First Trust Enhanced Short Maturity ETF (FTSM)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide
	Quarterly Fund Commentary

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 Corp
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*	0.25%

* As of 3/1/2021

First Trust has contractually agreed to waive management fees of 0.20% of average daily net assets until March 1, 2022.

Current Fund Data (as of 10/25/2021)

Closing NAV¹	$59.91
Closing Market Price²	$59.90
Bid/Ask Midpoint	$59.90
Bid/Ask Discount	0.03%
30-Day Median Bid/Ask Spread³	0.02%
Total Net Assets	$4,460,529,091
Outstanding Shares	74,449,724
Daily Volume	378,647
Average 30-Day Daily Volume	598,255
Closing Market Price 52-Week High/Low	$60.09 / $59.90
Closing NAV 52-Week High/Low	$60.07 / $59.91
Number of Holdings (excluding cash)	509

Top Holdings (as of 10/25/2021)*^,10

Holding	Percent
MORGAN STANLEY Variable rate, due 01/20/2023	0.65%
MAXIM INTEGRATED PRODUCTS 3.375%, due 03/15/2023	0.59%
BANK OF NOVA SCOTIA N/C, Variable rate, due 04/15/2024	0.56%
BPCE SA N/C, Variable rate, due 05/31/2022	0.56%
ENERGY TRANSFER LP 0%, due 10/26/2021	0.56%
MET TOWER GLOBAL FUNDING N/C, Variable rate, due 01/17/2023	0.56%
NEW YORK LIFE GLOBAL FDG N/C, Variable rate, due 01/10/2023	0.56%
U.S. Treasury Note, 0.125%, due 04/30/2022	0.56%
EXELON GENERATION CO LLC 3.40%, due 03/15/2022	0.54%
FREMF Mortgage Trust Series 2012-K17, Class B, Variable rate, due 12/25/2044	0.52%

* Excluding cash. Holdings are subject to change.

Fund Composition (as of 9/30/2021)¹⁰

	Percent
Fixed-Rate Corporate Bonds	32.26%
Commercial Paper	29.22%
Floating-Rate Corporate Bonds	23.35%
Asset Backed Securities	7.60%
Mortgage Backed Securities	2.88%
Commercial Mortgage Backed Securities	2.47%
Government Bonds and Notes	0.91%
Municipal	0.59%
Yankee CD	0.34%
Agency Collateralized Mortgage Obligation	0.27%
Investment Grade Loan	0.11%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 10/26/2021)⁴	$0.0140
30-Day SEC Yield (as of 9/30/2021)⁵	0.21%
Unsubsidized 30-Day SEC Yield (as of 9/30/2021)⁶	0.01%
12-Month Distribution Rate (as of 9/30/2021)⁷	0.49%
Distribution Rate (as of 9/30/2021)⁸	0.28%

Fund Characteristics (as of 9/30/2021)

Weighted Average Effective Duration⁹	0.38 Years
Weighted Average Maturity	0.67 Years

Calculated based on market value of invested assets plus settled cash position.

Credit Quality (as of 9/30/2021)¹⁰

Credit Quality	Percent
Government & Agency	1.71%
AAA	12.25%
AA+	0.51%
AA	1.30%
AA-	7.56%
A+	13.12%
A	6.65%
A-	7.20%
BBB+	8.01%
BBB	8.22%
BBB-	3.67%
A-1 (short-term)	3.14%
A-2 (short-term)	20.76%
A-3 (short term)	5.90%

The ratings are by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor's Rating Group, a division of the McGraw Hill Companies, Inc., Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest ratings are used. 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.

Maturity Exposure (as of 9/30/2021)¹⁰

Years	Percent
1-30 days	25.53%
31-90 days	12.27%
3-6 months	8.64%
6-12 months	22.63%
1-2 years	19.73%
2-3 years	9.53%
>3 years	1.67%

Bid/Ask Premium/Discount (as of 10/25/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	123	10	3	4
Days Traded at Discount	130	51	60	60

Top Sector Exposure (as of 9/30/2021)¹⁰

Financial	31.41%
Consumer, Non-cyclical	12.91%
Utilities	10.46%
Consumer, Cyclical	9.77%
ABS	7.60%
Energy	6.75%
Technology	5.33%
Industrial	4.05%
Whole Loan	2.87%
Basic Materials	2.55%

Hypothetical Growth of $10,000 Since Inception (as of 10/25/2021) *

Month End Performance (as of 9/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	0.04%	0.15%	0.31%	1.47%	1.56%	N/A	1.26%
After Tax Held	0.01%	0.02%	0.11%	0.85%	0.91%	N/A	0.73%
After Tax Sold	0.03%	0.09%	0.18%	0.86%	0.91%	N/A	0.73%
Market Price	0.09%	0.17%	0.36%	1.48%	1.56%	N/A	1.27%

Index Performance **
ICE BofA 0-1 Year US Treasury Index	0.03%	0.10%	0.12%	1.47%	1.32%	N/A	1.02%

Quarter End Performance (as of 9/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	0.04%	0.15%	0.31%	1.47%	1.56%	N/A	1.26%
After Tax Held	0.01%	0.02%	0.11%	0.85%	0.91%	N/A	0.73%
After Tax Sold	0.03%	0.09%	0.18%	0.86%	0.91%	N/A	0.73%
Market Price	0.09%	0.17%	0.36%	1.48%	1.56%	N/A	1.27%

Index Performance **
ICE BofA 0-1 Year US Treasury Index	0.03%	0.10%	0.12%	1.47%	1.32%	N/A	1.02%

3-Year Statistics (as of 9/30/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FTSM	1.31%	1.86	-5.37	0.21	-0.46
ICE BofA 0-1 Year US Treasury Index	0.47%	---	1.00	1.41	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.

ICE BofA 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	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	Distribution Rate is calculated by dividing the fund's most recent ordinary distribution paid or declared, on an annualized basis, by the NAV price. Distribution rates may vary.
⁹	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.
¹⁰	Calculated based on market value of invested assets plus settled cash position.
¹¹	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.

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. 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. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. 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.

Asset-backed securities are generally not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn.

A fund that effects all or a portion of its creations and redemptions for cash rather than in-kind may be less tax-efficient.

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.

Certain securities are subject to call, credit, inflation, income, interest rate, extension and prepayment risks. These risks could result in a decline in a security's value and/or income, increased volatility as interest rates rise or fall and have an adverse impact on a fund's performance.

The market value of floating rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. Income earned by a fund on floating rate securities may decline due to lower coupon payments on floating-rate securities.

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

To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, will cease making LIBOR available as a reference rate over a phase-out period that will begin immediately after December 31, 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on a fund or on certain instruments in which a fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to a fund.

Certain fund investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Illiquid securities may trade at a discount and may be subject to wide fluctuations in market value.

Mortgage-related securities are more susceptible to adverse economic, political or regulatory events that affect the value of real estate. They are also subject to the risk that the rate of mortgage prepayments decreases, which extends the average life of a security and increases the interest rate exposure.

There are no government or agency guarantees of payments in securities offered by non-government issuers, therefore they are subject to the credit risk of the issuer. Non-agency securities often trade "over-the-counter" and there may be a limited market for them making them difficult to value.

Securities of non-U.S. issuers are 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.

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.

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.

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.

Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities.

A fund may invest in securities that exhibit more volatility than the market as a whole.

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