First Trust Horizon Managed Volatility Domestic ETF (HUSV)

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Fund Summary

Investment Objective/Strategy - The First Trust Horizon Managed Volatility Domestic ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in common stocks of domestic companies 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

Ticker	HUSV
Fund Type	Large Cap Core
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
Portfolio Manager/Sub-Advisor	Horizon Investments, LLC
CUSIP	33739P889
ISIN	US33739P8894
Intraday NAV	HUSVIV
Fiscal Year-End	07/31
Exchange	NYSE Arca
Inception	8/24/2016
Inception Price	$19.96
Inception NAV	$19.96
Expense Ratio	0.70%

Current Fund Data (as of 10/18/2019)

Closing NAV¹	$27.36
Closing Market Price²	$27.42
Bid/Ask Midpoint	$27.37
Bid/Ask Premium	0.04%
Total Net Assets	$253,072,783
Outstanding Shares	9,250,002
Daily Volume	41,393
Average 30-Day Daily Volume	53,694
Closing Market Price 52-Week High/Low	$27.65 / $21.11
Closing NAV 52-Week High/Low	$27.66 / $21.12
Number of Holdings (excluding cash)	100

Fund Characteristics (as of 9/30/2019)⁷

Maximum Market Cap.	$509,730
Median Market Cap.	$37,902
Minimum Market Cap.	$9,678
Price/Earnings	23.44
Price/Book	3.33
Price/Cash Flow	14.51
Price/Sales	2.82

Top Holdings (as of 10/18/2019)*

Holding	Percent
Citrix Systems, Inc.	1.76%
Waste Management, Inc.	1.45%
PepsiCo, Inc.	1.43%
AvalonBay Communities, Inc.	1.41%
The Western Union Company	1.36%
Mid-America Apartment Communities, Inc.	1.35%
Yum! Brands, Inc.	1.34%
UDR, Inc.	1.30%
Arthur J. Gallagher & Co.	1.29%
The Coca-Cola Company	1.28%

* 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 9/30/2019)³

Among 1,222 funds in the Large Blend category. This fund was rated 4 stars/1,222 funds (3 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 10/21/2019)⁴	$0.1275
30-Day SEC Yield (as of 9/30/2019)⁵	1.21%
12-Month Distribution Rate (as of 9/30/2019)⁶	1.45%

Bid/Ask Midpoint vs. NAV (as of 9/30/2019)

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
9/30/2019	47	0	0	0
6/30/2019	55	0	0	0
3/31/2019	45	0	0	0
12/31/2018	23	14	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
9/30/2019	17	0	0	0
6/30/2019	8	0	0	0
3/31/2019	16	0	0	0
12/31/2018	25	1	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.

Top Sector Exposure (as of 10/18/2019)

Utilities	14.71%
Industrials	13.76%
Financials	13.50%
Information Technology	11.54%
Health Care	10.63%
Consumer Discretionary	9.92%
Real Estate	7.33%
Consumer Staples	6.18%
Materials	4.78%
Communication Services	4.77%
Energy	2.88%

Month End Performance (as of 9/30/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	4.22%	25.04%	16.09%	13.20%	N/A	N/A	12.38%
After Tax Held	4.02%	24.54%	15.33%	12.55%	N/A	N/A	11.75%
After Tax Sold	2.50%	14.81%	9.48%	10.00%	N/A	N/A	9.36%
Market Price	4.25%	25.15%	16.09%	13.20%	N/A	N/A	12.38%

Index Performance **
S&P 500 Index	1.70%	20.55%	4.25%	13.39%	N/A	N/A	12.88%

Quarter End Performance (as of 9/30/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	4.22%	25.04%	16.09%	13.20%	N/A	N/A	12.38%
After Tax Held	4.02%	24.54%	15.33%	12.55%	N/A	N/A	11.75%
After Tax Sold	2.50%	14.81%	9.48%	10.00%	N/A	N/A	9.36%
Market Price	4.25%	25.15%	16.09%	13.20%	N/A	N/A	12.38%

Index Performance **
S&P 500 Index	1.70%	20.55%	4.25%	13.39%	N/A	N/A	12.88%

3-Year Statistics (as of 9/30/2019)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
HUSV	9.36%	3.43	0.67	1.21	0.87
S&P 500 Index	12.18%	---	1.00	0.97	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.

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	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	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 8/24/2016

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. 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 objectives will be achieved.

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

If the 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 the fund's shares.

The fund invests in equity securities and the value of the shares will fluctuate with changes in the value of these 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.

As the use of Internet technology has become more prevalent in the course of business, the fund has become more susceptible to potential operational risks through breaches in cyber security. Such events could cause the fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

High portfolio turnover may result in a fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause a fund's performance to be less than expected.

The fund is classified as "non-diversified" and may invest a relatively high percentage of their 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.

©2019 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