First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL)

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	Fact Sheet
	Summary Prospectus
	Investor Guide

Fund Summary

Investment Objective/Strategy - The First Trust Dorsey Wright Momentum & Low Volatility ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Low Volatility Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and was developed by Nasdaq, Inc. (the "Index Provider").

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

The Dorsey Wright Momentum Plus Low Volatility Index is a rules-based equity index that is designed to track the overall performance of 50 stocks within the NASDAQ US Large Mid Cap Index that exhibit the lowest levels of volatility while maintaining high levels of relative strength.
To construct the index, Dorsey, Wright & Associates (DWA) begins with the eligible constituents of the NASDAQ US Large Mid Cap Index.
- These eligible constituents are determined after meeting certain criteria, including maintaining a minimum average daily dollar volume of $1 million for the 30-day period prior to evaluation.
Each security is assigned a relative strength score based on its forward price momentum compared to the momentum of a broad market benchmark index. Securities that exhibit a minimum level of relative strength are eligible for inclusion in the index.
Eligible securities are then assigned a volatility score based on their daily percentage price changes over the trailing year. The top 50 securities with the lowest volatility scores are selected for inclusion in the index.
- The securities are then weighted using the inverse of each security's one-year trailing volatility, with greater weights given to securities with lower volatility scores.
The index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker	DVOL
Fund Type	Large Blend
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33741L108
ISIN	US33741L1089
Intraday NAV	DVOLIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	9/5/2018
Inception Price	$19.97
Inception NAV	$19.97
Rebalance Frequency	Quarterly
Expense Ratio	0.60%

Current Fund Data (as of 9/20/2018)

Closing NAV¹	$20.10
Closing Share Price²	$20.14
Bid/Ask Midpoint	$20.11
Bid/Ask Premium	0.01%
Total Net Assets	$11,056,416
Outstanding Shares	550,002
Daily Volume	2,276
Closing Share Price 52-Week High/Low	$20.20 / $19.97
Closing NAV 52-Week High/Low	$20.17 / $19.97
Number of Holdings	50

Fund Characteristics (as of 9/6/2018)³

Maximum Market Cap.	$383,107
Median Market Cap.	$12,332
Minimum Market Cap.	$3,297
Price/Earnings	12.25
Price/Book	1.60
Price/Cash Flow	6.33
Price/Sales	1.13

Top Holdings (as of 9/20/2018)

Holding	Percent
Jack Henry & Associates, Inc.	3.17%
Honeywell International Inc.	3.00%
Waste Management, Inc.	2.96%
Sun Communities, Inc.	2.90%
Amphenol Corporation	2.82%
Arthur J. Gallagher & Co.	2.76%
Broadridge Financial Solutions, Inc.	2.75%
W.R. Berkley Corporation	2.75%
Torchmark Corporation	2.74%
Bright Horizons Family Solutions Inc.	2.70%

Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Top Sector Exposure (as of 9/20/2018)

Financials	29.90%
Information Technology	22.69%
Industrials	21.39%
Consumer Discretionary	7.32%
Consumer Staples	7.05%
Materials	3.68%
Real Estate	2.92%
Utilities	2.71%
Health Care	2.34%

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 share 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.

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.

The fund's return may not match the return of the Dorsey Wright Momentum Plus Low Volatility 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 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.

The fund is not actively managed and generally will not attempt to take defensive positions in declining markets.

A portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices.

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

The index employs a "momentum" style methodology that emphasizes selecting stocks that have had higher recent price performance compared to other stocks. Momentum can turn quickly and cause significant variation from other types of investments.

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 cyber security.

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.

The fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the fund. The Corporations make no representation or warranty, express or implied to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly, or the ability of the indexes to track general stock performance.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value