First Trust Senior Loan Fund (FTSL)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Fund Commentary

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	0.86%

Current Fund Data (as of 2/24/2021)

Closing NAV¹	$47.95
Closing Market Price²	$48.14
Bid/Ask Midpoint	$48.11
Bid/Ask Premium	0.33%
30-Day Median Bid/Ask Spread³	0.04%
Total Net Assets	$1,536,812,786
Outstanding Shares	32,050,002
Daily Volume	404,719
Average 30-Day Daily Volume	384,330
Closing Market Price 52-Week High/Low	$48.25 / $37.00
Closing NAV 52-Week High/Low	$48.04 / $38.02
Number of Holdings (excluding cash)	184

Top Holdings (as of 2/24/2021)*

Holding	Percent
MPH ACQUISITION HOLDINGS MLTPLN TL B 1L USD	2.44%
SOLARWINDS HOLDINGS INC SWI TL 1L USD	2.14%
ALLIANT HOLDINGS INTERMEDI ALIANT TL B 1L USD	2.13%
ATHENAHEALTH INC ATHN TL B 1L USD	2.08%
GRAHAM PACKAGING/GPC CAP GRMPAC TL 1L USD	2.08%
HUB INTERNATIONAL LTD HBGCN TL B 1L USD	1.98%
CHG HEALTHCARE SERVICES INC COMHEA TL 1L USD	1.87%
VERSCEND HOLDING CORP VCVHHO TL B 1L USD	1.86%
SOLERA LLC SLH TL B 1L USD	1.74%
HYLAND SOFTWARE INC HSI TL 1L USD	1.72%

* 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 1/31/2021)⁴

Among 232 funds in the Bank Loan category. This fund was rated 5 stars/232 funds (3 years), 3 stars/207 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 2/25/2021)⁵	$0.1100
30-Day SEC Yield (as of 1/29/2021)⁶	3.23%
12-Month Distribution Rate (as of 1/29/2021)⁷	3.44%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the COVID-19 outbreak, certain of the issuers of the securities included in the fund may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "12-Month Distribution Rate," which is based on the fund's trailing 12-month ordinary distributions, will likely be higher, and in some cases significantly higher, than the actual 12-month distribution rate achieved by the fund.

Fund Characteristics (as of 1/29/2021)

Weighted Average Effective Duration⁸	0.39 Years
Weighted Average Maturity	4.28 Years
Weighted Average Price	$98.62
Weighted Average Coupon	3.90%
Weighted Average Yield-To-Maturity⁹	4.10%
Days to Reset¹⁰	36.13 Days
3-Month LIBOR¹¹	0.20%
Percent of Assets with LIBOR Floors	44.80%

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

Asset Type Breakdown (as of 1/29/2021)

	Asset	Percent
	Loan	91.61%
	Bond	8.10%
	Equity	0.29%

Bid/Ask Premium/Discount (as of 2/24/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	113	36	---	---
Days Traded at Discount	140	0	---	---

Credit Quality (as of 1/29/2021)

BBB-	0.04%
BB	2.88%
BB-	7.45%
B+	27.08%
B	36.03%
B-	19.80%
CCC+	1.58%
CCC	3.30%
CC	0.41%
D	1.43%

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 1/29/2021)

Health Care Providers & Services	20.92%
Software	20.56%
Insurance	10.35%
Hotels, Restaurants & Leisure	7.74%
Pharmaceuticals	7.36%
Diversified Telecommunication Services	4.72%
Media	4.66%
Health Care Technology	3.72%
Diversified Consumer Services	2.53%
Containers & Packaging	2.51%

Month End Performance (as of 1/29/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹²
Fund Performance *
Net Asset Value (NAV)	5.01%	1.07%	3.58%	3.75%	4.42%	N/A	3.32%
After Tax Held	4.64%	0.95%	2.08%	2.05%	2.74%	N/A	1.64%
After Tax Sold	2.96%	0.63%	2.07%	2.12%	2.64%	N/A	1.77%
Market Price	5.56%	0.92%	3.69%	3.82%	4.50%	N/A	3.36%

Index Performance **
Markit iBoxx USD Liquid Leveraged Loan Index	4.64%	1.01%	1.09%	2.89%	4.29%	N/A	2.75%
S&P/LSTA U.S. Leveraged Loan 100 Index	4.80%	0.98%	3.62%	4.15%	5.62%	N/A	3.58%

Quarter End Performance (as of 12/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹²
Fund Performance *
Net Asset Value (NAV)	3.49%	2.57%	2.57%	3.65%	4.17%	N/A	3.21%
After Tax Held	3.12%	1.07%	1.07%	1.95%	2.48%	N/A	1.54%
After Tax Sold	2.06%	1.48%	1.48%	2.05%	2.44%	N/A	1.69%
Market Price	4.19%	3.01%	3.01%	3.81%	4.27%	N/A	3.28%

Index Performance **
Markit iBoxx USD Liquid Leveraged Loan Index	3.49%	0.21%	0.21%	2.99%	4.00%	N/A	2.65%
S&P/LSTA U.S. Leveraged Loan 100 Index	3.39%	2.84%	2.84%	4.19%	5.31%	N/A	3.48%

3-Year Statistics (as of 1/29/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTSL	6.81%	-0.29	0.96	0.34	1.00
Markit iBoxx USD Liquid Leveraged Loan Index	7.51%	-1.34	1.05	0.21	0.99
S&P/LSTA U.S. Leveraged Loan 100 Index	7.08%	---	1.00	0.38	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.

**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	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	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.
⁵	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.
⁶	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.
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	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.
⁹	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.
¹⁰	The average number of days until the floating component of a loan resets.
¹¹	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.
¹²	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. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

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.

The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, intends to cease making LIBOR available as a reference rate over a phase-out period that is currently expected to begin after the end of 2021 although the specific timing of the phase out of LIBOR continues to be discussed and negotiated across the industry and in various jurisdictions. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors and they could result in losses to the fund.

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.

©2021 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