First Trust Merger Arbitrage ETF (MARB)

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	Summary Prospectus
	Investor Guide

Fund Summary

Investment Objective/Strategy - The First Trust Merger Arbitrage 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 establishing long and short positions in the equity securities of companies that are involved in a publicly-announced significant corporate event, such as a merger or acquisition.

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

Fund Overview

Ticker	MARB
Fund Type	Market Neutral
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
Portfolio Manager/Sub-Advisor	Vivaldi Asset Management, LLC
CUSIP	33740J203
ISIN	US33740J2033
Intraday NAV	MARBIV
Fiscal Year-End	07/31
Exchange	NYSE Arca
Inception	2/4/2020
Inception Price	$20.01
Inception NAV	$20.01

Fees And Expenses

Management Fees	1.25%
Other Expenses	0.69%
Total Annual Expenses	1.94%

"Other Expenses" is an estimate based on the expenses the Fund expects to incur for the current fiscal year.

Current Fund Data (as of 2/21/2020)

Closing NAV¹	$20.07
Closing Market Price²	$20.08
Bid/Ask Midpoint	$20.08
Bid/Ask Premium	0.04%
Total Net Assets	$2,007,303
Outstanding Shares	100,002
Daily Volume	0
Closing Market Price 52-Week High/Low	$20.08 / $20.01
Closing NAV 52-Week High/Low	$20.07 / $20.01
Number of Holdings (excluding cash)	28

Top Holdings - Long Exposure (as of 2/20/2020)*

Holding	Percent
Advanced Disposal Services, Inc.	7.49%
Tallgrass Energy, LP	7.47%
LogMeIn, Inc.	5.80%
Allergan Plc	4.55%
IBERIABANK Corporation	4.46%
AquaVenture Holdings Limited	4.43%
Carolina Financial Corporation	4.43%
El Paso Electric Company	4.35%
Tech Data Corporation	3.82%
Texas Capital Bancshares, Inc.	3.61%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 2/20/2020)*

Holding	Percent
First Horizon National Corporation	-4.52%
United Bankshares, Inc.	-4.48%
The Charles Schwab Corporation	-3.69%
Independent Bank Group, Inc.	-3.63%
AbbVie Inc.	-1.88%
Eldorado Resorts, Inc.	-0.55%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Fund Exposure (as of 2/20/2020)

Long Exposure	78.08%
Short Exposure	-18.75%
Net Exposure	59.33%

Top Sector - Long Exposure (as of 2/20/2020)

	Percent
Information Technology	17.31%
Financials	16.08%
Health Care	9.39%
Industrials	9.36%
Utilities	8.78%
Energy	7.47%
Consumer Discretionary	3.98%
Communication Services	2.42%
Real Estate	2.18%
Materials	1.11%

Top Sector - Short Exposure (as of 2/20/2020)

	Percent
Financials	-16.32%
Health Care	-1.88%
Consumer Discretionary	-0.55%

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).

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. In managing a 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 a fund's investment objective will be achieved.

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.

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. Depositary receipts may be less liquid than the underlying shares in their primary trading market.

Changes in currency exchange rates and the relative value of non-US currencies may affect the value of a fund's investments and the value of a fund's shares.

Investments in companies that are the subject of a publicly-announced transaction carry the risk the transaction is renegotiated, takes longer to complete than originally planned and that the transaction is never completed. Any such event could cause a fund to incur a loss.

A fund that holds cash or invests in money market or short term securities may be less likely to achieve its investment objective and could lose money.

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.

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 times.

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