First Trust RiverFront Dynamic Asia Pacific ETF (RFAP)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide
	Fund Commentary

Fund Summary

The Board of Trustees of First Trust Exchange-Traded Fund III (the “Trust”) has approved a transaction to combine the First Trust RiverFront Dynamic Asia Pacific ETF (“RFAP”), an actively managed exchange-traded fund that seeks to provide capital appreciation, with First Trust RiverFront Dynamic Developed International ETF (“RFDI”), an actively managed exchange-traded fund that seeks to provide capital appreciation. Pursuant to this transaction, RFAP shareholders will become shareholders of RFDI. Shares of RFAP will be exchanged, on what is expected to be a tax-free basis for federal income tax purposes, for shares of RFDI with an equal aggregate net asset value, and RFAP shareholders will become shareholders of RFDI. More information can be found here.

Investment Objective/Strategy - The First Trust RiverFront Dynamic Asia Pacific ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of Asian Pacific companies, including through investments in common stock, depositary receipts and real estate investment trusts, and forward foreign currency exchange contracts.

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

Fund Overview

Ticker	RFAP
Fund Type	International Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
Portfolio Manager/Sub-Advisor	RiverFront Investment Group, LLC
CUSIP	33739P509
ISIN	US33739P5098
Intraday NAV	RFAPIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	4/13/2016
Inception Price	$51.31
Inception NAV	$51.31
Expense Ratio	0.83%

Current Fund Data (as of 7/23/2021)

Closing NAV¹	$57.63
Closing Market Price²	$58.31
Bid/Ask Midpoint	$58.31
Bid/Ask Premium	1.17%
30-Day Median Bid/Ask Spread³	0.47%
Total Net Assets	$8,645,307
Outstanding Shares	150,002
Daily Volume	258
Average 30-Day Daily Volume	80
Closing Market Price 52-Week High/Low	$59.91 / $47.62
Closing NAV 52-Week High/Low	$60.07 / $47.64
Number of Holdings (excluding cash)	100

Top Holdings (as of 7/23/2021)*

Holding	Percent
AIA Group Ltd.	2.97%
Sony Corporation	2.97%
BHP Group Ltd	2.88%
CSL Limited	2.34%
Recruit Holdings Co. Ltd.	2.10%
Toyota Motor Corporation	2.02%
Xinyi Glass Holdings Limited	1.89%
Itochu Corporation	1.79%
Westpac Banking Corporation	1.79%
Wesfarmers Limited	1.77%

* Excluding cash. Holdings are subject to change.

Top Country Exposure (as of 7/23/2021)

Country	Percent
Japan	54.58%
Australia	26.42%
Hong Kong	11.82%
Singapore	4.36%
New Zealand	1.13%
United States	0.88%
China	0.81%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 7/26/2021)⁴	$0.3800
30-Day SEC Yield (as of 6/30/2021)⁵	1.77%
12-Month Distribution Rate (as of 6/30/2021)⁶	1.89%

Fund Characteristics (as of 6/30/2021)⁸

Maximum Market Cap.	$242,502
Median Market Cap.	$14,353
Minimum Market Cap.	$1,766
Price/Earnings	18.97
Price/Book	2.08
Price/Cash Flow	12.99
Price/Sales	1.86
Currency Hedge Ratio - Japanese Yen⁹	0.00%

Bid/Ask Premium/Discount (as of 7/23/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	68	22	16	4
Days Traded at Discount	185	39	47	12

Top Sector Exposure (as of 7/23/2021)

Industrials	19.01%
Financials	13.59%
Consumer Discretionary	13.34%
Materials	10.59%
Health Care	9.86%
Information Technology	9.44%
Real Estate	7.69%
Communication Services	7.48%
Consumer Staples	6.27%
Utilities	1.22%
Energy	0.63%

Hypothetical Growth of $10,000 Since Inception (as of 7/23/2021) *

Month End Performance (as of 6/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	2.49%	2.02%	23.81%	2.88%	5.76%	N/A	4.81%
After Tax Held	2.22%	1.61%	22.83%	1.94%	4.72%	N/A	3.80%
After Tax Sold	1.47%	1.19%	14.07%	1.77%	3.99%	N/A	3.25%
Market Price	2.13%	1.86%	24.36%	2.95%	5.81%	N/A	4.79%

Index Performance **
MSCI Pacific Index	1.33%	3.89%	27.80%	7.59%	10.30%	N/A	9.81%

Quarter End Performance (as of 6/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	2.49%	2.02%	23.81%	2.88%	5.76%	N/A	4.81%
After Tax Held	2.22%	1.61%	22.83%	1.94%	4.72%	N/A	3.80%
After Tax Sold	1.47%	1.19%	14.07%	1.77%	3.99%	N/A	3.25%
Market Price	2.13%	1.86%	24.36%	2.95%	5.81%	N/A	4.79%

Index Performance **
MSCI Pacific Index	1.33%	3.89%	27.80%	7.59%	10.30%	N/A	9.81%

3-Year Statistics (as of 6/30/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
RFAP	16.51%	-4.42	1.00	0.17	0.97
MSCI Pacific Index	16.01%	---	1.00	0.45	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.

**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.

MSCI Pacific Index - The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region.

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	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.
⁷	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.
⁸	All market capitalization numbers are in USD$ Millions.
⁹	The ratio takes the notional value of the Fund's currency hedges and divides it by the exposure to that particular currency. The hedge ratio can fluctuate as a result of market movement, as hedges are not necessarily reset every day, but instead are allowed to drift within a tolerance band.
¹⁰	Inception Date is 4/13/2016

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.

Risk Considerations

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 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 discount to a fund's net asset value and possibly face delisting.

A fund's shares will change in value, and you could lose money by investing in a fund. One of the principal risks of investing in a fund is market risk. Market risk is the risk that a particular stock owned by a fund, fund shares or stocks in general may fall in value. There can be no assurance that a 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. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

In managing a fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not have the desired result.

A fund concentrated in the Asia Pacific region is more susceptible to the economic, market, regulatory, political, natural disasters and local risks than a fund that is more geographically diversified. The region has historically been highly dependent on global trade, with nations taking strong roles in both the importing and exporting of goods; such a relationship creates a risk with this dependency on global growth. Varying levels of accounting and disclosure standards, restrictions on foreign ownership, minority ownership rights, and corporate governance standards are also common for the region.

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.

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.

As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cyber security.

The use of OTC derivatives, including forward contracts, 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.

A fund's utilization of a dynamic currency hedging strategy may result in lower returns than an equivalent non-currency hedged investment when the component currencies are rising relative to the U.S. dollar. Although a fund will seek to minimize the impact of currency fluctuations on returns, the use of currency hedging will not necessarily eliminate exposure to all currency fluctuations.

Forward foreign currency exchange contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged.

A fund may be a constituent of one or more indices which could greatly affect a fund's trading activity, size and volatility.

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 utilization of quantitative models entails the risks that a model may be limited or incorrect, the data on which a model relies may be incorrect or incomplete and the portfolio managers may not be successful in selecting companies for investment or determining the weighting of particular stocks in a fund's portfolio. Any of these factors could case a fund to underperform funds that do not rely on models.

Securities of non-U.S. issuers are 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.

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.

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

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 the exchange may be halted due to market conditions or other reasons. There can be no assurance that the requirements to maintain the listing of a fund on the exchange will continue to be met or be unchanged.

Portfolio holdings that are valued using techniques other than market quotations may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used.

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