First Trust Long/Short Equity ETF (FTLS)

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	Fact Sheet
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	Monthly Performance Report
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Fund Summary

Investment Objective/Strategy - The Fund's investment objective is to seek to provide investors with long term total return. The Fund intends to pursue its investment objective by establishing long and short positions in a portfolio of Equity Securities.

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

Fund Overview

Ticker	FTLS
Fund Type	U.S. Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33739P103
ISIN	US33739P1030
Intraday NAV	FTLSIV
Fiscal Year-End	10/31
Exchange	NYSE Arca
Inception	9/8/2014
Inception Price	$30.00
Inception NAV	$30.00

Fees And Expenses

Management Fees	0.95%
Margin Interest Expense and Short Sale Fees	0.41%
Total Annual Expenses	1.36%

Current Fund Data (as of 5/20/2022)

Closing NAV¹	$49.48
Closing Market Price²	$49.43
Bid/Ask Midpoint	$49.52
Bid/Ask Premium	0.08%
30-Day Median Bid/Ask Spread³	0.28%
Total Net Assets	$472,548,373
Outstanding Shares	9,550,002
Daily Volume	136,817
Average 30-Day Daily Volume	49,122
Closing Market Price 52-Week High/Low	$52.31 / $47.67
Closing NAV 52-Week High/Low	$52.34 / $47.70
Number of Holdings (excluding cash)	359

Fund Characteristics - Long Exposure (as of 4/29/2022)⁵

Maximum Market Cap.	$2,551,594
Median Market Cap.	$16,830
Minimum Market Cap.	$649
Price/Earnings	15.68
Price/Book	3.01
Price/Cash Flow	11.42
Price/Sales	1.46

Fund Characteristics - Short Exposure (as of 4/29/2022)⁵

Maximum Market Cap.	$195,843
Median Market Cap.	$4,441
Minimum Market Cap.	$373
Price/Earnings	13.72
Price/Book	2.46
Price/Cash Flow	9.06
Price/Sales	1.62

Top Holdings - Long Exposure (as of 5/20/2022)*

Holding	Percent
Apple Inc.	3.49%
Microsoft Corporation	2.53%
Vertex Pharmaceuticals Incorporated	2.52%
Altria Group, Inc.	2.32%
CF Industries Holdings, Inc.	2.21%
AbbVie Inc.	2.10%
The Hershey Company	1.75%
TransDigm Group Incorporated	1.59%
Builders FirstSource, Inc.	1.54%
Amazon.com, Inc.	1.36%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 5/20/2022)*

Holding	Percent
SPDR® S&P 500® ETF Trust	-1.87%
Air Products and Chemicals, Inc.	-0.75%
Kimberly-Clark Corporation	-0.74%
Northrop Grumman Corporation	-0.72%
Zimmer Biomet Holdings, Inc.	-0.68%
Verizon Communications Inc.	-0.67%
Paychex, Inc.	-0.66%
Oracle Corporation	-0.64%
Intel Corporation	-0.63%
Micron Technology, Inc.	-0.62%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 4/30/2022)⁴

Among 178 funds in the Long-Short Equity category. This fund was rated 4 stars/178 funds (3 years), 4 stars/154 funds (5 years) based on risk adjusted returns.

Fund Exposure (as of 5/20/2022)

Long Exposure	88.93%
Short Exposure	-37.98%
Net Exposure	50.95%

Top Sector - Long Exposure (as of 5/20/2022)

	Percent
Information Technology	18.38%
Health Care	12.90%
Consumer Staples	10.42%
Industrials	9.87%
Materials	9.66%
Financials	8.29%
Energy	8.21%
Consumer Discretionary	3.94%
Communication Services	3.21%
Utilities	1.55%

Top Sector - Short Exposure (as of 5/20/2022)

	Percent
Information Technology	-6.33%
Industrials	-3.31%
Consumer Discretionary	-2.89%
Health Care	-2.86%
Communication Services	-2.41%
Financials	-2.40%
Materials	-1.35%
Consumer Staples	-0.93%
Energy	-0.87%
Real Estate	-0.10%

Bid/Ask Premium/Discount (as of 5/20/2022)

	2021	Q1 2022	Q2 2022	Q3 2022
Days Traded at Premium	210	46	29	---
Days Traded at Discount	42	16	6	---

Hypothetical Growth of $10,000 Since Inception (as of 5/19/2022) *

Month End Performance (as of 4/29/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	0.04%	-4.11%	6.61%	8.17%	7.61%	N/A	7.55%
After Tax Held	0.04%	-4.11%	6.60%	8.00%	7.39%	N/A	7.27%
After Tax Sold	0.02%	-2.43%	3.91%	6.25%	5.87%	N/A	5.89%
Market Price	-0.12%	-4.13%	6.60%	8.19%	7.62%	N/A	7.56%

Index Performance **
S&P 500 Index	-8.17%	-12.92%	0.21%	13.85%	13.66%	N/A	12.07%

Quarter End Performance (as of 3/31/2022)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	-2.46%	-2.46%	11.59%	9.36%	8.32%	N/A	7.88%
After Tax Held	-2.46%	-2.46%	11.58%	9.19%	8.09%	N/A	7.60%
After Tax Sold	-1.46%	-1.46%	6.86%	7.19%	6.45%	N/A	6.16%
Market Price	-2.50%	-2.50%	11.56%	9.38%	8.34%	N/A	7.88%

Index Performance **
S&P 500 Index	-4.60%	-4.60%	15.65%	18.92%	15.99%	N/A	13.57%

3-Year Statistics (as of 4/29/2022)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTLS	10.56%	0.55	0.51	0.72	0.89
S&P 500 Index	18.66%	---	1.00	0.75	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.

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 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	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.
⁵	All market capitalization numbers are in USD$ Millions.
⁶	Inception Date is 9/8/2014

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.

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. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic has caused and may continue to cause significant volatility and declines in global financial markets. While the U.S. has resumed “reasonably” normal business activity, many countries continue to impose lockdown measures. 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.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

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.

Depositary receipts may be less liquid than the underlying shares in their primary trading market.

The use of derivatives, including futures contracts can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

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

Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of losses.

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

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

Short selling creates special risks which could result in increased gains or losses and volatility of returns. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited.

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.

Portfolio holdings that are valued using techniques other than market quotations may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used.

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.

©2022 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