First Trust Managed Municipal ETF (FMB)

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Fund Summary

Investment Objective/Strategy - The primary investment objective of the Fund will be to generate current income that is exempt from regular federal income taxes and its secondary objective will be long term capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.

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

Fund Overview

Ticker	FMB
Fund Type	Tax-Free Fixed Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33739N108
ISIN	US33739N1081
Intraday NAV	FMBIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	5/13/2014
Inception Price	$50.00
Inception NAV	$50.00
Gross Expense Ratio*	0.65%
Net Expense Ratio*	0.50%

* As of 3/2/2020

First Trust has contractually agreed to waive management fees of 0.15% of average daily net assets until March 1, 2021.

Current Fund Data (as of 5/29/2020)

Closing NAV¹	$54.19
Closing Market Price²	$54.15
Bid/Ask Midpoint	$54.20
Bid/Ask Premium	0.01%
Total Net Assets	$1,484,914,138
Outstanding Shares	27,400,002
Daily Volume	117,077
Average 30-Day Daily Volume	184,328
Closing Market Price 52-Week High/Low	$57.28 / $49.30
Closing NAV 52-Week High/Low	$57.21 / $50.08
Number of Holdings (excluding cash)	1069

Fund Characteristics (as of 4/30/2020)

Net Weighted Average Effective Duration (Includes Short Positions)¹¹	6.64 Years
Weighted Average Effective Duration (Long Positions)¹¹	6.82 Years
Net Weighted Average Modified Duration¹²	5.66 Years
Net Weighted Average Maturity	13.26 Years
Weighted Average Price	$107.39
Weighted Average Coupon	4.40%
Short Position - US Treasury Futures	-1.84%

Portfolio information statistics exclude cash and other assets and liabilities.

Top Holdings (as of 5/29/2020)*

Holding	Percent
KENTUCKY ST PUBLIC ENERGY AUTH Variable rate, due 02/01/2050	0.73%
NEW YORK NY Variable rate, due 10/01/2046	0.71%
ATLANTA GA ARPT PASSENGER FAC CHG REV 4%, due 07/01/2038	0.68%
PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034	0.62%
MICHIGAN ST FIN AUTH REVENUE 5%, due 11/15/2041	0.61%
WILSONVILLE AL INDL DEV BRD SOL WST DISP Variable rate, due 12/01/2030	0.61%
GTR ORLANDO FL AVIATION AUTH ARPT FACS 5%, due 10/01/2042	0.54%
BLACK BELT ENERGY GAS DIST ALG Variable rate, due 10/01/2049	0.53%
COLORADO ST HLTH FACS AUTH HOSP REV 4%, due 01/01/2040	0.52%
CENTRL PLAINS ENERGY PROJ NE GAS REV 5%, due 09/01/2029	0.49%

* Excluding cash. Holdings are subject to change.

Top State Exposure (as of 4/30/2020)

State	Percent
Colorado	8.01%
Florida	6.78%
Texas	6.75%
Pennsylvania	6.52%
California	6.33%
Cash	4.67%
New York	4.62%
Ohio	4.07%
Alabama	3.90%
Georgia	3.88%

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 4/30/2020)³

Among 247 funds in the Muni National Interm category. This fund was rated 4 stars/247 funds (3 years), 5 stars/216 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 5/31/2020)⁴	$0.1050
30-Day SEC Yield (as of 4/30/2020)⁵	2.29%
Unsubsidized 30-Day SEC Yield (as of 4/30/2020)⁶	2.14%
Taxable Equivalent 30-Day SEC Yield (as of 4/30/2020)⁷	3.86%
12-Month Distribution Rate (as of 4/30/2020)⁸	2.52%
Distribution Rate (as of 4/30/2020)⁹	2.40%
Taxable Equivalent Annualized Distribution Rate (as of 4/30/2020)¹⁰	4.05%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the recent 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.

Bid/Ask Midpoint vs. NAV (as of 3/31/2020)

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
3/31/2020	45	2	0	0
12/31/2019	60	0	0	0
9/30/2019	59	0	0	0
6/30/2019	62	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
3/31/2020	7	2	4	2
12/31/2019	4	0	0	0
9/30/2019	5	0	0	0
6/30/2019	1	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.

Maturity Exposure (as of 4/30/2020)

Years	Percent
0 - 0.99 Years	3.26%
1 - 1.99 Years	0.98%
2 - 2.99 Years	1.04%
3 - 3.99 Years	1.26%
4 - 4.99 Years	3.05%
5 - 5.99 Years	2.80%
6 - 6.99 Years	3.62%
7 - 7.99 Years	3.18%
8 - 8.99 Years	3.16%
9 - 9.99 Years	2.63%
10 - 14.99 Years	27.14%
15 - 19.99 Years	23.82%
20 - 24.99 Years	11.13%
25 - 29.99 Years	4.80%
30 Years & Over	1.64%
Cash	4.66%

Credit Quality (as of 4/30/2020)

Cash	4.67%
AAA	6.49%
AA	31.99%
A	31.57%
BBB	11.65%
BB	3.02%
B	0.53%
CCC	0.07%
Short Rated only	0.30%
NR	9.71%

The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc., Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. 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 Sector Exposure (as of 4/30/2020)

HOSPITAL	13.54%
GO-UNLTD	9.84%
INSURED	8.71%
CCRC	6.65%
WATER & SEWER	6.53%
GAS	5.53%
HIGHER ED	5.31%
COP	4.78%
CASH	4.66%
DEDICATED TAX	4.51%

Month End Performance (as of 4/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹³
Fund Performance *
Net Asset Value (NAV)	-6.44%	-4.63%	-0.18%	2.87%	3.10%	N/A	3.57%
After Tax Held	-6.66%	-4.92%	-1.15%	1.81%	1.94%	N/A	2.40%
After Tax Sold	-3.81%	-2.73%	-0.08%	1.74%	1.86%	N/A	2.22%
Market Price	-6.16%	-4.44%	0.01%	2.95%	3.04%	N/A	3.63%

Index Performance **
Bloomberg Barclays Revenue 10 Year (8-12) Index	-3.66%	-1.82%	2.21%	3.36%	3.21%	N/A	3.42%

Quarter End Performance (as of 3/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹³
Fund Performance *
Net Asset Value (NAV)	-2.52%	-2.52%	2.42%	3.94%	3.50%	N/A	4.01%
After Tax Held	-2.74%	-2.74%	1.42%	2.86%	2.33%	N/A	2.83%
After Tax Sold	-1.48%	-1.48%	1.44%	2.55%	2.16%	N/A	2.55%
Market Price	-2.20%	-2.20%	2.82%	4.05%	3.46%	N/A	4.09%

Index Performance **
Bloomberg Barclays Revenue 10 Year (8-12) Index	-0.70%	-0.70%	3.66%	4.11%	3.32%	N/A	3.67%

3-Year Statistics (as of 4/30/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FMB	4.73%	-0.73	1.20	0.21	0.95
Bloomberg Barclays Revenue 10 Year (8-12) Index	3.78%	---	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 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.

Bloomberg Barclays Revenue 10 Year (8-12) Index - The Index is a subset of the Bloomberg Barclays Municipal Bond Index that measures the performance of investment-grade revenue bond issues with remaining maturities of 8 to 12 years.

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 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.
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	The taxable equivalent yield is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt yield using the highest federal tax bracket for 2020. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal personal income tax.
⁸	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.
⁹	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.
¹⁰	The taxable equivalent annualized distribution rate is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt annualized distribution rate using the highest federal tax bracket for 2020. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal personal income tax.
¹¹	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. It accounts for the likelihood of changes in the timing of cash flows in response to interest rate movements.
¹²	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. In contrast to effective duration, modified duration assumes that the timing of cash flows remain constant.
¹³	Inception Date is 5/13/2014

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 values of municipal securities held by the fund may be adversely affected by local political and economic conditions and developments. 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 impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

Municipal bonds are subject to numerous additional risks, including credit risk, income risk, interest rate risk, call risk and zero coupon bond 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 securities in the fund will decline because of rising market interest rates. Call risk is the risk that performance could be adversely impacted if an issuer calls higher-yielding debt instruments held by the fund. Zero coupon bond risk is the risk that zero coupon bonds may be highly volatile as interest rates rise or fall because they do not pay interest on a current basis.

Income from municipal bonds held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. All or a portion of the fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

The fund may invest in high yield securities, or "junk" bonds, which are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. The market for high yield securities is smaller and less liquid than that for investment grade securities.

Participation interests in municipal leases pose special risks because many leases and contracts contain "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body.

The fund will, under most circumstances, effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, the fund may be less tax-efficient.

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.

©2020 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