First Trust Long/Short Equity ETF (FTLS)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide
	Fund Commentary

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	0.60%
Total Annual Expenses	1.55%

Current Fund Data (as of 5/12/2021)

Closing NAV¹	$46.55
Closing Market Price²	$46.46
Bid/Ask Midpoint	$46.55
Bid/Ask Premium	0.00%
30-Day Median Bid/Ask Spread³	0.25%
Total Net Assets	$346,786,719
Outstanding Shares	7,450,002
Daily Volume	34,475
Average 30-Day Daily Volume	28,550
Closing Market Price 52-Week High/Low	$47.95 / $39.50
Closing NAV 52-Week High/Low	$47.94 / $39.58
Number of Holdings (excluding cash)	370

Fund Characteristics - Long Exposure (as of 4/30/2021)⁵

Maximum Market Cap.	$2,193,756
Median Market Cap.	$12,668
Minimum Market Cap.	$647
Price/Earnings	27.66
Price/Book	3.56
Price/Cash Flow	18.35
Price/Sales	1.83

Fund Characteristics - Short Exposure (as of 4/30/2021)⁵

Maximum Market Cap.	$378,640
Median Market Cap.	$15,086
Minimum Market Cap.	$769
Price/Earnings	28.56
Price/Book	3.83
Price/Cash Flow	18.65
Price/Sales	2.29

Top Holdings - Long Exposure (as of 5/12/2021)*

Holding	Percent
Apple Inc.	3.44%
CVS Health Corporation	2.76%
Centene Corporation	2.70%
Microsoft Corporation	2.67%
Intuitive Surgical, Inc.	2.62%
Altria Group, Inc.	2.53%
AbbVie Inc.	2.49%
Electronic Arts Inc.	2.42%
Thermo Fisher Scientific Inc.	2.35%
Intercontinental Exchange, Inc.	2.30%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 5/12/2021)*

Holding	Percent
SPDR® S&P 500® ETF Trust	-4.84%
iShares Russell 1000 Growth ETF	-2.37%
West Pharmaceutical Services, Inc.	-0.45%
Linde Plc	-0.43%
Kellogg Company	-0.41%
Schlumberger Limited	-0.41%
T-Mobile US, Inc.	-0.41%
Baxter International Inc.	-0.39%
Liberty Broadband Corporation (Class C)	-0.39%
Comcast Corporation (Class A)	-0.38%

* 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 4/30/2021)⁴

Among 179 funds in the Long-Short Equity category. This fund was rated 3 stars/179 funds (3 years), 4 stars/152 funds (5 years) based on risk adjusted returns.

Fund Exposure (as of 5/12/2021)

Long Exposure	99.04%
Short Exposure	-28.62%
Net Exposure	70.42%

Top Sector - Long Exposure (as of 5/12/2021)

	Percent
Health Care	23.87%
Information Technology	15.37%
Communication Services	10.87%
Materials	10.34%
Consumer Discretionary	8.45%
Energy	8.16%
Industrials	8.09%
Financials	6.17%
Consumer Staples	3.54%
Real Estate	2.80%
Utilities	0.43%

Top Sector - Short Exposure (as of 5/12/2021)

	Percent
Industrials	-4.50%
Information Technology	-4.33%
Health Care	-2.89%
Consumer Staples	-2.48%
Consumer Discretionary	-1.81%
Communication Services	-1.63%
Financials	-1.52%
Materials	-1.09%
Energy	-0.62%
Real Estate	-0.54%

Bid/Ask Premium/Discount (as of 5/12/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	152	47	22	---
Days Traded at Discount	101	14	7	---

Hypothetical Growth of $10,000 Since Inception (as of 5/12/2021) *

Month End Performance (as of 4/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	4.48%	7.46%	18.18%	7.44%	8.86%	N/A	7.70%
After Tax Held	4.48%	7.46%	18.02%	7.14%	8.55%	N/A	7.38%
After Tax Sold	2.65%	4.41%	10.75%	5.62%	6.84%	N/A	5.95%
Market Price	4.48%	7.46%	18.32%	7.43%	8.88%	N/A	7.70%

Index Performance **
S&P 500 Index	12.98%	11.84%	45.98%	18.67%	17.42%	N/A	13.97%

Quarter End Performance (as of 3/31/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	4.43%	4.43%	22.29%	6.24%	8.09%	N/A	7.33%
After Tax Held	4.43%	4.43%	22.12%	5.94%	7.77%	N/A	7.00%
After Tax Sold	2.62%	2.62%	13.19%	4.68%	6.21%	N/A	5.65%
Market Price	4.43%	4.43%	22.38%	6.19%	8.11%	N/A	7.33%

Index Performance **
S&P 500 Index	6.17%	6.17%	56.35%	16.78%	16.29%	N/A	13.25%

3-Year Statistics (as of 4/30/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTLS	10.55%	-2.91	0.53	0.59	0.92
S&P 500 Index	18.52%	---	1.00	0.94	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.

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	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.

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. Market risk is the risk that a particular security owned by the fund, fund shares or securities in general may fall in value. 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 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. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

An investment in a fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

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

The fund may invest in the shares of other ETFs, and therefore, the fund's investment performance and risks may be related to the investment performance and risks of the underlying ETFs. In general, as a shareholder in other ETFs, the fund bears its ratable share of the underlying ETF's expenses, and would be subject to duplicative expenses to the extent the fund invests in other ETFs.

The use of futures and other derivatives 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. These risks are heightened when the fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.

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.

©2021 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