First Trust Merger Arbitrage ETF (MARB)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	Investor Guide
	Fund Commentary

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	1.05%
Total Annual Expenses	2.30%

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

Current Fund Data (as of 5/5/2021)

Closing NAV¹	$19.83
Closing Market Price²	$19.82
Bid/Ask Midpoint	$19.83
Bid/Ask Premium	0.00%
30-Day Median Bid/Ask Spread³	0.20%
Total Net Assets	$12,888,225
Outstanding Shares	650,002
Daily Volume	6,157
Average 30-Day Daily Volume	3,111
Closing Market Price 52-Week High/Low	$19.83 / $19.28
Closing NAV 52-Week High/Low	$19.83 / $19.36
Number of Holdings (excluding cash)	17

Top Holdings - Long Exposure (as of 5/5/2021)*

Holding	Percent
Willis Towers Watson Plc	7.53%
Watford Holdings Ltd.	5.27%
FBL Financial Group, Inc. (Class A)	5.10%
Slack Technologies, Inc. (Class A)	4.32%
PNM Resources, Inc.	3.49%
Maxim Integrated Products, Inc.	3.29%
FLIR Systems, Inc.	2.68%
Xilinx, Inc.	2.40%
Change Healthcare, Inc.	2.20%
Standard AVB Financial Corp.	1.88%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 5/5/2021)*

Holding	Percent
AON Plc	-7.72%
Analog Devices, Inc.	-3.38%
Advanced Micro Devices, Inc.	-2.63%
salesforce.com, inc.	-1.74%
Teledyne Technologies Incorporated	-1.40%
Oaktree Specialty Lending Corporation	-0.11%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Fund Characteristics - Long Exposure (as of 4/30/2021)⁴

Maximum Market Cap.	$33,387
Median Market Cap.	$5,616
Minimum Market Cap.	$152
Price/Earnings	22.20
Price/Book	1.98
Price/Cash Flow	15.86
Price/Sales	2.80

Fund Characteristics - Short Exposure (as of 4/30/2021)⁴

Maximum Market Cap.	$212,409
Median Market Cap.	$56,618
Minimum Market Cap.	$1,201
Price/Earnings	32.60
Price/Book	7.73
Price/Cash Flow	25.74
Price/Sales	6.44

Fund Exposure (as of 5/5/2021)

Long Exposure	38.25%
Short Exposure	-16.98%
Net Exposure	21.27%

Top Sector - Long Exposure (as of 5/5/2021)

	Percent
Financials	19.87%
Information Technology	12.69%
Utilities	3.49%
Health Care	2.20%

Top Sector - Short Exposure (as of 5/5/2021)

	Percent
Financials	-7.83%
Information Technology	-7.75%
Industrials	-1.40%

Bid/Ask Premium/Discount (as of 5/5/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	217	54	21	---
Days Traded at Discount	13	7	3	---

Hypothetical Growth of $10,000 Since Inception (as of 5/5/2021) *

Month End Performance (as of 3/31/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	0.15%	0.15%	1.77%	N/A	N/A	N/A	-1.87%
After Tax Held	0.15%	0.15%	1.77%	N/A	N/A	N/A	-1.87%
After Tax Sold	0.09%	0.09%	1.05%	N/A	N/A	N/A	-1.42%
Market Price	0.15%	0.15%	2.19%	N/A	N/A	N/A	-1.87%

Index Performance **
Hedge Fund Research Merger Arbitrage Index	2.29%	2.29%	15.46%	N/A	N/A	N/A	5.77%
S&P 500 Index	6.17%	6.17%	56.35%	N/A	N/A	N/A	19.72%

Quarter End Performance (as of 3/31/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	0.15%	0.15%	1.77%	N/A	N/A	N/A	-1.87%
After Tax Held	0.15%	0.15%	1.77%	N/A	N/A	N/A	-1.87%
After Tax Sold	0.09%	0.09%	1.05%	N/A	N/A	N/A	-1.42%
Market Price	0.15%	0.15%	2.19%	N/A	N/A	N/A	-1.87%

Index Performance **
Hedge Fund Research Merger Arbitrage Index	2.29%	2.29%	15.46%	N/A	N/A	N/A	5.77%
S&P 500 Index	6.17%	6.17%	56.35%	N/A	N/A	N/A	19.72%

*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. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

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.

Hedge Fund Research Merger Arbitrage Index - The Index is designed to be representative of merger arbitrage strategies primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction.

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 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	All market capitalization numbers are in USD$ Millions.
⁵	Inception Date is 2/4/2020

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

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. 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.

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