Multi-Asset Diversified Income Index Fund (MDIV)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

Fund Summary

2020 Estimated Capital Gain Distributions

Certain First Trust Exchange-Traded Funds are expected to pay a short term and/or 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.

Investment Objective/Strategy - The Multi-Asset Diversified Income Index Fund is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an index called the NASDAQ US Multi-Asset Diversified Income Index^SM.

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

The index is a modified market capitalization-weighted index designed to provide exposure to multiple asset segments, each selected to result in a consistent and high yield for the index. The index is comprised of securities classified as equities (20%), real estate investment trusts (REITs) (20%), preferred securities (20%), master limited partnerships (MLPs) (20%) and a high yield corporate debt ETF (20%).
Each segment has its own set of eligibility criteria.
Every security in the index is U.S.-listed and meets stringent eligibility criteria based on liquidity, size, volatility and yield.
The index is rebalanced quarterly.

Fund Description

The fund will normally invest at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks and/or depositary receipts, REITs, preferred securities, MLPs and an ETF that comprise each segment of the index.
The percentages provided above in the Index Description reflect the approximate percentages of each of the index segments included in the index as of each quarterly rebalance. The percentages will vary from these amounts between rebalances of the index.

Fund Overview

Ticker	MDIV
Fund Type	Multi Asset Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33738R100
ISIN	US33738R1005
Intraday NAV	MDIVIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	8/13/2012
Inception Price	$19.98
Inception NAV	$19.98
Rebalance Frequency	Quarterly
Gross Expense Ratio*	0.85%
Net Expense Ratio*	0.73%

* As of 2/3/2020

First Trust has contractually agreed to reduce management fees earned by the fund for management fees due to be paid to the underlying investment companies advised by First Trust. The agreement will remain in place until at least January 31, 2021, or until its termination at the direction of the Trust's Board of Trustees, or the termination of the Investment Management Agreement. Please see the Fees and Expenses of the Fund section in the fund's prospectus for more details.

Current Fund Data (as of 11/27/2020)

Closing NAV¹	$15.06
Closing Market Price²	$15.05
Bid/Ask Midpoint	$15.05
Bid/Ask Discount	0.10%
30-Day Median Bid/Ask Spread³	0.47%
Total Net Assets	$472,735,675
Outstanding Shares	31,400,002
Daily Volume	32,892
Average 30-Day Daily Volume	91,757
Closing Market Price 52-Week High/Low	$19.03 / $9.69
Closing NAV 52-Week High/Low	$19.03 / $10.08
Number of Holdings (excluding cash)	125

Top Holdings (as of 11/25/2020)*

Holding	Percent
First Trust Tactical High Yield ETF	19.08%
DCP Midstream, LP	1.81%
Enlink Midstream, LLC	1.72%
Annaly Capital Management, Inc.	1.67%
Western Midstream Partners LP	1.58%
Genesis Energy, L.P.	1.36%
The GEO Group, Inc.	1.29%
Medical Properties Trust, Inc.	1.16%
Boston Properties, Inc.	1.06%
Crestwood Equity Partners LP	1.05%

* 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 11/28/2020)⁴	$0.0744
30-Day SEC Yield (as of 10/30/2020)⁵	7.15%
Unsubsidized 30-Day SEC Yield (as of 10/30/2020)⁶	7.03%
12-Month Distribution Rate (as of 10/30/2020)⁷	7.23%
Index Yield (as of 10/30/2020)⁸	7.49%

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.

Fund Characteristics (as of 10/30/2020)⁹

Maximum Market Cap.	$235,830
Median Market Cap.	$5,793
Minimum Market Cap.	$458
Price/Earnings	14.52
Price/Book	1.49
Price/Cash Flow	8.07
Price/Sales	0.87

Bid/Ask Premium/Discount (as of 11/27/2020)

	2019	Q1 2020	Q2 2020	Q3 2020
Days Traded at Premium	186	41	13	6
Days Traded at Discount	66	21	50	58

Fund Composition (as of 11/25/2020)

Dividend Paying Equities	22.85%
REITS	19.99%
High Yield Corporate Bond ETFs	19.16%
Preferred Securities	18.18%
MLPs	18.09%
Other	1.73%

Month End Performance (as of 10/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-1.62%	-23.78%	-21.65%	-4.72%	-0.76%	N/A	1.33%
After Tax Held	-2.27%	-25.42%	-23.70%	-7.17%	-3.32%	N/A	-1.21%
After Tax Sold	-0.95%	-14.05%	-12.73%	-4.40%	-1.53%	N/A	0.03%
Market Price	-1.76%	-23.89%	-21.80%	-4.74%	-0.78%	N/A	1.31%

Index Performance **
NASDAQ US Multi-Asset Diversified Income Index^SM	-1.49%	-23.57%	-21.34%	-4.22%	-0.17%	N/A	1.98%
Dow Jones U.S. Select Dividend™ Index	1.15%	-18.53%	-14.86%	-0.36%	5.58%	N/A	8.66%
S&P 500 Index	0.37%	2.77%	9.71%	10.42%	11.71%	N/A	13.14%

Quarter End Performance (as of 9/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	0.19%	-24.43%	-21.89%	-5.30%	0.07%	N/A	1.24%
After Tax Held	-0.37%	-25.89%	-23.86%	-7.71%	-2.50%	N/A	-1.30%
After Tax Sold	0.12%	-14.43%	-12.84%	-4.80%	-0.90%	N/A	-0.03%
Market Price	0.26%	-24.53%	-22.05%	-5.30%	0.03%	N/A	1.22%

Index Performance **
NASDAQ US Multi-Asset Diversified Income Index^SM	0.39%	-24.26%	-21.58%	-4.81%	0.67%	N/A	1.88%
Dow Jones U.S. Select Dividend™ Index	2.32%	-19.86%	-16.18%	-0.49%	6.40%	N/A	8.54%
S&P 500 Index	8.93%	5.57%	15.15%	12.28%	14.15%	N/A	13.66%

3-Year Statistics (as of 10/30/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
MDIV	21.61%	-13.75	1.00	-0.18	0.82
Dow Jones U.S. Select Dividend™ Index	18.11%	-9.44	0.92	-0.02	0.91
S&P 500 Index	17.86%	---	1.00	0.54	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. 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 the NASDAQ US Multi-Asset Diversified Income Index^SM 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.

Dow Jones U.S. Select Dividend™ Index - The Index consists of 100 widely-traded, dividend-paying stocks derived from the Dow Jones U.S.Total Market Index^SM.

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	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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the NASDAQ US Multi-Asset Diversified Income Index(SM).
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 8/13/2012

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 US Multi-Asset Diversified Income Index^SM. 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 COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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. The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

REITs are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. MLPs are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that a MLP could be taxed as a corporation, resulting in decreased returns from such MLP.

Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Preferred securities are also subject to interest rate risk and income risk.

The fund invests in an ETF that invests in fixed income securities. The ETF may invest in high yield fixed income securities. Fixed income securities are subject to credit 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. Interest rate risk is the risk that if interest rates rise, the prices of the fixed-rate instruments held by the fund may fall.

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. The market for high-yield securities is smaller and less liquid than that for investment grade securities.

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 US Multi-Asset Diversified Income 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