First Trust Cloud Computing ETF (SKYY)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

On June 24, 2019, the index which the First Trust Cloud Computing ETF (the "Fund") seeks to track changed its name from the "ISE Cloud Computing™ Index" to "ISE CTA Cloud Computing™ Index" (the "Index") and the Index changed its methodology. The methodology is described here.

Investment Objective/Strategy - The First Trust Cloud Computing ETF 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 equity index called the ISE CTA Cloud Computing™ Index.

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

The index is a modified equal weighted index designed to track the performance of companies involved in the cloud computing industry. To be included in the index, a security must be classified as a Cloud Computing company by the Consumer Technology Association (CTA) and meet the following criteria:
- Minimum market capitalization of $500 million;
- Minimum free float of 20%;
- Minimum three-month average daily dollar trading volume (ADDTV) of $5 million.
Each security is then classified according to the following three business categories:
- Infrastructure-as-a-Service (IaaS): Companies that deliver cloud computing infrastructure - servers, storage, and networks - as an on-demand service.
- Platform-as-a-Service (PaaS): Companies that deliver a platform for the creation of software in the form of virtualization, middleware, and/or operating systems, which is then delivered over the Internet.
- Software-as-a-Service (SaaS): Companies that deliver software applications over the Internet enabling other companies to conduct their operations using the application.
The index employs a modified equal weighted methodology called the Cloud Score Weighting.
- At every index evaluation, each security has its Cloud Score calculated by receiving a score for each category (IaaS, PaaS, and SaaS), 1 if it is operating in that category and 0 if it is not. The maximum score that can be achieved is a 6 (3 for IaaS, 2 for Paas, 1 for Saas).
- Each company's total score is divided by the total sum of the scores in the universe to determine the weight of each security. Individual security weights are capped at 4.5%.
The number of securities in the index is limited to 80 securities.
The index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker	SKYY
Fund Type	Technology
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33734X192
ISIN	US33734X1928
Intraday NAV	SKYYIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	7/5/2011
Inception Price	$20.16
Inception NAV	$20.16
Rebalance Frequency	Quarterly
Expense Ratio	0.60%

Current Fund Data (as of 2/21/2020)

Closing NAV¹	$66.37
Closing Market Price²	$66.34
Bid/Ask Midpoint	$66.38
Bid/Ask Premium	0.01%
Total Net Assets	$2,565,225,439
Outstanding Shares	38,650,002
Daily Volume	292,574
Average 30-Day Daily Volume	224,775
Closing Market Price 52-Week High/Low	$68.66 / $54.85
Closing NAV 52-Week High/Low	$68.63 / $54.85
Number of Holdings (excluding cash)	62

Fund Characteristics (as of 1/31/2020)⁸

Maximum Market Cap.	$1,294,777
Median Market Cap.	$8,524
Minimum Market Cap.	$606
Price/Book	6.28
Price/Sales	4.27

Top Holdings (as of 2/20/2020)*

Holding	Percent
Microsoft Corporation	4.66%
Amazon.com, Inc.	4.58%
Alphabet Inc. (Class A)	4.45%
VMware, Inc.	3.99%
MongoDB, Inc.	3.82%
Oracle Corporation	3.79%
Alibaba Group Holding Limited (ADR)	3.48%
Shopify Inc. (Class A)	3.04%
Akamai Technologies, Inc.	2.97%
CenturyLink, Inc.	2.94%

* 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 1/31/2020)³

Among 199 funds in the Technology category. This fund was rated 3 stars/199 funds (3 years), 4 stars/179 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 2/23/2020)⁴	$0.0515
30-Day SEC Yield (as of 1/31/2020)⁵	0.16%
12-Month Distribution Rate (as of 1/31/2020)⁶	0.51%
Index Yield (as of 1/31/2020)⁷	0.73%

Bid/Ask Midpoint vs. NAV (as of 12/31/2019)

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
12/31/2019	37	0	0	0
9/30/2019	42	0	0	0
6/30/2019	42	0	0	0
3/31/2019	53	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
12/31/2019	27	0	0	0
9/30/2019	22	0	0	0
6/30/2019	21	0	0	0
3/31/2019	8	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.

Top Sector Exposure (as of 2/20/2020)

Software	58.06%
IT Services	14.35%
Internet & Direct Marketing Retail	8.07%
Technology Hardware, Storage & Peripherals	5.66%
Interactive Media & Services	5.11%
Communications Equipment	4.14%
Diversified Telecommunication Services	2.94%
Health Care Technology	1.67%

Month End Performance (as of 1/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	11.57%	6.25%	20.28%	21.40%	18.99%	N/A	14.83%
After Tax Held	11.53%	6.25%	20.00%	21.10%	18.74%	N/A	14.67%
After Tax Sold	6.85%	3.70%	11.99%	16.83%	15.35%	N/A	12.33%
Market Price	11.59%	6.28%	20.27%	21.40%	18.99%	N/A	14.83%

Index Performance **
ISE CTA Cloud Computing™ Index	11.76%	6.30%	21.19%	22.23%	19.59%	N/A	15.45%
S&P Composite 1500 Information Technology Index	13.96%	3.60%	44.63%	26.59%	21.61%	N/A	18.77%
S&P 500 Index	6.72%	-0.04%	21.68%	14.54%	12.37%	N/A	13.15%

Quarter End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	7.11%	25.78%	25.78%	21.24%	16.85%	N/A	14.17%
After Tax Held	7.08%	25.49%	25.49%	20.95%	16.60%	N/A	14.01%
After Tax Sold	4.21%	15.26%	15.26%	16.71%	13.52%	N/A	11.74%
Market Price	7.10%	25.16%	25.16%	21.25%	16.82%	N/A	14.16%

Index Performance **
ISE CTA Cloud Computing™ Index	7.27%	26.14%	26.14%	22.07%	17.44%	N/A	14.79%
S&P Composite 1500 Information Technology Index	14.21%	49.75%	49.75%	26.84%	19.85%	N/A	18.48%
S&P 500 Index	9.07%	31.49%	31.49%	15.27%	11.70%	N/A	13.29%

3-Year Statistics (as of 1/31/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
SKYY	13.72%	7.13	0.92	1.36	0.81
S&P Composite 1500 Information Technology Index	15.78%	8.93	1.14	1.47	0.87
S&P 500 Index	12.12%	---	1.00	1.04	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 ISE CTA Cloud Computing™ 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 Composite 1500 Information Technology Index - The Index is a capitalization-weighted index of companies classified by GICS as information technology within the S&P Composite 1500 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	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.
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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the ISE CTA Cloud Computing(TM) Index.
⁸	All market capitalization numbers are in USD$ Millions.
⁹	Inception Date is 7/5/2011

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 ISE CTA Cloud Computing™ 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 stock owned by the fund, fund shares or stocks in general may fall in value. There can be no assurance that the fund's investment objective will be achieved.

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.

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

The fund invests in information technology companies, which are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. Certain companies may be smaller and less experienced companies, with limited product lines, markets or financial resources. Information technology company stocks, especially those which are Internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

The risks related to investing in cloud computing companies include interruptions or delays in service, security breaches involving sensitive, proprietary and confidential information, privacy concerns and laws, and other regulations that may limit or otherwise affect the operations of such companies.

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.

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 ISE CTA Cloud Computing™ 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.

©2020 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