First Trust Senior Loan Fund (FTSL)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Senior Loan Fund is an actively managed exchange-traded fund. The fund's primary investment objective is to provide high current income by investing primarily in a diversified portfolio of first lien senior floating-rate bank loans ("Senior Loans"). The fund's secondary investment objective is the preservation of capital. Under normal market conditions, the fund will invest in at least 80% of its net assets in Senior Loans that are made predominantly to businesses operating in North America and may also invest up to 20% of its net assets in non-Senior Loan debt securities, warrants, equity securities and securities of other investment companies.

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

Fund Overview

Ticker	FTSL
Fund Type	Senior Loan
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33738D309
ISIN	US33738D3098
Intraday NAV	FTSLIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	5/1/2013
Inception Price	$50.00
Inception NAV	$50.00
Expense Ratio	0.87%

Current Fund Data (as of 10/15/2019)

Closing NAV¹	$47.12
Closing Market Price²	$47.37
Bid/Ask Midpoint	$47.23
Bid/Ask Premium	0.23%
Total Net Assets	$1,602,183,322
Outstanding Shares	34,000,002
Daily Volume	110,084
Average 30-Day Daily Volume	159,802
Closing Market Price 52-Week High/Low	$48.15 / $45.42
Closing NAV 52-Week High/Low	$48.06 / $45.67
Number of Holdings (excluding cash)	194

Fund Characteristics (as of 9/30/2019)

Weighted Average Effective Duration⁶	0.40 Years
Weighted Average Maturity	4.85 Years
Weighted Average Price	$98.38
Weighted Average Coupon	5.01%
Weighted Average Yield-To-Maturity⁷	5.14%
Days to Reset⁸	36.81 Days
3-Month LIBOR⁹	2.09%
Percent of Assets with LIBOR Floors	35.52%

Please note: Weighted average maturity excludes defaulted assets. Weighted average price excludes equity prices.

Top Holdings (as of 10/15/2019)*

Holding	Percent
VALEANT PHARMACEUTICALS VRXCN TL B 1L USD	2.57%
AMWINS GROUP LLC AMWINS TL 1L USD	2.33%
HUB INTERNATIONAL LTD HBGCN TL B 1L USD	2.21%
REYNOLDS GROUP HOLDINGS REYNOL TL 1L USD	2.05%
ALIXPARTNERS LLP ALIXPA TL B 1L USD	1.99%
First Trust Enhanced Short Maturity ETF	1.97%
STARS GROUP HOLDINGS BV TSGICN TL B 1L USD	1.93%
CHG HEALTHCARE SERVICES INC COMHEA TL 1L USD	1.88%
QUIKRETE HOLDINGS INC QUIKHO TL B 1L USD	1.87%
MPH ACQUISITION HOLDINGS MLTPLN TL B 1L USD	1.73%

* 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 10/16/2019)³	$0.1750
30-Day SEC Yield (as of 9/30/2019)⁴	4.47%
12-Month Distribution Rate (as of 9/30/2019)⁵	4.57%

Bid/Ask Midpoint vs. NAV (as of 9/30/2019)

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
9/30/2019	15	0	0	0
6/30/2019	52	0	0	0
3/31/2019	23	0	0	0
12/31/2018	37	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
9/30/2019	49	0	0	0
6/30/2019	11	0	0	0
3/31/2019	37	1	0	0
12/31/2018	22	4	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.

Asset Type Breakdown (as of 9/30/2019)

	Asset	Percent
	Loan	88.85%
	Bond	9.13%
	Equity	2.02%

Credit Quality (as of 9/30/2019)

BBB-	7.58%
BB+	4.48%
BB	9.92%
BB-	16.93%
B+	23.27%
B	25.38%
B-	10.18%
CCC+	2.10%
CCC	0.16%

The ratings are by Standard & Poor's except where otherwise indicated. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

Top Industry Exposure (as of 9/30/2019)

Health Care Providers & Services	13.83%
Software	12.06%
Hotels, Restaurants & Leisure	11.64%
Media	10.13%
Insurance	8.40%
Pharmaceuticals	5.53%
Diversified Financial Services	4.94%
Life Sciences Tools & Services	3.64%
Containers & Packaging	3.26%
Capital Markets	2.92%

Month End Performance (as of 9/30/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	1.43%	7.25%	3.35%	3.41%	3.38%	N/A	3.11%
After Tax Held	0.96%	5.75%	1.44%	1.69%	1.67%	N/A	1.41%
After Tax Sold	0.84%	4.28%	1.96%	1.84%	1.81%	N/A	1.60%
Market Price	1.64%	7.80%	3.18%	3.31%	3.34%	N/A	3.10%

Index Performance **
Markit iBoxx USD Liquid Leveraged Loan Index	1.17%	7.34%	2.46%	3.39%	2.95%	N/A	2.80%
S&P/LSTA U.S. Leveraged Loan 100 Index	1.36%	8.21%	3.47%	4.33%	3.58%	N/A	3.36%

Quarter End Performance (as of 9/30/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	1.43%	7.25%	3.35%	3.41%	3.38%	N/A	3.11%
After Tax Held	0.96%	5.75%	1.44%	1.69%	1.67%	N/A	1.41%
After Tax Sold	0.84%	4.28%	1.96%	1.84%	1.81%	N/A	1.60%
Market Price	1.64%	7.80%	3.18%	3.31%	3.34%	N/A	3.10%

Index Performance **
Markit iBoxx USD Liquid Leveraged Loan Index	1.17%	7.34%	2.46%	3.39%	2.95%	N/A	2.80%
S&P/LSTA U.S. Leveraged Loan 100 Index	1.36%	8.21%	3.47%	4.33%	3.58%	N/A	3.36%

3-Year Statistics (as of 9/30/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTSL	3.02%	-0.45	0.83	0.60	0.99
Markit iBoxx USD Liquid Leveraged Loan Index	3.47%	-0.77	0.95	0.53	0.98
S&P/LSTA U.S. Leveraged Loan 100 Index	3.58%	---	1.00	0.76	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.

**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.

Markit iBoxx USD Liquid Leveraged Loan Index - The Index selects the 100 most liquid senior loans in the market.

S&P/LSTA U.S. Leveraged Loan 100 Index - The Index is a market value-weighted index designed to measure the performance of the largest segment of the U.S. syndicated leveraged loan market.

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	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.
⁴	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.
⁵	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.
⁶	A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Given that senior loans typically pay a floating rate of interest, they tend to have an effective duration of almost zero. As such, we estimate the duration for senior loans to be approximately 0.25 years.
⁷	The annualized return that would be earned on a debt security if held to maturity, weighted by the value of each debt security in the fund's portfolio. The calculation does not include the effect of fund fees and expenses.
⁸	The average number of days until the floating component of a loan resets.
⁹	A short-term funding rate estimated by banks in London that they would be charged if borrowing from other banks assuming a three month maturity.
¹⁰	Inception Date is 5/1/2013

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.

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. The fund is subject to management risk because it is an actively managed portfolio. In managing the fund's investment portfolio, the advisor will apply investment techniques and risk analyses that may not have the desired result. There can be no assurance that the fund's investment objectives will be achieved.

The fund is subject to market risk. Market risk is the risk that a particular security owned by the fund or shares of the fund in general may fall in value.

Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed income instruments. High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high-yield securities is smaller and less liquid than that for investment grade securities.

Senior Loan securities are subject to numerous risks, including credit risk, interest rate risk, income risk and prepayment risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for senior loans because companies that issue loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Interest rate risk is the risk that if interest rates rise, the prices of the fixed-rate instruments held by the fund may fall. Income risk is the risk that if interest rates fall, the income from the fund's portfolio will decline as the fund intends to hold floating-rate debt that will adjust lower with falling interest rates. Loans are subject to pre-payment risk. The degree to which borrowers prepay loans may be affected by general business conditions, the financial condition of the borrower and competitive conditions among loan investors, among others. The fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future.

The fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the fund's NAV is determined on the basis of U.S. dollars and the fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

The fund will, under most circumstances, effect a significant portion of creations and redemptions for cash, rather than in-kind securities. As a result, the fund may be less tax-efficient.

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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value