First Trust Dorsey Wright Dynamic Focus 5 ETF (FVC)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

Fund Summary

Investment Objective/Strategy - This exchange-traded 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 Dynamic Focus Five Index.

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

The Dorsey Wright Dynamic Focus Five Index (the "index") is designed to provide targeted exposure to five First Trust sector and industry based ETFs and an ultra-short duration ETF, the First Trust Enhanced Short Maturity ETF (FTSM).
- The index combines Dorsey, Wright & Associates' (DWA) systematic momentum approach to sector rotation and risk management via FTSM.
To construct the index, DWA begins with the universe of First Trust sector and industry ETFs and the FTSM.
Using the DWA proprietary relative strength methodology, the sector and industry ETFs are compared to each other to determine inclusion by measuring each ETF's price momentum relative to other ETFs in the universe.
Each ETF is given a score that allows the index to objectively determine where it ranks relative to all other ETFs in the universe and five ETFs that satisfy certain trading volume and liquidity requirements are selected for inclusion.
The relative strength analysis is conducted twice monthly. ETFs are replaced when they fall sufficiently out of favor, based on their relative strength, versus the other ETFs within the universe.
- When an ETF is added or removed, the index is rebalanced so each ETF position is equally weighted.
The index can gain varying amounts of exposure to FTSM when the relative strength of more than one-third of the universe of First Trust ETFs begins to diminish relative to FTSM. FTSM is evaluated twice monthly.
- FTSM may constitute between 0% and 95% of the index, but is limited to an increase or decrease of no more than 33% per evaluation.

Fund Overview

Ticker	FVC
Fund Type	Sector Rotation
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33738R878
ISIN	US33738R8786
Intraday NAV	FVCIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	3/17/2016
Inception Price	$20.02
Inception NAV	$20.02
Rebalance Frequency	Periodically

Fees And Expenses

Management Fees	0.30%
Acquired Fund Fees and Expenses	0.41%
Total Annual Expenses	0.71%

Current Fund Data (as of 5/29/2020)

Closing NAV¹	$24.53
Closing Market Price²	$24.33
Bid/Ask Midpoint	$24.53
Bid/Ask Discount	0.00%
Total Net Assets	$245,258,981
Outstanding Shares	10,000,002
Daily Volume	126,150
Average 30-Day Daily Volume	111,756
Closing Market Price 52-Week High/Low	$29.72 / $20.52
Closing NAV 52-Week High/Low	$29.77 / $20.63
Number of Holdings (excluding cash)	6

Fund Characteristics (as of 4/30/2020)⁷

Maximum Market Cap.	$8,375
Median Market Cap.	$1,965
Minimum Market Cap.	$797

Top Holdings (as of 5/29/2020)*

Holding	Percent
First Trust Enhanced Short Maturity ETF	43.87%
First Trust Dow Jones Internet Index Fund	12.12%
First Trust Technology AlphaDEX® Fund	11.88%
First Trust Health Care AlphaDEX® Fund	11.34%
First Trust NASDAQ-100-Technology Sector Index Fund	11.16%
First Trust Utilities AlphaDEX® Fund	9.55%

* 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 5/30/2020)³	$0.0030
30-Day SEC Yield (as of 4/30/2020)⁴	1.57%
12-Month Distribution Rate (as of 4/30/2020)⁵	1.08%
Index Yield (as of 4/30/2020)⁶	1.63%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain of the issuers of the securities included in the fund may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "12-Month Distribution Rate," which is based on the fund's trailing 12-month ordinary distributions, will likely be higher, and in some cases significantly higher, than the actual 12-month distribution rate achieved by the fund.

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	33	0	0	0
12/31/2019	34	0	0	0
9/30/2019	23	0	0	0
6/30/2019	22	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	29	0	0	0
12/31/2019	30	0	0	0
9/30/2019	41	0	0	0
6/30/2019	41	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 4/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-16.03%	-15.28%	-12.82%	1.77%	N/A	N/A	4.57%
After Tax Held	-16.04%	-15.28%	-13.15%	1.49%	N/A	N/A	4.29%
After Tax Sold	-9.49%	-9.04%	-7.56%	1.24%	N/A	N/A	3.42%
Market Price	-16.13%	-15.28%	-12.85%	1.75%	N/A	N/A	4.56%

Index Performance **
Dorsey Wright Dynamic Focus Five Index	-16.17%	-15.39%	-12.77%	1.99%	N/A	N/A	4.85%
S&P 500 Index	-9.26%	-9.29%	0.86%	9.04%	N/A	N/A	11.22%

Quarter End Performance (as of 3/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-18.53%	-18.53%	-15.01%	0.86%	N/A	N/A	3.65%
After Tax Held	-18.53%	-18.53%	-15.33%	0.59%	N/A	N/A	3.37%
After Tax Sold	-10.97%	-10.97%	-8.85%	0.56%	N/A	N/A	2.70%
Market Price	-18.57%	-18.57%	-15.05%	0.80%	N/A	N/A	3.63%

Index Performance **
Dorsey Wright Dynamic Focus Five Index	-18.68%	-18.68%	-14.96%	1.09%	N/A	N/A	3.92%
S&P 500 Index	-19.60%	-19.60%	-6.98%	5.10%	N/A	N/A	8.18%

3-Year Statistics (as of 4/30/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FVC	16.65%	-6.02	0.89	0.07	0.89
S&P 500 Index	16.79%	---	1.00	0.48	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 Dorsey Wright Dynamic Focus Five 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 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 Dorsey Wright Dynamic Focus Five Index.
⁷	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 3/17/2016

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 Dorsey Wright Dynamic Focus Five 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 security owned by the fund, fund shares or securities in general may fall in value. 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.

ETFs concentrated in a single industry or sector present more risks than ETFs that are broadly diversified over several industries or sectors.

Small capitalization and mid capitalization companies may experience greater price volatility than larger, more established companies.

Interest rate risk is the risk that the value of the fixed-income securities in a fund will decline because of rising market interest rates. Income risk is the risk that income from a fund's portfolio could decline if interest rates fall.

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 a fund, performance could be adversely impacted. Income risk that income from a fund's fixed-income investments could decline during periods of falling interest rates. Extension risk is prevalent when in a period of rising interest rates, a fund holds mortgage-related securities and such securities exhibit additional volatility. Prepayments can reduce the returns of a fund because a fund may have to reinvest that money at the lower prevailing interest rates.

Senior floating-rate loans are usually rated below investment grade but may also be unrated. Credit risk may be heightened for senior floating rate loans because companies that issue loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy.

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

An ETF that does not meet the index's eligibility requirements may be removed from the index and the fund may be forced to sell shares of certain First Trust ETFs at inopportune times, at prices other than current market values, or may not elect to sell such shares on the day they are removed from the index, due to market conditions or otherwise.

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.

The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs.

Investments in securities of affiliated ETFs involve additional expenses that would not be present in a direct investment in such affiliated ETFs.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a 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.

Nasdaq® and Dorsey Wright Dynamic Focus Five 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