First Trust US Equity Opportunities ETF (FPX)

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Fund Summary

Investment Objective/Strategy - The First Trust US Equity Opportunities ETF (the "Fund"), formerly First Trust US IPO Index Fund, seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the IPOX®-100 U.S. Index. The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks that comprise the Index.

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

Index Description According to the Index Provider

The IPOX®-100 U.S. Index seeks exposure to 100 of the largest, most liquid and best performing U.S. companies that have recently gone public, including initial public offerings (“IPOs”) and spin-offs, as well as select acquirers of recent IPOs.
The index is based on the IPOX® U.S. Composite Index, which is a market-cap weighted index measuring the performance of all newly public U.S. listed companies during their first 1000 trading days, subject to meeting initial listings characteristics.
The index applies a 10% capping on all constituents and is reconstituted and rebalanced on a quarterly basis.

Potential Benefits of the First Trust US Equity Opportunities ETF

Systematic exposure to U.S. equity capital markets, semi active activity and the growth and innovativeness of the U.S. economy via a semi-passive indexing approach.
Based on a proven, disciplined and transparent index methodology. The IPOX®-100 U.S. Index has historically captured around 85% of all total market capitalization created through U.S. IPO and spin-off activity during the past four years. Core position in large-cap stocks with tilt towards mid- and small-cap stocks.
Innovative investment tool for various market participants, including buy-and-hold investors seeking timely and systematic exposure to newly listed companies as well as active market participants due to dynamic index properties and limited overlap with benchmarks.
High correlation to Private Markets Returns, including Private Equity, Venture Capital and pre-IPO.

Fund Overview

Ticker	FPX
Fund Type	Growth
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	336920103
ISIN	US3369201039
Intraday NAV	FPXIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	4/12/2006
Inception Price	$20.00
Inception NAV	$20.00
Rebalance Frequency	Quarterly
Total Expense Ratio*	0.59%
Net Expense Ratio*	0.59%

* As of 5/1/2024

Expenses are capped contractually at 0.60% per year, at least through April 30, 2025.

Current Fund Data (as of 4/23/2025)

Closing NAV¹	$111.81
Closing Market Price²	$111.85
Bid/Ask Midpoint	$111.72
Bid/Ask Discount	0.08%
30-Day Median Bid/Ask Spread³	0.20%
Total Net Assets	$726,790,138
Outstanding Shares	6,500,002
Daily Volume	16,990
Average 30-Day Daily Volume	23,773
Closing Market Price 52-Week High/Low	$143.53 / $92.32
Closing NAV 52-Week High/Low	$143.44 / $92.36
Number of Holdings (excluding cash)	100

Top Holdings (as of 4/23/2025)*

Holding	Percent
Palantir Technologies Inc. (Class A)	9.15%
GE Vernova Inc.	6.72%
Applovin Corp. (Class A)	6.01%
DoorDash, Inc. (Class A)	5.41%
Samsara Inc. (Class A)	4.54%
Kenvue Inc.	3.71%
Constellation Energy Corporation	3.36%
Roblox Corporation (Class A)	2.76%
CrowdStrike Holdings, Inc. (Class A)	2.50%
Carrier Global Corporation	2.45%

* 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 4/24/2025)⁴	$0.0074
30-Day SEC Yield (as of 3/31/2025)⁵	0.19%
Unsubsidized 30-Day SEC Yield (as of 3/31/2025)⁶	0.19%
12-Month Distribution Rate (as of 3/31/2025)⁷	0.10%
Index Yield (as of 3/31/2025)⁸	0.76%

Fund Characteristics (as of 3/31/2025)⁹

Maximum Market Cap.	$197,948
Median Market Cap.	$7,402
Minimum Market Cap.	$992
Price/Earnings	29.45
Price/Book	4.34
Price/Cash Flow	19.49
Price/Sales	3.13

Bid/Ask Premium/Discount (as of 4/23/2025)

	2024	Q1 2025	Q2 2025	Q3 2025
Days Traded at Premium	153	29	4	---
Days Traded at Discount	99	31	12	---

Top Sector Exposure (as of 4/23/2025)

Information Technology	29.35%
Industrials	14.99%
Financials	12.73%
Consumer Discretionary	10.15%
Health Care	7.78%
Communication Services	7.41%
Consumer Staples	5.29%
Real Estate	5.16%
Utilities	4.36%
Energy	2.54%
Materials	0.24%

Hypothetical Growth of $10,000 Since Inception (as of 4/23/2025) *

Tracking Index: IPOX® 100 U.S. Index

Month End Performance (as of 3/31/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-6.52%	-6.52%	5.76%	1.31%	12.56%	8.19%	10.27%
After Tax Held	-6.52%	-6.52%	5.72%	1.12%	12.39%	7.94%	9.97%
After Tax Sold	-3.86%	-3.86%	3.41%	0.90%	9.97%	6.54%	8.74%
Market Price	-6.49%	-6.49%	5.84%	1.32%	12.58%	8.19%	10.27%

Index Performance **
IPOX® 100 U.S. Index	-6.40%	-6.40%	6.32%	1.82%	13.13%	8.72%	10.88%
Russell 3000® Index	-4.72%	-4.72%	7.22%	8.22%	18.18%	11.80%	9.92%
S&P 500® Index	-4.27%	-4.27%	8.25%	9.06%	18.59%	12.50%	10.20%

Quarter End Performance (as of 3/31/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	-6.52%	-6.52%	5.76%	1.31%	12.56%	8.19%	10.27%
After Tax Held	-6.52%	-6.52%	5.72%	1.12%	12.39%	7.94%	9.97%
After Tax Sold	-3.86%	-3.86%	3.41%	0.90%	9.97%	6.54%	8.74%
Market Price	-6.49%	-6.49%	5.84%	1.32%	12.58%	8.19%	10.27%

Index Performance **
IPOX® 100 U.S. Index	-6.40%	-6.40%	6.32%	1.82%	13.13%	8.72%	10.88%
Russell 3000® Index	-4.72%	-4.72%	7.22%	8.22%	18.18%	11.80%	9.92%
S&P 500® Index	-4.27%	-4.27%	8.25%	9.06%	18.59%	12.50%	10.20%

3-Year Statistics (as of 3/31/2025)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FPX	25.40%	-6.44	1.26	0.01	0.88
Russell 3000® Index	17.77%	---	1.00	0.30	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.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. 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.

Russell 3000® Index - The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

S&P 500® Index - The Index is an unmanaged index of 500 companies 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	Index yield represents the weighted average trailing 12-month dividend of the constituents of the IPOX® 100 U.S. Index.
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 4/12/2006

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

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

The stocks of companies that have recently conducted an initial public offering are often subject to price volatility and speculative trading. These stocks may have exhibited above average price appreciation in connection with the initial public offering prior to inclusion in a fund. The price of stocks included in a fund may not continue to appreciate and their performance may not replicate the performance exhibited in the past.

Large capitalization companies may grow at a slower rate than the overall market.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Mid capitalization companies may experience greater price volatility than larger, more established companies.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a 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.

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. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

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

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

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

IPOX^® and IPOX^®-100 U.S. Index are registered international trademarks and service marks of IPOX^® Schuster LLC ("IPOX") and have been licensed for use by First Trust. The Fund is not sponsored, endorsed, sold or promoted by IPOX, and IPOX makes no representation regarding the advisability of trading in such Fund. IPOX^® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value