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First Trust Active Factor Small Cap ETF (AFSM)
Investment Objective/Strategy - The First Trust Active Factor Small Cap ETF seeks to provide capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in U.S.-listed equity securities issued by small capitalization companies. The Fund is actively managed primarily relying on a multi-factor quantitative methodology with active risk management to construct a portfolio of securities exhibiting exposures to one or more investing factors. The multi-factor quantitative methodology currently used by the Fund may take into account the following factors: (i) value; (ii) momentum; (iii) quality; and (iv) low volatility.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerAFSM
Fund TypeSmall Cap Equity
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
CUSIP33740F797
ISINUS33740F7978
Intraday NAVAFSMIV
Fiscal Year-End08/31
ExchangeNYSE Arca
Inception12/3/2019
Inception Price$19.95
Inception NAV$19.95
Expense Ratio0.75%
Current Fund Data (as of 1/24/2020)
Closing NAV1$20.47
Closing Market Price2$20.47
Bid/Ask Midpoint$20.47
Bid/Ask Discount0.02%
Total Net Assets$2,047,411
Outstanding Shares100,002
Daily Volume1,421
Average 30-Day Daily Volume215
Closing Market Price 52-Week High/Low$20.91 / $19.95
Closing NAV 52-Week High/Low$20.92 / $19.95
Number of Holdings (excluding cash)234
Fund Characteristics (as of 12/31/2019)3
Maximum Market Cap.$8,340
Median Market Cap.$2,051
Minimum Market Cap.$486
Price/Earnings14.82
Price/Book1.86
Price/Cash Flow9.04
Price/Sales0.86
Top Holdings (as of 1/24/2020)*
Holding Percent
Benchmark Electronics, Inc. 1.16%
Hilltop Holdings Inc. 1.06%
Select Medical Holdings Corporation 1.05%
Comtech Telecommunications Corp. 1.02%
Navient Corporation 1.01%
Radian Group Inc. 0.91%
BMC Stock Holdings, Inc. 0.86%
LHC Group, Inc. 0.76%
GMS Inc. 0.74%
KBR, Inc. 0.72%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Bid/Ask Midpoint vs. NAV (as of 12/31/2019)
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
12/31/2019 19 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
12/31/2019 0 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 1/24/2020)
Health Care 17.81%
Information Technology 15.74%
Industrials 15.34%
Financials 14.91%
Consumer Discretionary 12.51%
Real Estate 9.91%
Materials 3.24%
Utilities 3.12%
Energy 3.00%
Consumer Staples 2.28%
Communication Services 2.14%
Month End Performance (as of 12/31/2019)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Net Asset Value (NAV) N/A N/A N/A N/A N/A N/A 3.08%
After Tax Held N/A N/A N/A N/A N/A N/A 2.95%
After Tax Sold N/A N/A N/A N/A N/A N/A 1.82%
Market Price N/A N/A N/A N/A N/A N/A 3.08%
Index Performance **
S&P SmallCap 600 Index N/A N/A N/A N/A N/A N/A 4.67%
Quarter End Performance (as of 12/31/2019)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Net Asset Value (NAV) N/A N/A N/A N/A N/A N/A 3.08%
After Tax Held N/A N/A N/A N/A N/A N/A 2.95%
After Tax Sold N/A N/A N/A N/A N/A N/A 1.82%
Market Price N/A N/A N/A N/A N/A N/A 3.08%
Index Performance **
S&P SmallCap 600 Index N/A N/A N/A N/A N/A N/A 4.67%

*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.

S&P SmallCap 600 Index - The Index is an unmanaged index of 600 stocks used to measure small 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 All market capitalization numbers are in USD$ Millions.
4 Inception Date is 12/3/2019

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.

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 security owned by the fund, fund shares or securities 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 or sector, which involves additional risks including limited diversification. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

As the use of Internet technology has become more prevalent in the course of business, the fund has become more susceptible to potential operational risks through breaches in cybersecurity.

The fund currently has fewer assets than larger, more established funds, and like other relatively new funds, large inflows and outflows may impact the fund's market exposure for limited periods of time.

There can be no assurance that the securities held by the fund will stay within the fund's intended market capitalization range.

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.

Actively managed funds are subject to management risk because the advisor or sub-advisor will apply investment techniques and risk analyses that may not have the desired result.

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
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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