First Trust Long/Short Equity ETF (FTLS)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

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%
Dividends on Short Sales	0.64%
Total Annual Expenses	1.59%

Current Fund Data (as of 1/17/2020)

Closing NAV¹	$43.59
Closing Market Price²	$43.61
Bid/Ask Midpoint	$43.60
Bid/Ask Premium	0.02%
Total Net Assets	$274,627,787
Outstanding Shares	6,300,002
Daily Volume	68,315
Average 30-Day Daily Volume	39,055
Closing Market Price 52-Week High/Low	$43.61 / $37.59
Closing NAV 52-Week High/Low	$43.59 / $37.54
Number of Holdings (excluding cash)	304

Fund Characteristics - Long Exposure (as of 12/31/2019)⁸

Maximum Market Cap.	$1,304,765
Median Market Cap.	$14,372
Minimum Market Cap.	$560
Price/Earnings	18.52
Price/Book	2.46
Price/Cash Flow	13.48
Price/Sales	1.74

Fund Characteristics - Short Exposure (as of 12/31/2019)⁸

Maximum Market Cap.	$337,170
Median Market Cap.	$8,490
Minimum Market Cap.	$516
Price/Earnings	19.99
Price/Book	2.42
Price/Cash Flow	14.18
Price/Sales	1.46

Top Holdings - Long Exposure (as of 1/16/2020)*

Holding	Percent
Alphabet Inc. (Class A)	2.90%
Bank of America Corporation	2.68%
IHS Markit Ltd.	2.58%
Amgen Inc.	2.56%
Cadence Design Systems, Inc.	2.54%
Emerson Electric Co.	2.52%
Accenture Plc	2.50%
Apple Inc.	2.50%
Capital One Financial Corporation	2.50%
Lennar Corporation	2.50%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 1/16/2020)*

Holding	Percent
SPDR® S&P 500® ETF Trust	-4.36%
Cisco Systems, Inc.	-0.45%
Texas Instruments Incorporated	-0.45%
Citigroup Inc.	-0.44%
Loews Corporation	-0.43%
Bio-Rad Laboratories, Inc. (Class A)	-0.42%
CNA Financial Corporation	-0.42%
Chevron Corporation	-0.41%
Honeywell International Inc.	-0.41%
Aflac Incorporated	-0.40%

* 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 12/31/2019)³

Among 192 funds in the Long-Short Equity category. This fund was rated 4 stars/192 funds (3 years), 5 stars/139 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 1/18/2020)⁴	$0.0470
30-Day SEC Yield (as of 12/31/2019)⁵	0.22%
Unsubsidized 30-Day SEC Yield (as of 12/31/2019)⁶	0.22%
12-Month Distribution Rate (as of 12/31/2019)⁷	0.83%

Bid/Ask Midpoint vs. NAV (as of 12/31/2019)

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
12/31/2019	55	0	0	0
9/30/2019	63	0	0	0
6/30/2019	39	0	0	0
3/31/2019	43	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
12/31/2019	9	0	0	0
9/30/2019	1	0	0	0
6/30/2019	24	0	0	0
3/31/2019	18	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.

Fund Exposure (as of 1/16/2020)

Long Exposure	100.15%
Short Exposure	-25.38%
Net Exposure	74.77%

Top Sector - Long Exposure (as of 1/16/2020)

	Percent
Information Technology	20.79%
Financials	18.21%
Health Care	16.72%
Industrials	10.94%
Consumer Discretionary	9.37%
Materials	6.52%
Communication Services	6.03%
Energy	4.40%
Consumer Staples	3.68%
Utilities	1.97%
Real Estate	1.52%

Top Sector - Short Exposure (as of 1/16/2020)

	Percent
Information Technology	-4.27%
Financials	-3.83%
Industrials	-3.17%
Health Care	-2.42%
Consumer Staples	-1.82%
Materials	-1.60%
Consumer Discretionary	-1.56%
Energy	-1.27%
Communication Services	-0.41%
Real Estate	-0.41%
Utilities	-0.26%

Month End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	4.53%	16.48%	16.48%	8.16%	7.30%	N/A	7.76%
After Tax Held	4.49%	16.07%	16.07%	7.84%	6.96%	N/A	7.40%
After Tax Sold	2.68%	9.74%	9.74%	6.18%	5.56%	N/A	5.93%
Market Price	4.48%	16.32%	16.32%	8.11%	7.20%	N/A	7.76%

Index Performance **
S&P 500 Index	9.07%	31.49%	31.49%	15.27%	11.70%	N/A	11.70%

Quarter End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	4.53%	16.48%	16.48%	8.16%	7.30%	N/A	7.76%
After Tax Held	4.49%	16.07%	16.07%	7.84%	6.96%	N/A	7.40%
After Tax Sold	2.68%	9.74%	9.74%	6.18%	5.56%	N/A	5.93%
Market Price	4.48%	16.32%	16.32%	8.11%	7.20%	N/A	7.76%

Index Performance **
S&P 500 Index	9.07%	31.49%	31.49%	15.27%	11.70%	N/A	11.70%

3-Year Statistics (as of 12/31/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTLS	7.33%	-1.16	0.57	0.88	0.94
S&P 500 Index	12.10%	---	1.00	1.10	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.

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 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	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	All market capitalization numbers are in USD$ Millions.
⁹	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.

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.

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