First Trust Enhanced Short Maturity ETF (FTSM)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide

Fund Summary

On November 10, 2014, First Trust Enhanced Short Maturity ETF (FTSM) effected a reverse split of its outstanding shares in which two outstanding FTSM shares were converted into one FTSM share. All share and per share data set forth below and elsewhere on this website (including for periods prior to the reverse share split) have been adjusted to reflect the reverse share split.

Investment Objective/Strategy - The First Trust Enhanced Short Maturity ETF is an actively managed exchange-traded fund. The fund's investment objective is to seek current income, consistent with preservation of capital and daily liquidity.

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

The First Trust Enhanced Short Maturity ETF uses an actively managed strategy that invests in short-duration securities, which are primarily U.S. dollar-denominated, investment-grade securities.
The fund will be invested across a broad range of asset classes to maintain diversification and at least 80% of the fund's assets will be investment-grade securities at the time of purchase.
The fund will utilize a short-duration strategy that may offer the potential for enhanced income, while focusing on preservation of capital and daily liquidity.

Fund Overview

Ticker	FTSM
Fund Type	Short Maturity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33739Q408
ISIN	US33739Q4082
Intraday NAV	FTSMIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	8/5/2014
Inception Price	$60.00
Inception NAV	$60.00
Gross Expense Ratio*	0.45%
Net Expense Ratio*	0.40%

* As of 3/1/2019

First Trust has contractually agreed to waive management fees of 0.05% of average daily net assets until March 1, 2020. Please see the Fees and Expenses of the Fund section in the fund's prospectus for more details.

Current Fund Data (as of 6/19/2019)

Closing NAV¹	$60.12
Closing Market Price²	$60.10
Bid/Ask Midpoint	$60.11
Bid/Ask Discount	0.02%
Total Net Assets	$4,566,056,308
Outstanding Shares	75,949,724
Daily Volume	512,263
Average 30-Day Daily Volume	760,490
Closing Market Price 52-Week High/Low	$60.16 / $59.79
Closing NAV 52-Week High/Low	$60.14 / $59.79
Number of Holdings (excluding cash)	786

Fund Characteristics (as of 5/31/2019)⁸

Weighted Average Effective Duration⁷	0.29 Years
Weighted Average Maturity	0.82 Years

Top Holdings (as of 6/19/2019)*^,8

Holding	Percent
U.S. Treasury Note, 1.50%, due 06/15/2020	0.88%
ENERGY TRANSFER PART LP 0%, due 06/20/2019	0.69%
BPCE SA N/C, Variable rate, due 05/31/2022	0.55%
CANADIAN TIRE CORP LTD 0%, due 08/22/2019	0.55%
CIGNA CORP 0%, due 07/30/2019	0.55%
DOWDUPONT INC 0%, due 08/12/2019	0.55%
EI DU PONT DE NEMOURS 0%, due 08/13/2019	0.55%
ENABLE MIDST PARTNERS LP 0%, due 06/26/2019	0.55%
ENCANA CORP 0%, due 07/08/2019	0.55%
ENCANA CORP 0%, due 07/10/2019	0.55%

* Excluding cash. Holdings are subject to change.

Credit Quality (as of 5/31/2019)⁸

Credit Quality	Percent
Govt	2.27%
Cash	0.02%
AAA	7.19%
AA+	0.39%
AA	0.19%
AA-	4.08%
A+	8.31%
A	6.92%
A-	9.74%
BBB+	9.91%
BBB	9.89%
BBB-	1.69%
A-1 (short-term)	1.88%
A-2 (short-term)	18.05%
A-3 (short term)	15.36%
NR	4.11%

The ratings are by Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured highest to lowest on a scale that generally ranges from AAA to D for long-term ratings and A-1+ to C for short-term ratings. Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher or a short-term credit rating of A-3 or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. U.S. Treasury, U.S. Agency and U.S. Agency mortgage-backed securities appear under "Government". Credit ratings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 6/20/2019)³	$0.1280
30-Day SEC Yield (as of 5/31/2019)⁴	2.45%
Unsubsidized 30-Day SEC Yield (as of 5/31/2019)⁵	2.40%
12-Month Distribution Rate (as of 5/31/2019)⁶	2.43%

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	23	0	0	0
12/31/2018	60	0	0	0
9/30/2018	56	0	0	0
6/30/2018	30	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	38	0	0	0
12/31/2018	3	0	0	0
9/30/2018	7	0	0	0
6/30/2018	34	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.

Maturity Exposure (as of 5/31/2019)⁸

Years	Percent
1-30 days	26.60%
31-90 days	13.80%
3-6 months	9.79%
6-12 months	15.83%
1-2 years	23.08%
2-3 years	9.23%
>3 years	1.67%

Fund Composition (as of 5/31/2019)⁸

	Percent
Commercial Paper	35.29%
Floating-Rate Corporate Bonds	31.69%
Fixed-Rate Corporate Bonds	19.18%
Asset Backed Securities	11.13%
Agency Collateralized Mortgage Obligation	0.90%
Government Bonds and Notes	0.90%
Commercial Mortgage Backed Securities	0.56%
Mortgage Backed Securities	0.33%
Cash	0.02%

Top Sector Exposure (as of 5/31/2019)⁸

Financial	29.24%
Consumer, Non-cyclical	11.64%
Energy	11.54%
ABS	11.13%
Consumer, Cyclical	10.49%
Basic Materials	6.94%
Industrial	6.16%
Utilities	4.96%
Communications	3.67%
Technology	1.51%

Month End Performance (as of 5/31/2019)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	0.79%	1.40%	2.51%	1.83%	N/A	N/A	1.32%
After Tax Held	0.53%	0.97%	1.50%	1.09%	N/A	N/A	0.77%
After Tax Sold	0.46%	0.83%	1.48%	1.07%	N/A	N/A	0.76%
Market Price	0.82%	1.40%	2.54%	1.84%	N/A	N/A	1.33%

Index Performance **
ICE BofAML 0-1 Year US Treasury Index	0.70%	1.14%	2.44%	1.41%	N/A	N/A	0.97%

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

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	0.87%	0.87%	2.37%	1.72%	N/A	N/A	1.25%
After Tax Held	0.61%	0.61%	1.40%	1.02%	N/A	N/A	0.72%
After Tax Sold	0.52%	0.52%	1.40%	1.01%	N/A	N/A	0.72%
Market Price	0.86%	0.86%	2.40%	1.73%	N/A	N/A	1.26%

Index Performance **
ICE BofAML 0-1 Year US Treasury Index	0.68%	0.68%	2.29%	1.27%	N/A	N/A	0.90%

3-Year Statistics (as of 5/31/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTSM	0.23%	0.48	0.25	2.64	0.68
ICE BofAML 0-1 Year US Treasury Index	0.26%	---	1.00	0.87	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.

ICE BofAML 0-1 Year US Treasury Index - The Index is comprised of U.S. dollar denominated sovereign debt securities publicly issued by the U.S. Treasury in its domestic market with at least one month and less than one year remaining term to final maturity.

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	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.
⁶	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.
⁷	A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. It accounts for the likelihood of changes in the timing of cash flows in response to interest rate movements.
⁸	Calculated based on market value of invested assets plus settled cash position.
⁹	Inception Date is 8/5/2014

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 Nasdaq Stock Market LLC.

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 market price and net asset value of the fund's shares and the fund's yield will change daily. There may be instances when the fund will experience large in-flows and out-flows, which will significantly alter the fund's size. At times, these fluctuations may negatively impact the fund's yield, result in increased transaction costs for the fund and contribute to the overall volatility of the fund. The risk will be more prevalent when the fund is smaller in size, such as during the fund's invest-up period. An investor may lose money by investing in this fund because this fund is not a money market fund and may experience significant fluctuations in its net asset value.

The fund is subject to market risk. Market risk is the risk that a particular security owned by the fund or shares of the fund in general may fall in value.

Certain of the fixed-income securities in the fund may not have the benefit of covenants which could reduce the ability of the issuer to meet its payment obligations and might result in increased credit risk.

The fund is subject to credit risk, call risk, income risk and interest rate risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for the floating-rate loans in which the fund invests because companies that issue such loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by the fund, performance could be adversely impacted. Income risk is the risk that income from the fund's fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in the fund will decline because of rising market interest rates.

The risk of investing in mortgage-related and other asset-backed securities include interest rate risk, extension risk and prepayment risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. Extension risk is prevalent when in a period of rising interest rates, the fund holds mortgage-related securities and such securities exhibit additional volatility. Prepayments can reduce the returns of the fund because the fund may have to reinvest that money at the lower prevailing interest rates. The fund's investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed-income instruments. Credit risk may be heightened for senior loans because companies that issue loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy.

High-yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative.

Investments in debt securities issued by foreign governments ("Sovereign Debt") involve special risks because the governmental authority that controls the repayment of the debt may be unwilling or unable to repay the principal and/or interest when due.

The fund may invest in the shares of other investment companies, and therefore, the fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

Some of the securities held by the fund may be illiquid. Lower-quality debt tends to be less liquid than higher-quality debt.

The fund invests in securities of non-U.S. issuers. Such securities are subject to higher volatility than securities of domestic issuers. The fund will, under most circumstances, effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, the fund may be less tax-efficient.

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.

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.

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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value