EquityCompass Risk Manager ETF (ERM)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

First Trust Advisors L.P. (“FTA”) announced that the reorganization of EquityCompass Tactical Risk Manager ETF (NYSE Arca: TERM), an actively managed exchange-traded fund (“ETF”), managed by FTA, into EquityCompass Risk Manager ETF (NYSE Arca: ERM), an actively managed ETF managed by FTA, was completed prior to the open of the NYSE Arca on October 18, 2021. As previously announced, the shareholders of TERM and ERM approved TERM’s reorganization into ERM at a Joint Special Meeting of Shareholders on September 13, 2021. The reorganization was previously approved by the Board of Trustees of each of TERM and ERM. More information can be found here

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, EquityCompass Investment Management, LLC, 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 Investment Management, LLC
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*	0.68%
Net Expense Ratio*	0.68%

* As of 1/4/2021

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 is expected to remain in place until at least January 5, 2022, 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 10/25/2021)

Closing NAV¹	$25.74
Closing Market Price²	$25.76
Bid/Ask Midpoint	$25.77
Bid/Ask Premium	0.12%
30-Day Median Bid/Ask Spread³	0.28%
Total Net Assets	$23,912,237
Outstanding Shares	928,888
Daily Volume	1,244
Average 30-Day Daily Volume	1,009
Closing Market Price 52-Week High/Low	$25.76 / $17.30
Closing NAV 52-Week High/Low	$25.74 / $17.28
Number of Holdings (excluding cash)	150

Top Holdings (as of 10/25/2021)*

Holding	Percent
Tesla, Inc.	0.93%
ConocoPhillips	0.90%
CF Industries Holdings, Inc.	0.85%
Netflix, Inc.	0.85%
American International Group, Inc.	0.82%
Live Nation Entertainment, Inc.	0.81%
Bank of America Corporation	0.80%
Schlumberger Limited	0.80%
Lowe's Companies, Inc.	0.79%
Fox Corporation (Class A)	0.78%

* 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 10/26/2021)⁴	$0.0053
30-Day SEC Yield (as of 9/30/2021)⁵	1.35%
Unsubsidized 30-Day SEC Yield (as of 9/30/2021)⁶	1.35%
12-Month Distribution Rate (as of 9/30/2021)⁷	0.89%

Fund Characteristics (as of 9/30/2021)⁹

Maximum Market Cap.	$2,339,018
Median Market Cap.	$87,854
Minimum Market Cap.	$3,394
Price/Earnings	19.47
Price/Book	2.64
Price/Cash Flow	12.47
Price/Sales	1.76

Bid/Ask Premium/Discount (as of 10/25/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	151	45	49	63
Days Traded at Discount	102	16	14	1

Hypothetical Growth of $10,000 Since Inception (as of 10/25/2021) *

Month End Performance (as of 9/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-1.97%	18.04%	40.67%	3.41%	N/A	N/A	6.31%
After Tax Held	-1.98%	17.81%	40.12%	2.69%	N/A	N/A	5.63%
After Tax Sold	-1.17%	10.68%	24.05%	2.26%	N/A	N/A	4.58%
Market Price	-1.93%	18.14%	40.78%	3.42%	N/A	N/A	6.33%

Index Performance **
Hedge Fund Research HFRI Equity Hedge Index	N/A	N/A	N/A	N/A	N/A	N/A	N/A
S&P 500 Index	0.58%	15.92%	30.00%	15.99%	N/A	N/A	16.57%

Quarter End Performance (as of 9/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-1.97%	18.04%	40.67%	3.41%	N/A	N/A	6.31%
After Tax Held	-1.98%	17.81%	40.12%	2.69%	N/A	N/A	5.63%
After Tax Sold	-1.17%	10.68%	24.05%	2.26%	N/A	N/A	4.58%
Market Price	-1.93%	18.14%	40.78%	3.42%	N/A	N/A	6.33%

Index Performance **
Hedge Fund Research HFRI Equity Hedge Index	N/A	N/A	N/A	N/A	N/A	N/A	N/A
S&P 500 Index	0.58%	15.92%	30.00%	15.99%	N/A	N/A	16.57%

3-Year Statistics (as of 9/30/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
ERM	19.68%	-10.31	0.93	0.21	0.89
S&P 500 Index	18.81%	---	1.00	0.82	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. 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.

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 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	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.
⁵	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.
⁶	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.
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	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.
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	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.

Risk Considerations

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 a fund by authorized participants in very large creation/redemption units. If a 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 a fund's net asset value and possibly face delisting.

A fund's shares will change in value, and you could lose money by investing in a fund. One of the principal risks of investing in a fund is market risk. Market risk is the risk that a particular stock owned by a fund, fund shares or stocks in general may fall in value. There can be no assurance that a fund's investment objective will be achieved. 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. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

In managing a fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not have the desired result.

As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cyber security.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks

A fund may invest in the shares of other ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

A fund's investment in other investment companies is restricted by federal securities laws and a fund's associated exemptive relief which limits the size of the position a fund can take in another investment company.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on the exchange may be halted due to market conditions or other reasons. There can be no assurance that the requirements to maintain the listing of a fund on the exchange will continue to be met or be unchanged.

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