EquityCompass Risk Manager ETF (ERM)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The EquityCompass Risk Manager ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide long term capital appreciation with capital preservation as a secondary objective. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in equity securities of U.S. companies. During periods when the U.S. equity market is determined to be unfavorable by the Fund's sub-advisor, Choice Financial Partners, Inc. d/b/a EquityCompass Strategies, the Fund may invest all or a portion of its assets in cash, cash equivalents and short term fixed income.

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

Fund Overview

Ticker	ERM
Fund Type	Tactical Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	BNY Mellon Investment Servicing (US) Inc.
Portfolio Manager/Sub-Advisor	EquityCompass Strategies
CUSIP	33740F607
ISIN	US33740F6079
Intraday NAV	ERMIV
Fiscal Year-End	08/31
Exchange	NYSE Arca
Inception	4/10/2017
Inception Price	$20.05
Inception NAV	$20.05
Rebalance Frequency	Periodically
Gross Expense Ratio*	0.70%
Net Expense Ratio*	0.65%

* As of 4/6/2018

Based on estimated amounts for the current fiscal year, First Trust has contractually agreed to reduce management fees earned by the fund for management fees due to be paid to the underlying investment companies advised by First Trust. The agreement will remain in place until at least April 10, 2019, or until its termination at the direction of the Trust’s Board of Trustees, or the termination of the Investment Management Agreement. Please see the Fees and Expenses of the Fund section in the fund's prospectus for more details.

Current Fund Data (as of 4/23/2018)

Closing NAV¹	$21.64
Closing Share Price²	$21.62
Bid/Ask Midpoint	$21.67
Bid/Ask Premium	0.14%
Total Net Assets	$25,962,630
Outstanding Shares	1,200,002
Daily Volume	5,985
Average 30-Day Daily Volume	5,550
Closing Share Price 52-Week High/Low	$23.64 / $19.76
Closing NAV 52-Week High/Low	$23.60 / $19.70
Number of Holdings	151

Fund Characteristics (as of 3/29/2018)⁷

Maximum Market Cap.	$854,413
Median Market Cap.	$64,951
Minimum Market Cap.	$2,000
Price/Earnings	19.53
Price/Book	2.36
Price/Cash Flow	12.74
Price/Sales	1.66

Top Holdings (as of 4/23/2018)

Holding	Percent
First Trust Enhanced Short Maturity ETF	39.16%
Newfield Exploration Company	0.47%
Occidental Petroleum Corporation	0.46%
Cimarex Energy Co.	0.44%
F5 Networks, Inc.	0.44%
General Electric Company	0.44%
Halliburton Company	0.44%
Henry Schein, Inc.	0.44%
Merck & Co., Inc.	0.44%
Xerox Corporation	0.44%

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 4/25/2018)³	$0.0676
30-Day SEC Yield (as of 3/29/2018)⁴	1.62%
Unsubsidized 30-Day SEC Yield (as of 3/29/2018)⁵	1.62%
Distribution Rate (as of 3/29/2018)⁶	1.25%

Bid/Ask Midpoint vs. NAV (as of 3/31/2018)

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
3/31/2018	61	0	0	0
12/31/2017	55	0	0	0
9/30/2017	59	0	0	0
6/30/2017	48	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
3/31/2018	0	0	0	0
12/31/2017	8	0	0	0
9/30/2017	4	0	0	0
6/30/2017	10	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.

Month End Performance (as of 3/29/2018)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-2.66%	-2.66%	N/A	N/A	N/A	N/A	8.80%
After Tax Held	-2.79%	-2.79%	N/A	N/A	N/A	N/A	8.28%
After Tax Sold	-1.58%	-1.58%	N/A	N/A	N/A	N/A	5.18%
Market Price	-2.75%	-2.75%	N/A	N/A	N/A	N/A	8.95%

Index Performance
Hedge Fund Research HFRI Equity Hedge Index	0.71%	0.71%	N/A	N/A	N/A	N/A	N/A
S&P 500 Index	-0.76%	-0.76%	N/A	N/A	N/A	N/A	14.18%

Quarter End Performance (as of 3/29/2018)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-2.66%	-2.66%	N/A	N/A	N/A	N/A	8.80%
After Tax Held	-2.79%	-2.79%	N/A	N/A	N/A	N/A	8.28%
After Tax Sold	-1.58%	-1.58%	N/A	N/A	N/A	N/A	5.18%
Market Price	-2.75%	-2.75%	N/A	N/A	N/A	N/A	8.95%

Index Performance
Hedge Fund Research HFRI Equity Hedge Index	0.71%	0.71%	N/A	N/A	N/A	N/A	N/A
S&P 500 Index	-0.76%	-0.76%	N/A	N/A	N/A	N/A	14.18%

*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.

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.

The Hedge Fund Research HFRI Equity Hedge Index returns are published as estimates and updated three times per month, therefore returns shown are subject to change. Returns for the index are not available since the fund’s inception as the index is calculated monthly. Unlike most asset class indexes, the Hedge Fund Research HFRI Equity Hedge Index returns reflect the fees and expenses of the funds it tracks, but the index itself does not assess a fee.

The gross expense ratio for this fund is 0.70%. Expenses are capped contractually at 0.65% per year, at least until April 10, 2019.

Hedge Fund Research HFRI Equity Hedge Index - The Index tracks the performance of equity hedge strategies that maintain positions both long and short in primarily equity and equity derivative securities.

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 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	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	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.
⁶	Distribution Rate is calculated by dividing the fund's most recent ordinary distribution paid or declared, on an annualized basis, by the NAV price. Distribution rates may vary.
⁷	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 4/10/2017

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. 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 fund may invest in small or mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

Certain securities held by the fund are subject to credit risk, income risk and interest rate 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. Income risk is the risk that income from the fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in the fund will decline because of rising market interest rates.

The fund invests in equity securities and the value of the shares will fluctuate with changes in the value of these equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market.

The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs.

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. Such events could cause the fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

The fund's investment in ETFs is restricted by the Investment Company Act of 1940, as amended, and the fund's associated exemptive relief which limits the amount of any single ETF that can be owned by the fund, individually and in the aggregate with all other registered investment companies and private investment pools advised by First Trust and its affiliates. This limitation may prevent the fund from purchasing shares of an ETF that it may have otherwise purchased pursuant to its investment objectives and principal investment strategy.

The fund currently has 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 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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value