First Trust Value Line® Dividend Index Fund (FVD)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

Fund Summary

Investment Objective/Strategy - The First Trust Value Line® Dividend Index Fund is an exchange-traded index fund. The objective of the Fund is to seek investment results that correspond generally to the price and yield, before fees and expenses, of the Value Line® Dividend Index.

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

The index begins with the universe of stocks that Value Line^® gives a Safety^TM Ranking of #1 or #2 using the Value Line^® Safety^TM Ranking System. All registered investment companies, limited partnerships and foreign securities not listed in the U.S. are removed from this universe.
From those stocks, Value Line^® selects those companies with a higher than average dividend yield, as compared to the indicated dividend yield of the Standard & Poor's 500 Composite Stock Price Index.
Value Line^® then eliminates those companies with an equity market capitalization of less than $1 billion.
The index seeks to be equally weighted in each of the securities in the index. The index is rebalanced on the application of the above model on a monthly basis.

Fund Overview

Ticker	FVD
Fund Type	Equity Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33734H106
ISIN	US33734H1068
Intraday NAV	FVDIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	8/19/2003
Inception Price	$15.00
Inception NAV	$14.32
Rebalance Frequency	Monthly
Gross Expense Ratio*	0.72%
Net Expense Ratio*	0.70%

* As of 5/1/2019

Expenses are capped contractually at 0.70% per year, at least until April 30, 2020.

Current Fund Data (as of 9/13/2019)

Closing NAV¹	$34.99
Closing Market Price²	$34.98
Bid/Ask Midpoint	$35.00
Bid/Ask Premium	0.02%
Total Net Assets	$7,670,348,189
Outstanding Shares	219,187,986
Daily Volume	758,465
Average 30-Day Daily Volume	1,099,546
Closing Market Price 52-Week High/Low	$35.02 / $27.80
Closing NAV 52-Week High/Low	$35.00 / $27.80
Number of Holdings	191

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

Maximum Market Cap.	$351,224
Median Market Cap.	$30,576
Minimum Market Cap.	$1,479
Price/Earnings	17.80
Price/Book	2.34
Price/Cash Flow	11.52
Price/Sales	1.84

Top Holdings (as of 9/13/2019)

Holding	Percent
Dow Inc.	0.59%
Tiffany & Co.	0.59%
Caterpillar Inc.	0.58%
International Flavors & Fragrances Inc.	0.58%
People's United Financial, Inc.	0.58%
BB&T Corporation	0.57%
Cummins Inc.	0.57%
Eaton Corporation Plc	0.57%
Emerson Electric Co.	0.57%
Franklin Resources, Inc.	0.57%

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 4 stars/1,086 funds (3 years), 5 stars/950 funds (5 years), 5 stars/694 funds (10 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 9/17/2019)⁴	$0.1629
30-Day SEC Yield (as of 8/30/2019)⁵	2.48%
Unsubsidized 30-Day SEC Yield (as of 8/30/2019)⁶	2.48%
12-Month Distribution Rate (as of 8/30/2019)⁷	2.09%
Index Yield (as of 8/30/2019)⁸	3.17%

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	61	0	0	0
3/31/2019	57	0	0	0
12/31/2018	32	1	0	0
9/30/2018	50	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	2	0	0	0
3/31/2019	4	0	0	0
12/31/2018	29	1	0	0
9/30/2018	13	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 9/13/2019)

Utilities	20.26%
Financials	19.75%
Industrials	16.95%
Consumer Staples	11.02%
Health Care	6.05%
Consumer Discretionary	5.41%
Information Technology	5.39%
Real Estate	5.03%
Communication Services	4.25%
Materials	3.26%
Energy	2.63%

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)	5.54%	17.43%	8.88%	9.92%	10.40%	13.43%	9.87%
After Tax Held	5.33%	16.98%	7.88%	8.91%	9.35%	12.32%	8.39%
After Tax Sold	3.28%	10.31%	5.21%	7.21%	7.69%	10.60%	7.49%
Market Price	5.48%	17.36%	8.78%	9.90%	10.36%	13.41%	9.86%

Index Performance **
Value Line® Dividend Index	5.76%	18.07%	9.69%	10.76%	11.26%	14.34%	N/A
Dow Jones U.S. Select Dividend™ Index	5.75%	12.05%	0.89%	8.33%	8.98%	13.64%	N/A
S&P 500 Index	6.87%	18.34%	2.92%	12.70%	10.11%	13.45%	9.13%

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)	4.42%	17.08%	13.94%	10.16%	10.53%	14.46%	9.95%
After Tax Held	4.21%	16.64%	12.90%	9.15%	9.49%	13.34%	8.46%
After Tax Sold	2.61%	10.11%	8.20%	7.41%	7.80%	11.53%	7.55%
Market Price	4.45%	17.11%	13.90%	10.17%	10.52%	14.45%	9.96%

Index Performance **
Value Line® Dividend Index	4.64%	17.59%	14.82%	11.00%	11.40%	15.38%	N/A
Dow Jones U.S. Select Dividend™ Index	2.30%	13.64%	5.80%	9.21%	9.22%	15.23%	N/A
S&P 500 Index	4.30%	18.54%	10.42%	14.19%	10.71%	14.70%	9.24%

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

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FVD	9.69%	0.23	0.73	0.87	0.92
Dow Jones U.S. Select Dividend™ Index	10.75%	-2.31	0.84	0.66	0.95
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 Value Line® Dividend 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.

On December 15, 2006, the fund acquired the assets and adopted the performance history of the First Trust Value Line^® Dividend Fund, a closed-end fund. The investment goals, strategies and policies of the fund are substantially similar to those of the predecessor fund. Performance information for periods prior to December 15, 2006 is based on the performance history of the predecessor fund and reflects the operating expenses of the predecessor fund.

Dow Jones U.S. Select Dividend™ Index - The Index consists of 100 widely-traded, dividend-paying stocks derived from the Dow Jones U.S.Total Market Index^SM.

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 Value Line® Dividend Index.
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 8/19/2003

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 Value Line® Dividend 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 securities issued by companies concentrated in a particular industry. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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.

"Value Line^®" and "Value Line^® Dividend Index" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") and have been licensed for use for certain purposes by First Trust Advisors L.P. This product is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Advisors L.P. is not affiliated with any Value Line company.

©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