Small Cap US Equity Select ETF (RNSC)

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	Fact Sheet
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	Monthly Performance Report
	Investor Guide

Fund Summary

Investment Objective/Strategy - The Small Cap US Equity Select ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq Riskalyze US Small Cap Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and is developed, maintained and sponsored by Riskalyze, Inc. (the "Index Provider").

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

The Nasdaq Riskalyze US Small Cap Index is a modified market capitalization weighted index which seeks to provide a diversified portfolio of dividend-paying US small cap securities.
To be eligible for inclusion in the index, a security must meet certain criteria, including:
- being a member of the Nasdaq US 700 Small Cap Index,
- having paid a dividend in the trailing twelve months.
Sector weights are assigned that are equal to the sector weights within the Nasdaq US 700 Small Cap Index.
Securities within each sector are equally weighted.
The index is rebalanced and reconstituted on a quarterly basis.

Fund Overview

Ticker	RNSC
Fund Type	Small Cap Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33738R746
ISIN	US33738R7465
Intraday NAV	RNSCIV
Fiscal Year-End	03/31
Exchange	Nasdaq
Inception	6/20/2017
Inception Price	$19.73
Inception NAV	$19.73
Rebalance Frequency	Quarterly
Expense Ratio	0.60%

Current Fund Data (as of 5/20/2022)

Closing NAV¹	$26.32
Closing Market Price²	$26.31
Bid/Ask Midpoint	$26.36
Bid/Ask Premium	0.15%
30-Day Median Bid/Ask Spread³	0.40%
Total Net Assets	$21,057,134
Outstanding Shares	800,002
Daily Volume	3,238
Average 30-Day Daily Volume	3,080
Closing Market Price 52-Week High/Low	$30.80 / $25.98
Closing NAV 52-Week High/Low	$30.73 / $25.99
Number of Holdings (excluding cash)	298

Top Holdings (as of 5/20/2022)*

Holding	Percent
Select Medical Holdings Corporation	5.01%
Patterson Companies, Inc.	4.78%
Owens & Minor, Inc.	3.94%
MFA Financial, Inc.	2.61%
Switch, Inc. (Class A)	1.59%
Vishay Intertechnology, Inc.	1.47%
Progress Software Corporation	1.46%
Methode Electronics, Inc.	1.45%
Xperi Holding Corp.	1.42%
CSG Systems International, Inc.	1.36%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 4/30/2022)⁴

Among 586 funds in the Small Blend category. This fund was rated 4 stars/586 funds (3 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 5/22/2022)⁵	$0.0441
30-Day SEC Yield (as of 4/29/2022)⁶	2.09%
12-Month Distribution Rate (as of 4/29/2022)⁷	1.66%
Index Yield (as of 4/29/2022)⁸	2.87%

Fund Characteristics (as of 4/29/2022)¹⁰

Maximum Market Cap.	$7,181
Median Market Cap.	$2,230
Minimum Market Cap.	$830
Price/Earnings	11.68
Price/Book	1.70
Price/Cash Flow	8.02
Price/Sales	0.83

Bid/Ask Premium/Discount (as of 5/20/2022)

	2021	Q1 2022	Q2 2022	Q3 2022
Days Traded at Premium	211	59	33	---
Days Traded at Discount	41	3	2	---

Top Sector Exposure (as of 5/20/2022)

Financials	18.93%
Industrials	15.14%
Consumer Discretionary	14.04%
Health Care	13.77%
Technology	12.28%
Real Estate	8.61%
Energy	6.32%
Basic Materials	3.71%
Consumer Staples	3.28%
Utilities	2.19%
Telecommunications	1.73%

Hypothetical Growth of $10,000 Since Inception (as of 5/19/2022) *

Tracking Index: Nasdaq Riskalyze US Small Cap Index

Month End Performance (as of 4/29/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	-5.34%	-9.45%	-5.62%	9.41%	N/A	N/A	8.33%
After Tax Held	-5.40%	-9.51%	-6.21%	8.72%	N/A	N/A	7.60%
After Tax Sold	-3.16%	-5.59%	-3.30%	6.98%	N/A	N/A	6.19%
Market Price	-5.41%	-9.60%	-5.49%	9.37%	N/A	N/A	8.34%

Index Performance **
Nasdaq Riskalyze US Small Cap Index	-5.19%	-9.26%	-5.04%	10.17%	N/A	N/A	9.06%
Nasdaq US 700 Small Cap Index	-8.41%	-16.12%	-15.84%	8.78%	N/A	N/A	9.11%
S&P SmallCap 600 Index	-6.18%	-12.99%	-8.54%	9.15%	N/A	N/A	9.25%

Quarter End Performance (as of 3/31/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	-2.38%	-2.38%	4.39%	13.36%	N/A	N/A	10.20%
After Tax Held	-2.44%	-2.44%	3.74%	12.64%	N/A	N/A	9.44%
After Tax Sold	-1.41%	-1.41%	2.60%	10.10%	N/A	N/A	7.67%
Market Price	-2.50%	-2.50%	4.20%	13.31%	N/A	N/A	10.22%

Index Performance **
Nasdaq Riskalyze US Small Cap Index	-2.25%	-2.25%	5.02%	14.14%	N/A	N/A	10.94%
Nasdaq US 700 Small Cap Index	-6.26%	-6.26%	-3.22%	14.18%	N/A	N/A	11.84%
S&P SmallCap 600 Index	-5.62%	-5.62%	1.23%	13.58%	N/A	N/A	11.30%

3-Year Statistics (as of 4/29/2022)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
RNSC	24.16%	1.28	0.88	0.46	0.97
Nasdaq US 700 Small Cap Index	26.86%	---	1.00	0.42	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.

**Performance information for the Nasdaq Riskalyze US Small Cap 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.

Nasdaq US 700 Small Cap Index - The Index is a float modified market capitalization weighted index that contains the 700 securities from the small cap segment of the NASDAQ US Benchmark Index.

S&P SmallCap 600 Index - The Index is an unmanaged index of 600 stocks used to measure small 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	The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
⁵	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.
⁶	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.
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 Riskalyze US Small Cap Index.
⁹	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.
¹⁰	All market capitalization numbers are in USD$ Millions.
¹¹	Inception Date is 6/20/2017

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

A fund's return may not match the return of its underlying index. A fund invests in securities included in the index regardless of investment merit and the securities held by a 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 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. 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 has caused and may continue to cause significant volatility and declines 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.

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.

A fund's investment in dividend-paying securities may cause a fund to underperform similar funds that do not consider an issuer's track record of paying dividends.

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

There is no assurance that the index provider or its agents will compile or maintain the index accurately.

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

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

There can be no assurance that the securities held by a fund will stay within a fund's intended market capitalization range.

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.

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.

Riskalyze and Nasdaq Riskalyze US Small Cap Index are trademarks or service marks of Riskalyze, Inc. (“Riskalyze”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by Riskalyze, and Riskalyze makes no representation regarding the advisability of trading in the Fund.

©2022 Morningstar, Inc. All Rights Reserved. The Morningstar Rating^TM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value