First Trust Morningstar Dividend Leaders Index Fund (FDL)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Morningstar Dividend Leaders Index Fund is an exchange-traded index fund. The investment objective of the Fund is to replicate as closely as possible, before fees and expenses, the price and yield of the Morningstar® Dividend Leaders Index^SM.

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

The index consists of stocks listed on one of the three major exchanges, NYSE, NYSE Amex or Nasdaq, that have shown dividend consistency and dividend sustainability. Real Estate Investment Trusts (REITs) are not included.
Through the application of Morningstar's proprietary multi-step screening process, a universe is identified. The top 100 stocks, based on dividend yield, are selected for the index.
The individual holdings are weighted based on each security's shares outstanding, free float factor, and annual indicated dividend per share. The weighting of each holding is capped to enhance portfolio diversification.
The index is reconstituted once annually each June and rebalanced four times annually in March, June, September and December.

Fund Overview

Ticker	FDL
Fund Type	Equity Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	336917109
ISIN	US3369171091
Intraday NAV	FDLIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	3/9/2006
Inception Price	$20.00
Inception NAV	$20.00
Rebalance Frequency	Quarterly
Gross Expense Ratio*	0.47%
Net Expense Ratio*	0.45%

* As of 5/1/2019

Expenses are capped contractually at 0.45% per year, at least until April 30, 2020.

Current Fund Data (as of 9/19/2019)

Closing NAV¹	$31.18
Closing Market Price²	$31.17
Bid/Ask Midpoint	$31.17
Bid/Ask Discount	0.03%
Total Net Assets	$1,680,611,560
Outstanding Shares	53,900,002
Daily Volume	107,484
Average 30-Day Daily Volume	166,740
Closing Market Price 52-Week High/Low	$31.57 / $25.99
Closing NAV 52-Week High/Low	$31.56 / $25.96
Number of Holdings	100

Fund Characteristics (as of 8/30/2019)⁹

Maximum Market Cap.	$289,746
Median Market Cap.	$7,561
Minimum Market Cap.	$923
Price/Earnings	13.57
Price/Book	1.72
Price/Cash Flow	7.53
Price/Sales	1.05

Top Holdings (as of 9/19/2019)

Holding	Percent
AT&T Inc.	11.12%
Exxon Mobil Corporation	9.35%
Verizon Communications Inc.	7.35%
Chevron Corporation	6.57%
Wells Fargo & Company	5.67%
Philip Morris International Inc.	4.65%
International Business Machines Corporation	4.32%
AbbVie Inc.	4.07%
Altria Group, Inc.	3.29%
Broadcom Inc.	3.08%

Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 8/31/2019)³

Among 1,086 funds in the Large Value category. This fund was rated 2 stars/1,086 funds (3 years), 4 stars/950 funds (5 years), 5 stars/694 funds (10 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 9/21/2019)⁴	$0.2548
30-Day SEC Yield (as of 8/30/2019)⁵	4.50%
Unsubsidized 30-Day SEC Yield (as of 8/30/2019)⁶	4.49%
12-Month Distribution Rate (as of 8/30/2019)⁷	3.62%
Index Yield (as of 8/30/2019)⁸	4.84%

Bid/Ask Midpoint vs. NAV (as of 6/30/2019)

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
6/30/2019	52	1	0	0
3/31/2019	42	0	0	0
12/31/2018	42	1	0	0
9/30/2018	55	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
6/30/2019	10	0	0	0
3/31/2019	19	0	0	0
12/31/2018	18	2	0	0
9/30/2018	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 9/19/2019)

Energy	21.59%
Communication Services	18.88%
Financials	11.96%
Consumer Staples	9.79%
Information Technology	9.00%
Utilities	8.33%
Consumer Discretionary	7.43%
Health Care	6.77%
Industrials	3.80%
Materials	2.45%

Month End Performance (as of 8/30/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	3.69%	11.07%	4.94%	6.44%	8.09%	12.48%	6.89%
After Tax Held	3.34%	10.36%	3.39%	4.91%	6.52%	10.90%	5.38%
After Tax Sold	2.19%	6.56%	2.90%	4.26%	5.56%	9.50%	4.76%
Market Price	3.58%	11.00%	4.84%	6.40%	8.06%	12.46%	6.88%

Index Performance **
Morningstar® Dividend Leaders Index^SM	3.83%	11.49%	5.44%	6.95%	8.61%	13.05%	7.42%
S&P 500 Index	6.87%	18.34%	2.92%	12.70%	10.11%	13.45%	8.63%

Quarter End Performance (as of 6/28/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	2.40%	14.28%	11.26%	8.21%	8.87%	13.76%	7.21%
After Tax Held	2.06%	13.54%	9.61%	6.65%	7.29%	12.15%	5.68%
After Tax Sold	1.42%	8.45%	6.61%	5.61%	6.17%	10.61%	5.01%
Market Price	2.44%	14.32%	10.91%	8.21%	8.86%	13.76%	7.21%

Index Performance **
Morningstar® Dividend Leaders Index^SM	2.55%	14.63%	11.78%	8.73%	9.40%	14.33%	7.74%
S&P 500 Index	4.30%	18.54%	10.42%	14.19%	10.71%	14.70%	8.76%

3-Year Statistics (as of 8/30/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FDL	10.82%	-3.38	0.77	0.49	0.87
S&P 500 Index	12.19%	---	1.00	0.92	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 Morningstar® Dividend Leaders 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.

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	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 Morningstar® Dividend Leaders Index(SM).
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 3/9/2006

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 NYSE Arca, Inc.

The fund's return may not match the return of the Morningstar® Dividend Leaders 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 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 securities issued by companies concentrated in a particular sector which involves additional risks including limited diversification.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

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.

Morningstar is a registered trademark of Morningstar, Inc. and has been licensed for use by First Trust Advisors L.P. The First Trust Morningstar Dividend Leaders Index Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the fund.

©2019 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