First Trust Long Duration Opportunities ETF (LGOV)

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Fund Summary

Investment Objective/Strategy - The First Trust Long Duration Opportunities ETF's (the "Fund") primary investment objective is to generate current income with a focus on preservation of capital. Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in a portfolio of investment-grade debt securities issued or guaranteed by the U.S. government, its agencies or government-sponsored entities, including publicly-issued U.S. Treasury securities and mortgage-related securities. The Fund may also invest in exchange-traded funds ("ETFs") that principally invest in such securities. The Fund may purchase mortgage-related securities in "to-be-announced" transactions ("TBA Transactions"), including mortgage dollar rolls.

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

Fund Overview

Ticker	LGOV
Fund Type	Government Securities
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33738D606
ISIN	US33738D6067
Intraday NAV	LGOVIV
Fiscal Year-End	10/31
Exchange	NYSE Arca
Inception	1/22/2019
Inception Price	$25.00
Inception NAV	$25.00
Expense Ratio	0.70%

Current Fund Data (as of 1/21/2021)

Closing NAV¹	$28.35
Closing Market Price²	$28.43
Bid/Ask Midpoint	$28.48
Bid/Ask Premium	0.46%
30-Day Median Bid/Ask Spread³	0.74%
Total Net Assets	$36,856,175
Outstanding Shares	1,300,002
Daily Volume	3,505
Average 30-Day Daily Volume	22,948
Closing Market Price 52-Week High/Low	$30.99 / $27.42
Closing NAV 52-Week High/Low	$30.81 / $27.46
Number of Holdings (excluding cash)	54

Top Holdings (as of 1/21/2021)*

Holding	Percent
Fannie Mae or Freddie Mac TBA, 2%, due 07/01/2050	5.61%
GNMA Series 2010-61, Class KE, 5%, due 05/16/2040	4.57%
FHLMC Multifamily Structured Pass Though Certs. Series K158, Class A2, Variable rate, due 12/25/2030	3.64%
U.S. Treasury Bond, 1.25%, due 05/15/2050	3.50%
Fannie Mae Series 2015-66, Class CL, 3.50%, due 07/25/2041	2.87%
Fannie Mae or Freddie Mac TBA, 1.50%, due 12/01/2050	2.72%
FHLMC Multifamily Structured Pass Through Certs. Series K123, Class XAM, Variable rate, due 12/01/2030	2.02%
FHLMC Multifamily Structured Pass Through Certs. Series K120, Class XAM, 1.21102%, due 10/25/2030	2.01%
FHLMC Multifamily Structured Pass Through Certs. Series K109, Class XAM, Variable rate, due 04/25/2030	2.00%
GNMA Series 2020-159, Class Z, 2.50%, due 10/15/2062	1.93%

* 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 1/22/2021)⁴	$0.0800
30-Day SEC Yield (as of 12/31/2020)⁵	2.59%
Taxable Equivalent 30-Day SEC Yield (as of 12/31/2020)⁶	3.07%
12-Month Distribution Rate (as of 12/31/2020)⁷	3.08%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the COVID-19 outbreak, certain of the issuers of the securities included in the fund may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "12-Month Distribution Rate," which is based on the fund's trailing 12-month ordinary distributions, will likely be higher, and in some cases significantly higher, than the actual 12-month distribution rate achieved by the fund.

Fund Characteristics (as of 12/31/2020)

Weighted Average Effective Duration⁸	11.47 Years
Weighted Average Effective Duration (Long Positions)⁸	11.45 Years
Weighted Average Effective Duration (Short Positions)⁸	0.02 Years
Weighted Average Effective Maturity	16.89 Years

Fund Composition – Long Positions (as of 12/31/2020)

	Percent
Agency MBS CMOs	39.35%
Agency CMBS	25.21%
U.S. Treasury Futures	13.92%
Agency MBS Pass-Throughs	10.53%
Cash & Cash Equivalents	5.73%
U.S. Treasuries	5.24%
Other	0.02%
Government ETF	0.00%
Non-Agency CMBS	0.00%
Non-Agency RMBS	0.00%

Please note that percentage of 0.00 indicates an amount less than 0.01%.

Bid/Ask Premium/Discount (as of 1/21/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	182	12	---	---
Days Traded at Discount	71	1	---	---

Credit Quality (as of 12/31/2020)

Government & Agency	94.27%
Cash & Cash Equivalents	5.73%

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. A credit rating is an assessment provided by a NRSRO, of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- 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.

Month End Performance (as of 12/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-1.01%	10.88%	10.88%	N/A	N/A	N/A	11.64%
After Tax Held	-1.48%	9.21%	9.21%	N/A	N/A	N/A	10.07%
After Tax Sold	-0.60%	6.43%	6.43%	N/A	N/A	N/A	8.28%
Market Price	-1.04%	11.26%	11.26%	N/A	N/A	N/A	11.86%

Index Performance **
ICE BofA 5+ Year US Treasury Index	-1.92%	13.15%	13.15%	N/A	N/A	N/A	12.39%

Quarter End Performance (as of 12/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-1.01%	10.88%	10.88%	N/A	N/A	N/A	11.64%
After Tax Held	-1.48%	9.21%	9.21%	N/A	N/A	N/A	10.07%
After Tax Sold	-0.60%	6.43%	6.43%	N/A	N/A	N/A	8.28%
Market Price	-1.04%	11.26%	11.26%	N/A	N/A	N/A	11.86%

Index Performance **
ICE BofA 5+ Year US Treasury Index	-1.92%	13.15%	13.15%	N/A	N/A	N/A	12.39%

*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.

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 5+ Year US Treasury Index - The Index is a subset of ICE BofA US Treasury Index including all securities with a remaining term to final maturity greater than or equal to 5 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	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 taxable equivalent yield is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt yield using the highest federal tax bracket and Medicare tax for 2020. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal personal income tax and Medicare tax.
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	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.
⁹	Inception Date is 1/22/2019

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 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. 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. Actively managed funds are subject to management risk because the advisor will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that the fund will meet its investment objective. 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.

The fund is subject to call risk, credit risk, income risk, inflation risk, interest rate risk and prepayment risk. Call risk is the risk that performance could be adversely impacted if an issuer calls higher-yielding debt instruments held by the fund. 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. 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 the fund may not be able to reinvest proceeds received on terms as favorable as the prepaid security.

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.

Non-agency debt, including asset-backed securities, 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.

If a counterparty defaults on its payment obligations, the fund will lose money and the value of fund shares may decrease.

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. Lower quality debt tends to be less liquid than higher quality debt.

The use of options or other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when the fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.

The fund will, under most circumstances, effect a significant portion of creations and redemptions for cash rather than in-kind securities. As a result, the fund may be less tax-efficient.

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

High portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

Shorting may result in greater gains or greater losses. Short selling creates special risks which could result in increased volatility of returns. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited.

Investment in repurchase agreements, including mortgage dollar rolls and TBA transactions, may be subject to market and credit risk with respect to the collateral securing the agreements. TBA transactions are also subject to the risk of the default or bankruptcy of the fund's counterparty or that the security will not be issued.

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.

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