First Trust Dow 30 Equal Weight ETF (EDOW)

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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 Dow 30 Equal Weight ETF seeks investment results that correspond generally to the price and yield (before fees and expenses) of an equity index called the Dow Jones Industrial Average Equal Weight 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.

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

Index Description According to the Index Provider

The Dow Jones Industrial Average Equal Weight Index (the "DJIA Equal Weight Index") is an equally weighted index designed to be a price neutral version of the price-weighted Dow Jones Industrial Average^TM ("DJIA").
The 30 securities comprising the DJIA are U.S. blue-chip companies covering a wide range of industries and have the following attributes
- Companies with an excellent reputation.
- Companies which demonstrate sustained growth.
- Companies which are of interest to a large number of market participants.
- Companies which derive a majority of revenues from the U.S.
The DJIA Equal Weight Index gives equal exposure to all 30 constituents. The same weight, or importance, is given to each stock in the index, allowing for the performance of lower priced companies to contribute as much as the higher priced companies within the index.
To maintain the equal weight focus, the index is rebalanced quarterly (except when there is a component change, in which case the index is rebalanced at the end of the month during which the change takes place).

Fund Overview

Ticker	EDOW
Fund Type	Large Cap Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33733A201
ISIN	US33733A2015
Intraday NAV	EDOWIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	8/8/2017
Inception Price	$19.97
Inception NAV	$19.97
Rebalance Frequency	Quarterly
Expense Ratio*	0.50%

* As of 5/2/2022

Current Fund Data (as of 12/6/2022)

Closing NAV¹	$29.26
Closing Market Price²	$29.24
Bid/Ask Midpoint	$29.26
Bid/Ask Premium	0.00%
30-Day Median Bid/Ask Spread³	0.27%
Total Net Assets	$153,546,965
Outstanding Shares	5,247,756
Daily Volume	25,115
Average 30-Day Daily Volume	30,657
Closing Market Price 52-Week High/Low	$32.27 / $24.81
Closing NAV 52-Week High/Low	$32.25 / $24.81
Number of Holdings (excluding cash)	30

Top Holdings (as of 12/6/2022)*

Holding	Percent
Merck & Co., Inc.	3.98%
Caterpillar Inc.	3.85%
The Travelers Companies, Inc.	3.67%
Amgen Inc.	3.65%
International Business Machines Corporation	3.65%
The Boeing Company	3.62%
Walgreens Boots Alliance, Inc.	3.58%
Honeywell International Inc.	3.55%
JPMorgan Chase & Co.	3.53%
Walmart, Inc.	3.50%

* 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 12/7/2022)⁴	$0.1399
30-Day SEC Yield (as of 10/31/2022)⁵	2.16%
12-Month Distribution Rate (as of 10/31/2022)⁶	1.93%
Index Yield (as of 10/31/2022)⁷	2.55%

Fund Characteristics (as of 11/30/2022)⁹

Maximum Market Cap.	$2,354,879
Median Market Cap.	$175,047
Minimum Market Cap.	$35,871
Price/Earnings	16.84
Price/Book	3.55
Price/Cash Flow	11.94
Price/Sales	1.79

Bid/Ask Premium/Discount (as of 12/6/2022)

	2021	Q1 2022	Q2 2022	Q3 2022
Days Traded at Premium	192	43	48	61
Days Traded at Discount	60	19	14	3

Top Sector Exposure (as of 12/6/2022)

Information Technology	21.78%
Health Care	14.38%
Industrials	14.31%
Consumer Staples	13.80%
Financials	13.79%
Consumer Discretionary	9.88%
Communication Services	5.37%
Energy	3.45%
Materials	3.24%

Hypothetical Growth of $10,000 Since Inception (as of 12/6/2022) *

Tracking Index: Dow Jones Industrial Average® Equal Weight Index

Month End Performance (as of 11/30/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	9.51%	-3.79%	2.03%	7.56%	8.78%	N/A	10.02%
After Tax Held	9.26%	-4.37%	1.24%	6.72%	7.94%	N/A	9.20%
After Tax Sold	5.61%	-2.27%	1.17%	5.45%	6.51%	N/A	7.55%
Market Price	9.44%	-3.85%	1.96%	7.52%	8.77%	N/A	10.01%

Index Performance **
Dow Jones Industrial Average® Equal Weight Index	9.66%	-3.41%	2.51%	8.27%	9.45%	N/A	10.69%
Dow Jones Industrial Average®	10.36%	-2.89%	2.48%	9.50%	9.71%	N/A	11.25%

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)	-8.20%	-20.70%	-15.57%	2.35%	6.14%	N/A	6.29%
After Tax Held	-8.41%	-21.17%	-16.22%	1.55%	5.32%	N/A	5.48%
After Tax Sold	-4.86%	-12.22%	-9.16%	1.48%	4.44%	N/A	4.56%
Market Price	-8.23%	-20.60%	-15.44%	2.40%	6.16%	N/A	6.32%

Index Performance **
Dow Jones Industrial Average® Equal Weight Index	-8.16%	-20.48%	-15.18%	3.02%	6.78%	N/A	6.93%
Dow Jones Industrial Average®	-6.17%	-19.72%	-13.40%	4.36%	7.42%	N/A	7.59%

3-Year Statistics (as of 11/30/2022)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
EDOW	20.67%	-1.58	0.97	0.42	0.99
Dow Jones Industrial Average®	21.08%	---	1.00	0.50	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 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.

Dow Jones Industrial Average® - The Index is a price-weighted average of 30 U.S. blue-chip companies.

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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Dow Jones Industrial Average® Equal Weight Index.
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	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 8/8/2017

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

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.

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.

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.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models 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. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Information technology companies 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 regulation and frequent new product introductions.

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.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

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.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

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

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.

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.

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.

Dow Jones Industrial Average® Equal Weight Index (“Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by First Trust. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Index.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2022 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value