First Trust High Income Strategic Focus ETF (HISF)

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Fund Summary

2022 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 capital gain distribution, please click here. 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.
On October 24th, 2022, the Board of Trustees of First Trust's ETFs approved a management fee breakpoint policy that will make all ETFs in the complex eligible for a reduction in the management fee charged on assets that exceed certain AUM thresholds. The goal of this policy is to offer reductions in management fees paid by shareholders of larger First Trust ETFs through a process that is transparent and understandable for all investors.
Effective November 1st, 2022, the management fee paid by any First Trust ETF with assets exceeding $2.5 Billion will decrease, with larger and increased reductions for assets above $5 Billion, $7.5 Billion, $10 Billion and $15 Billion.

Full details of the policy and additional breakpoint levels can be seen in each fund’s Statement of Additional Information.

Investment Objective/Strategy - The First Trust High Income Strategic Focus ETF's primary investment objective is to seek risk-adjusted income. The Fund's secondary investment objective is capital appreciation.

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

Fund Overview

Ticker	HISF
Fund Type	Multi Asset Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33739Q309
ISIN	US33739Q3092
Intraday NAV	HISFIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	8/13/2014
Inception Price	$50.00
Inception NAV	$50.00

Fees And Expenses

Management Fees	0.20%
Acquired Fund Fees and Expenses	0.70%
Total Annual Expenses ^	0.90%
Fee Waiver and Expense Reimbursement ^	0.03%
Net Annual Expenses ^	0.87%

^ As of Date 2/28/2022

Expenses are capped contractually at 0.87% per year, at least through March 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 12/2/2022)

Closing NAV¹	$44.51
Closing Market Price²	$44.43
Bid/Ask Midpoint	$44.46
Bid/Ask Discount	0.11%
30-Day Median Bid/Ask Spread³	0.14%
Total Net Assets	$40,056,544
Outstanding Shares	900,002
Daily Volume	20,141
Average 30-Day Daily Volume	3,547
Closing Market Price 52-Week High/Low	$51.15 / $43.15
Closing NAV 52-Week High/Low	$51.09 / $43.12
Number of Holdings (excluding cash)	6

Top Holdings (as of 12/1/2022)*

Holding	Percent
First Trust TCW Opportunistic Fixed Income ETF	27.51%
First Trust Low Duration Opportunities ETF	24.59%
First Trust Tactical High Yield ETF	20.46%
iShares 0-5 Year Investment Grade Corporate Bond ETF	12.42%
First Trust Enhanced Short Maturity ETF	9.84%
First Trust Institutional Preferred Securities and Income ETF	5.03%

* 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 12/3/2022)⁴	$0.1450
30-Day SEC Yield (as of 10/31/2022)⁵	3.21%
Unsubsidized 30-Day SEC Yield (as of 10/31/2022)⁶	3.21%
12-Month Distribution Rate (as of 10/31/2022)⁷	3.91%
Distribution Rate (as of 10/31/2022)⁸	3.78%

Fund Characteristics (as of 10/31/2022)

Weighted Average Effective Duration⁹

3.56 Years

Bid/Ask Premium/Discount (as of 12/2/2022)

	2021	Q1 2022	Q2 2022	Q3 2022
Days Traded at Premium	122	35	22	38
Days Traded at Discount	130	27	40	26

Credit Quality (as of 10/31/2022)

Government/Agency	30.50%
Cash	0.73%
AAA	5.02%
AA+	0.28%
AA	1.71%
AA-	1.09%
A+	0.61%
A	7.22%
A-	2.74%
BBB+	3.84%
BBB	10.16%
BBB-	4.00%
BB+	2.13%
BB	2.14%
BB-	2.81%
B+	4.31%
B	4.31%
B-	3.58%
CCC+	4.97%
CCC	1.25%
CCC-	0.23%
CC	0.97%
C	0.18%
D	0.37%
A1+ (short-term)	0.00%
A1 (short-term)	0.59%
A2 (short-term)	3.45%
A3 (short-term)	0.42%
B (short-term)	0.00%
NR	0.39%

The credit quality and ratings information presented reflect 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 the ratings are not equivalent, the lowest ratings are used. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1 to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 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. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under "Government/Agency". Credit ratings are subject to change.

Hypothetical Growth of $10,000 Since Inception (as of 12/1/2022) *

Month End Performance (as of 10/31/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-4.69%	-11.37%	-10.38%	-1.09%	1.12%	N/A	2.34%
After Tax Held	-5.06%	-12.44%	-11.69%	-2.67%	-0.59%	N/A	0.64%
After Tax Sold	-2.78%	-6.70%	-6.10%	-1.45%	0.16%	N/A	1.06%
Market Price	-4.73%	-11.44%	-10.49%	-1.12%	1.11%	N/A	2.34%

Index Performance **
Blended Benchmark	-6.85%	-14.61%	-14.37%	-2.51%	0.25%	N/A	1.45%
Bloomberg US Aggregate Bond Index	-8.23%	-15.72%	-15.68%	-3.77%	-0.54%	N/A	0.63%
Prior Blended Benchmark	-3.46%	-6.02%	-5.81%	2.88%	3.36%	N/A	3.29%
Russell 3000® Index	-5.50%	-18.44%	-16.52%	9.79%	9.87%	N/A	10.33%

Quarter End Performance (as of 9/30/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-2.02%	-11.45%	-8.29%	-1.14%	0.98%	N/A	2.36%
After Tax Held	-2.40%	-12.40%	-9.62%	-2.72%	-0.73%	N/A	0.66%
After Tax Sold	-1.19%	-6.74%	-4.85%	-1.48%	0.05%	N/A	1.07%
Market Price	-1.89%	-11.46%	-8.13%	-1.17%	0.95%	N/A	2.37%

Index Performance **
Blended Benchmark	-3.53%	-14.57%	-14.39%	-2.41%	0.30%	N/A	1.47%
Bloomberg US Aggregate Bond Index	-4.75%	-14.61%	-14.60%	-3.26%	-0.27%	N/A	0.80%
Prior Blended Benchmark	-1.80%	-9.52%	-8.26%	1.35%	2.51%	N/A	2.84%
Russell 3000® Index	-4.46%	-24.62%	-17.63%	7.70%	8.62%	N/A	9.37%

3-Year Statistics (as of 10/31/2022)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
HISF	12.09%	2.94	1.32	-0.08	0.67
Blended Benchmark	6.25%	---	1.00	-0.46	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. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

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.

On February 28, 2022 the fund converted from the First Trust Strategic Income ETF to the First Trust High Income Strategic Focus ETF. 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 would have generated.

Blended Benchmark - The Benchmark consists of a 70/30 blend of the Bloomberg US Aggregate Bond Index and the ICE BofA U.S. High Yield Constrained Index. The Blended Benchmark returns are calculated by using the monthly returns of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 70/30 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above. On February 28, 2022, the fund's benchmark changed from the Prior Blended Benchmark to the Blended Benchmark, because the Advisor believes that the Blended Benchmark better reflects the investment strategies of the Fund.

Bloomberg US Aggregate Bond Index - The Index covers the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS.

Prior Blended Benchmark - The Benchmark is equally weighted to include these six indexes: the Alerian MLP Index, Dow Jones U.S. Select Dividend Index, ICE BofA Fixed Rate Preferred Securities Index, ICE BofA U.S. High Yield Index, Bloomberg EM USD Aggregate Index and Bloomberg U.S. MBS Index. The Prior Blended Benchmark returns are calculated by using the monthly return of the six indices during each period shown above. At the beginning of each month the six indices are rebalanced to an equally weighted ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Prior Blended Benchmark for each period shown above.

Russell 3000® Index - The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

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	The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.
⁷	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.
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	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.
¹⁰	Inception Date is 8/13/2014

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.

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.

A fund composed of a very small number of ETFs involves additional risk, including limited diversification.

Asset-backed securities are a type of debt security and are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn.

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.

Investments in bank loans are subject to the same risks as other debt securities, but the risks may be heightened because of limited public information available and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. The secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

During periods of falling interest rates if an issuer calls higher-yielding debt instruments, a fund may be forced to invest the proceeds at lower interest rates, likely resulting in a decline in the fund's income.

A fund that effects all or a portion of its creations and redemptions for cash rather than in-kind may be less tax-efficient.

Contingent convertible securities ("CoCos") may provide for mandatory conversion into common stock of the issuer under certain circumstances. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero; and conversion would deepen the subordination of the investor, hence worsening standing in a bankruptcy.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

Covenant-lite loans contain fewer maintenance covenants than traditional loans and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder a fund's ability to mitigate problems and increase a fund's exposure to losses on such investments.

An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest and/or principal payments when due and the value of a security may decline as a result.

The differences in yield between debt securities of different credit quality may increase which may reduce the market value of a fund's debt securities.

Changes in currency exchange rates and the relative value of non-US currencies may affect the value of a fund's investments and the value of a fund's shares.

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.

Investments in debt securities subject the holder to the credit risk of the issuer and the value of debt securities will generally change inversely with changes in interest rates. In addition, debt securities generally do not trade on a securities exchange making them less liquid and more difficult to value.

Defaulted securities pose a much greater risk that principal will not be repaid than non-defaulted securities which may result in losses for a fund.

The use of derivatives instruments involves different and possibly greater risks than investing directly in securities including counterparty risk, valuation risk, volatility risk, and liquidity risk. Further, losses because of adverse movements in the price or value of the underlying asset, index or rate may be magnified by certain features of the derivatives.

Investments in emerging market securities are generally considered speculative and involve additional risks relating to political, economic and regulatory conditions.

A fund may invest in the shares of other ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates.

Floating rate securities are structured so that the security's coupon rate fluctuates based upon the level of a reference rate. As a result, the coupon on floating rate securities will generally decline in a falling interest rate environment, causing a fund to experience a reduction in the income it receives from the security. A floating rate security's coupon rate resets periodically according to the terms of the security. Consequently, in a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates.

High yield securities, or "junk" bonds, are less liquid and are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, are considered to be highly speculative.

Hybrid capital securities are subject to the risks of equity securities and debt securities. The claims of holders of hybrid capital securities are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid capital securities may be more volatile and subject to greater risk than traditional debt securities.

A fund's income may decline when interest rates fall or if there are defaults in its portfolio.

As inflation increases, the present value of a fund's assets and distributions may decline.

Interest rate risk is the risk that the value of the debt securities in a fund's portfolio will decline because of rising interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities.

To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on a fund or on certain instruments in which a fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to a fund.

Certain fund investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Illiquid securities may trade at a discount and may be subject to wide fluctuations in market value.

The portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

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.

Mortgage-related securities are more susceptible to adverse economic, political or regulatory events that affect the value of real estate.

There are no government or agency guarantees of payments in securities offered by non- government issuers, therefore they are subject to the credit risk of the issuer. Non-agency securities often trade "over-the-counter" and there may be a limited market for them making them difficult to value.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

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.

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

Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred stocks are typically subordinated to other debt instruments in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.

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.

Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as a fund may be required to reinvest the proceeds of any prepayment at lower interest rates.

If a fund's counterparty defaults on its obligations and a fund is delayed or prevented from recovering collateral, or if the value of the collateral is insufficient, a fund may realize a loss.

A fund may be unable to sell a restricted security on short notice or only sell them at a price below current value.

Companies that issue loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. The senior loan market has seen a significant increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future.

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.

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 or other government debt obligations.

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.

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.

A fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that a fund could sell or close out a portfolio position for the value established for it at any time.

The purchase of securities on a when-issued, TBA ("to be announced"), delayed delivery or forward commitment basis may give rise to investment leverage and increase a fund's volatility and exposure to default.

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.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value