First Trust Morningstar Managed Futures Strategy Fund (FMF)

	Printer Friendly Page
	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

On or about June 3, 2019, the Fund will change its name to First Trust Managed Futures Strategy Fund and revise its principal investment strategies. For more information click here.

Investment Objective/Strategy - The First Trust Morningstar Managed Futures Strategy Fund seeks to provide returns that exceed the performance of the Morningstar® Diversified Futures Index^SM (the "benchmark") by actively selecting investments for the fund with varying maturities from the underlying components of the benchmark. The fund will generally seek to hold similar instruments to those included in the benchmark but the actively managed structure allows the investment team flexibility to manage the contract selection and rolls to seek to exceed the performance of the index.

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

Fund Overview

Ticker	FMF
Fund Type	Alternative Investments
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33739G103
ISIN	US33739G1031
Intraday NAV	FMFIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	8/1/2013
Inception Price	$50.00
Inception NAV	$50.00
Rebalance Frequency	Quarterly
Expense Ratio	0.95%

Current Fund Data (as of 4/18/2019)

Closing NAV¹	$44.78
Closing Market Price²	$44.77
Bid/Ask Midpoint	$44.84
Bid/Ask Premium	0.14%
Total Net Assets	$11,283,607
Outstanding Shares	252,000
Daily Volume	182
Average 30-Day Daily Volume	1,634
Closing Market Price 52-Week High/Low	$50.71 / $44.60
Closing NAV 52-Week High/Low	$50.42 / $44.46

Fund Exposure (as of 4/17/2019)

Long Exposure	25.31%
Short Exposure	-53.19%
Flat Exposure	21.50%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 4/20/2019)³	$0.6876
30-Day SEC Yield (as of 3/29/2019)⁴	0.87%
12-Month Distribution Rate (as of 3/29/2019)⁵	1.54%

Bid/Ask Midpoint vs. NAV (as of 3/31/2019)

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
3/31/2019	53	7	0	0
12/31/2018	34	25	0	1
9/30/2018	33	13	2	1
6/30/2018	23	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
3/31/2019	1	0	0	0
12/31/2018	2	1	0	0
9/30/2018	12	0	2	0
6/30/2018	40	0	1	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 3/29/2019)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	-1.45%	-1.45%	-4.31%	-1.61%	-1.64%	N/A	-1.13%
After Tax Held	-1.45%	-1.45%	-4.89%	-1.93%	-1.83%	N/A	-1.48%
After Tax Sold	-0.86%	-0.86%	-2.54%	-1.35%	-1.32%	N/A	-1.00%
Market Price	-1.84%	-1.84%	-4.26%	-1.22%	-1.93%	N/A	-1.10%

Index Performance **
S&P 500 Index	13.65%	13.65%	9.50%	13.51%	10.91%	N/A	11.66%
ICE BofAML 3-month U.S. Treasury Bill Index	0.59%	0.59%	2.12%	1.19%	0.74%	N/A	0.66%
Morningstar® Diversified Futures Index^SM	-1.12%	-1.12%	-3.12%	-0.29%	-0.29%	N/A	0.05%

Quarter End Performance (as of 3/29/2019)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	-1.45%	-1.45%	-4.31%	-1.61%	-1.64%	N/A	-1.13%
After Tax Held	-1.45%	-1.45%	-4.89%	-1.93%	-1.83%	N/A	-1.48%
After Tax Sold	-0.86%	-0.86%	-2.54%	-1.35%	-1.32%	N/A	-1.00%
Market Price	-1.84%	-1.84%	-4.26%	-1.22%	-1.93%	N/A	-1.10%

Index Performance **
S&P 500 Index	13.65%	13.65%	9.50%	13.51%	10.91%	N/A	11.66%
ICE BofAML 3-month U.S. Treasury Bill Index	0.59%	0.59%	2.12%	1.19%	0.74%	N/A	0.66%
Morningstar® Diversified Futures Index^SM	-1.12%	-1.12%	-3.12%	-0.29%	-0.29%	N/A	0.05%

3-Year Statistics (as of 3/29/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FMF	5.30%	-1.36	0.98	-0.50	0.99
S&P 500 Index	10.73%	13.36	0.93	1.13	0.46
Morningstar® Diversified Futures Index^SM	5.38%	---	1.00	-0.25	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.

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 500 Index - The Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.

ICE BofAML 3-month U.S. Treasury Bill Index - The Index contains short-term U.S. Government securities with a remaining term to final maturity of about 90 days.

Morningstar® Diversified Futures Index^SM - The Index contains 35 different futures positions consisting of 20 commodities, 9 equity indexes and 6 currencies and has the ability to go long, short or flat, providing greater flexibility and the potential to capture both upward and downward movements in price.*

*The long position agrees to buy the asset when the contract expires and stands to profit if the underlying asset price goes up. The short position agrees to sell the asset when the contract expires and stands to profit as long as the underlying asset price goes down. The flat position is when you have neither a long position nor a short position.

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	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	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.
⁶	Inception Date is 8/1/2013

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. The trading prices of commodities futures, fixed income securities and other instruments fluctuate in response to a variety of factors. The fund's net asset value and market price may fluctuate significantly in response to these factors. As a result, an investor could lose money over short or long periods of time. In addition, the net asset value of the fund may be more volatile over short-term periods than other investment options because of the fund's significant use of financial instruments that have a leveraging effect.

The fund is subject to management risk because it is an actively managed 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 objective will be achieved.

The fund is not obligated to invest in the same instruments included in the benchmark and may invest in certain other securities. There can be no assurance that the fund's performance will exceed the performance of the benchmark.

The fund does not invest directly in futures instruments. Rather, it invests in a wholly-owned subsidiary, which will have the same investment objective as the fund, but unlike the fund, it may invest without limitation in futures instruments. The subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the fund, as an investor in the subsidiary, will not have all the protections offered to investors in registered investment companies.

All futures and futures-related products are highly volatile. Futures instruments may be less liquid than other types of investments. The prices of futures instruments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes.

The fund regularly purchases and sells commodity futures contracts to maintain a fully invested position. This frequent trading may increase the amount of commissions or mark-ups to broker-dealers that the fund pays when it buys and sells contracts, which may detract from the fund's performance.

The benchmark and the fund will take both long and short positions and should not be used as proxies for taking long-only positions. The fund may also be flat on some positions. The fund will lose value if a security or instrument that is the subject of a short sale increases in value. Short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.

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

The fund holds investments that are denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies may affect the value of the fund's investments and the value of the fund's shares. Commodity futures contracts traded on non-U.S. exchanges or with non-U.S. counterparties present risks because they may not be subject to the same degree of regulation as their U.S. counterparts.

The fund may be subject to the forces of "whipsaw" markets (as opposed to choppy or stable markets), in which significant price movements develop but then repeatedly reverse, which could cause substantial losses.

The fund is subject to additional risks including clearing broker, counterparty risk, credit risk, gap risk, interest rate risk, income risk, issuer specific risk, regulatory risk and repurchase agreement risk. The fund may be subject to additional risks pertaining to currency, interest rates and derivatives. Large inflows and outflows may impact the fund's market exposure for limited periods of time.

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.

First Trust Advisors L.P. is registered as a commodity pool operator and commodity trading advisor and is also a member of the National Futures Association.

Morningstar is a registered trademark of Morningstar, Inc. and has been licensed for use by First Trust Advisors L.P. The First Trust Morningstar Managed Futures Strategy Fund is not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the fund.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value