First Trust Low Duration Strategic Focus ETF (LDSF)

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Fund Summary

2019 Estimated Capital Gain Distributions
Certain First Trust Exchange-Traded Funds are expected to pay a short term and/or long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a capital gain distribution, please click here. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.

Investment Objective/Strategy - The First Trust Low Duration Strategic Focus ETF (the "Fund") seeks to generate current income, with a secondary objective of preservation of capital. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in a portfolio of U.S.-listed exchange-traded funds ("ETFs") that principally invest in income-generating securities that provide the Fund with an effective portfolio duration of three years or less.

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

Fund Overview

Ticker	LDSF
Fund Type	Active Fixed Income
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33740F870
ISIN	US33740F8703
Intraday NAV	LDSFIV
Fiscal Year-End	08/31
Exchange	Nasdaq
Inception	1/3/2019
Inception Price	$20.03
Inception NAV	$20.03

Fees And Expenses

Management Fees	0.20%
Acquired Fund Fees and Expenses	0.66%
Total Annual Expenses	0.86%

Current Fund Data (as of 11/19/2019)

Closing NAV¹	$20.52
Closing Market Price²	$20.54
Bid/Ask Midpoint	$20.54
Bid/Ask Premium	0.07%
Total Net Assets	$79,005,532
Outstanding Shares	3,850,002
Daily Volume	285,507
Average 30-Day Daily Volume	50,811
Closing Market Price 52-Week High/Low	$20.60 / $20.03
Closing NAV 52-Week High/Low	$20.56 / $20.03
Number of Holdings (excluding cash)	7

Fund Characteristics (as of 10/31/2019)

Weighted Average Effective Duration⁶

2.06 Years

Top Holdings (as of 11/19/2019)*

Holding	Percent
First Trust Low Duration Opportunities ETF	39.93%
First Trust Enhanced Short Maturity ETF	22.50%
First Trust Senior Loan Fund	12.51%
First Trust TCW Opportunistic Fixed Income ETF	9.97%
iShares MBS ETF	7.48%
First Trust Tactical High Yield ETF	5.00%
First Trust Emerging Markets Local Currency Bond ETF	2.51%

* 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 11/20/2019)³	$0.0405
30-Day SEC Yield (as of 10/31/2019)⁴	2.84%
Distribution Rate (as of 10/31/2019)⁵	2.37%

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	61	0	0	0
6/30/2019	58	0	0	0
3/31/2019	55	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
9/30/2019	3	0	0	0
6/30/2019	5	0	0	0
3/31/2019	4	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.

Credit Quality (as of 10/31/2019)

Government/Agency	39.93%
Cash	1.23%
AAA	15.34%
AA+	0.29%
AA	1.77%
AA-	1.63%
A+	1.12%
A	2.44%
A-	2.89%
BBB+	2.40%
BBB	3.92%
BBB-	1.89%
BB+	1.56%
BB	2.00%
BB-	3.34%
B+	3.74%
B	4.74%
B-	2.30%
CCC+	0.63%
CCC	0.26%
CCC-	0.02%
CC	0.04%
C	0.00%
D	0.14%
B (short-term)	0.00%
NR	0.43%
A1 (short-term)	0.26%
A1+ (short-term)	0.00%
A2 (short-term)	4.36%
A3 (short-term)	1.33%

The credit quality and ratings information presented reflect the ratings assigned 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 lowest 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/Agency". Credit ratings are subject to change.

Month End Performance (as of 10/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁷
Fund Performance *
Net Asset Value (NAV)	0.71%	N/A	N/A	N/A	N/A	N/A	4.86%
After Tax Held	0.44%	N/A	N/A	N/A	N/A	N/A	3.79%
After Tax Sold	0.42%	N/A	N/A	N/A	N/A	N/A	2.87%
Market Price	0.71%	N/A	N/A	N/A	N/A	N/A	4.91%

Index Performance **
Blended Benchmark	1.27%	N/A	N/A	N/A	N/A	N/A	5.92%
Bloomberg Barclays 1-5 Year Government/Credit Index	1.35%	N/A	N/A	N/A	N/A	N/A	4.53%

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

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁷
Fund Performance *
Net Asset Value (NAV)	1.10%	N/A	N/A	N/A	N/A	N/A	4.81%
After Tax Held	0.81%	N/A	N/A	N/A	N/A	N/A	3.82%
After Tax Sold	0.65%	N/A	N/A	N/A	N/A	N/A	2.84%
Market Price	1.20%	N/A	N/A	N/A	N/A	N/A	5.06%

Index Performance **
Blended Benchmark	0.97%	N/A	N/A	N/A	N/A	N/A	5.57%
Bloomberg Barclays 1-5 Year Government/Credit Index	0.89%	N/A	N/A	N/A	N/A	N/A	4.16%

*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.

Blended Benchmark - The Benchmark consists of the following two indexes: 80% of the Bloomberg Barclays 1-5 Year Government/Credit Index which measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds and investment grade U.S. corporate bonds that have a maturity between one and five years; and 20% of the ICE BofAML US High Yield Constrained Index which tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market but caps issuer exposure at 2%.

Bloomberg Barclays 1-5 Year Government/Credit Index - The Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds and investment grade U.S. corporate bonds that have a maturity between one and five years.

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	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.
⁶	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.
⁷	Inception Date is 1/3/2019

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 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. 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. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries.

The fund's NAV is determined on the basis of U.S. dollars, if the fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

The fund may be composed of a very small number of ETFs, which involves additional risk, including limited diversification.

Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.

Certain securities held by the fund are subject to credit risk, call risk, income risk, inflation risk, interest rate risk, prepayment risk and extension 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 floating-rate loans and high-yield securities, 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. 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. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. 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. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a fund's income. Extension risk is the risk that the average life of a security may extend if the rate of prepayments decreases, which increases interest rate exposure.

Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks.

Mortgage-related securities, including mortgage-backed securities, are more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage- related securities are 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.

Income from municipal bonds held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.

Investments in sovereign bonds 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.

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. 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. The market for high yield securities is smaller and less liquid than that for investment grade securities.

Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by a fund or at prices approximately the value at which a fund is carrying the securities on its books.

Covenant-lite loans contain fewer maintenance covenants, or no maintenance covenants at all, then traditional loans and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached.

Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.

The fund currently has fewer assets than larger, more established funds, and like other relatively new funds, large inflows and outflows may impact the fund's market exposure for limited periods of time.

The fund may invest in the shares of other investment companies, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, the fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

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.

Actively managed funds are subject to management risk because the advisor or sub-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