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First Trust Horizon Managed Volatility Small/Mid ETF (HSMV)
Investment Objective/Strategy - The First Trust Horizon Managed Volatility Small/Mid ETF's investment objective is to seek to provide investors with capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in small- and/or mid-capitalization common stocks listed and traded on U.S. national securities exchanges that Horizon Investments, LLC believes exhibit low future expected volatility.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerHSMV
Fund TypeSmall Cap and Mid Cap Equity
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
Portfolio Manager/Sub-AdvisorHorizon Investments, LLC
CUSIP33741Y100
ISINUS33741Y1001
Intraday NAVHSMVIV
Fiscal Year-End07/31
ExchangeNYSE Arca
Inception4/6/2020
Inception Price$21.10
Inception NAV$21.10
Expense Ratio0.80%
Current Fund Data (as of 10/26/2020)
Closing NAV1$25.35
Closing Market Price2$25.31
Bid/Ask Midpoint$25.38
Bid/Ask Premium0.12%
30-Day Median Bid/Ask Spread30.16%
Total Net Assets$13,941,182
Outstanding Shares550,002
Daily Volume534
Average 30-Day Daily Volume7,505
Closing Market Price 52-Week High/Low$26.07 / $21.10
Closing NAV 52-Week High/Low$26.07 / $21.10
Number of Holdings (excluding cash)150
Top Holdings (as of 10/26/2020)*
Holding Percent
The Toro Company 1.00%
Pool Corporation 0.96%
Gentex Corporation 0.92%
PriceSmart, Inc. 0.92%
Flowers Foods, Inc. 0.90%
IDACORP, Inc. 0.87%
OGE Energy Corp. 0.86%
Post Holdings, Inc. 0.86%
Jones Lang LaSalle Incorporated 0.83%
PNM Resources, Inc. 0.82%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt (as of 10/27/2020)4$0.0777
30-Day SEC Yield (as of 9/30/2020)51.30%
Distribution Rate (as of 9/30/2020)61.28%
Fund Characteristics (as of 9/30/2020)7
Maximum Market Cap.$13,407
Median Market Cap.$3,516
Minimum Market Cap.$223
Price/Earnings21.40
Price/Book2.15
Price/Cash Flow12.97
Price/Sales1.43
Bid/Ask Premium/Discount (as of 10/26/2020)
  2019 Q1 2020 Q2 2020 Q3 2020
Days Traded at Premium --- --- 37 28
Days Traded at Discount --- --- 22 36
Top Sector Exposure (as of 10/26/2020)
Industrials 17.60%
Consumer Staples 13.22%
Financials 12.36%
Information Technology 12.32%
Real Estate 10.91%
Health Care 10.55%
Utilities 8.72%
Materials 7.91%
Consumer Discretionary 4.63%
Communication Services 1.78%
Month End Performance (as of 9/30/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
Net Asset Value (NAV) 0.61% N/A N/A N/A N/A N/A 15.24%
After Tax Held 0.48% N/A N/A N/A N/A N/A 15.08%
After Tax Sold 0.36% N/A N/A N/A N/A N/A 9.02%
Market Price 0.49% N/A N/A N/A N/A N/A 15.19%
Index Performance **
S&P 1000 Index 4.30% N/A N/A N/A N/A N/A 29.24%
Quarter End Performance (as of 9/30/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
Net Asset Value (NAV) 0.61% N/A N/A N/A N/A N/A 15.24%
After Tax Held 0.48% N/A N/A N/A N/A N/A 15.08%
After Tax Sold 0.36% N/A N/A N/A N/A N/A 9.02%
Market Price 0.49% N/A N/A N/A N/A N/A 15.19%
Index Performance **
S&P 1000 Index 4.30% N/A N/A N/A N/A N/A 29.24%

*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.

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 1000 Index - The Index combines the S&P MidCap 400 Index and the S&P SmallCap 600 Index to form an investable benchmark for the mid- to small-cap segment of the U.S. equity market.

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 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.
7 All market capitalization numbers are in USD$ Millions.
8 Inception Date is 4/6/2020

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

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. Market risk is that a particular security or shares of a fund may fall in value. There can be no assurance that a fund's investment objective will be achieved.

In managing a fund's investment portfolio, the advisor will apply investment techniques and risk analyses that may not have the desired result. 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.

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

Securities issued by companies concentrated in a particular industry or sector involves additional risks, including limited diversification. Small capitalization and mid capitalization companies may experience greater price volatility than larger, more established companies.

The value of a fund's shares will fluctuate with changes in the value of equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market.

Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

If a fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between a fund's net asset value and the price at which a fund's shares are trading on NYSE Arca which could result in a decrease in value of a fund's shares.

Depositary receipts are securities issued by a bank or trust company reflecting ownership of underlying securities issued by a foreign company. Depositary receipts may be less liquid than the underlying shares in their primary trading market.

As the use of Internet technology has become more prevalent in the course of business, a fund has become more susceptible to potential operational risks through breaches in cyber security.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a 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.

Large inflows and outflows may impact a newer fund's market exposure for limited periods of time.

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.

Please see the fund's prospectus for a complete list of all the risks of investing in the fund.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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