security owned by the fund, fund shares or securities in general may fall in value. The fund is subject to management risk because it is an actively managed portfolio. In managing the fund's investment portfolio, the advisor will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that the fund will meet its investment objective.

Investments in sovereign bonds involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.

High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity.

Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the fund or at prices approximately the value at which the fund is carrying the securities on its books.

The fund is subject to credit risk, call risk, income risk and interest rate risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by the fund, performance could be adversely impacted. Income risk is the risk that income from the fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in the fund will decline because of rising market interest rates.

An investment in a fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. Because the fund's net asset value is determined on the basis of U.S. dollars and the fund invests in non-U.S. dollar denominated securities, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar. Holders of global depositary notes may have limited rights, and investment restrictions in certain countries may adversely impact their value.

The fund will, under most circumstances, effect a significant portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in the fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities.

The fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the fund's market exposure for limited periods of time.

The use of derivative instruments can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when the fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value