First Trust Merger Arbitrage ETF (MARB)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report
	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	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 7/27/2021)

Closing NAV¹	$19.60
Closing Market Price²	$19.59
Bid/Ask Midpoint	$19.59
Bid/Ask Discount	0.05%
30-Day Median Bid/Ask Spread³	0.20%
Total Net Assets	$10,780,629
Outstanding Shares	550,002
Daily Volume	2,264
Average 30-Day Daily Volume	1,853
Closing Market Price 52-Week High/Low	$19.94 / $19.28
Closing NAV 52-Week High/Low	$19.95 / $19.36
Number of Holdings (excluding cash)	25

Top Holdings - Long Exposure (as of 7/27/2021)*

Holding	Percent
Nuance Communications, Inc.	6.30%
Talend SA (ADR)	5.67%
Maxim Integrated Products, Inc.	5.08%
Athene Holding Ltd. (Class A)	4.94%
Xilinx, Inc.	3.88%
IHS Markit Ltd.	3.66%
Magellan Health, Inc.	3.65%
Proofpoint, Inc.	3.45%
PNM Resources, Inc.	3.43%
ORBCOMM Inc.	2.63%

* Excluding cash. Holdings are subject to change.

Top Holdings - Short Exposure (as of 7/27/2021)*

Holding	Percent
Analog Devices, Inc.	-5.39%
Apollo Global Management, Inc. (Class A)	-5.15%
Advanced Micro Devices, Inc.	-4.66%
S&P Global Inc.	-3.79%
Independent Bank Corp.	-2.03%
Herman Miller, Inc.	-0.02%
ICON Plc	-0.01%

* 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 6/30/2021)⁴

Maximum Market Cap.	$44,908
Median Market Cap.	$4,579
Minimum Market Cap.	$697
Price/Book	2.86
Price/Sales	1.88

Fund Characteristics - Short Exposure (as of 6/30/2021)⁴

Maximum Market Cap.	$226,194
Median Market Cap.	$38,974
Minimum Market Cap.	$2,494
Price/Earnings	21.63
Price/Book	5.58
Price/Cash Flow	19.62
Price/Sales	3.92

Fund Exposure (as of 7/27/2021)

Long Exposure	58.44%
Short Exposure	-21.05%
Net Exposure	37.39%

Top Sector - Long Exposure (as of 7/27/2021)

	Percent
Information Technology	26.94%
Health Care	8.25%
Financials	6.97%
Industrials	6.16%
Utilities	3.43%
Communication Services	2.63%
Materials	2.24%
Consumer Discretionary	1.82%

Top Sector - Short Exposure (as of 7/27/2021)

	Percent
Financials	-10.97%
Information Technology	-10.05%
Industrials	-0.02%
Health Care	-0.01%

Bid/Ask Premium/Discount (as of 7/27/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	217	54	45	8
Days Traded at Discount	13	7	18	10

Hypothetical Growth of $10,000 Since Inception (as of 7/27/2021) *

Month End Performance (as of 6/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	0.31%	0.46%	0.92%	N/A	N/A	N/A	-1.32%
After Tax Held	0.31%	0.46%	0.92%	N/A	N/A	N/A	-1.32%
After Tax Sold	0.18%	0.27%	0.55%	N/A	N/A	N/A	-1.01%
Market Price	0.31%	0.46%	1.60%	N/A	N/A	N/A	-1.32%

Index Performance **
Hedge Fund Research Merger Arbitrage Index	1.89%	4.23%	11.09%	N/A	N/A	N/A	6.13%
S&P 500 Index	8.55%	15.25%	40.79%	N/A	N/A	N/A	22.94%

Quarter End Performance (as of 6/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	0.31%	0.46%	0.92%	N/A	N/A	N/A	-1.32%
After Tax Held	0.31%	0.46%	0.92%	N/A	N/A	N/A	-1.32%
After Tax Sold	0.18%	0.27%	0.55%	N/A	N/A	N/A	-1.01%
Market Price	0.31%	0.46%	1.60%	N/A	N/A	N/A	-1.32%

Index Performance **
Hedge Fund Research Merger Arbitrage Index	1.89%	4.23%	11.09%	N/A	N/A	N/A	6.13%
S&P 500 Index	8.55%	15.25%	40.79%	N/A	N/A	N/A	22.94%

*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.

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. One of the principal risks of investing in a fund is market risk. Market risk is the risk that a particular stock owned by a fund, fund shares or stocks in general may fall in value. 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. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

In managing a fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not have the desired result.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cyber security.

A fund may be a constituent of one or more indices which could greatly affect a fund's trading activity, size and volatility.

Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of losses.

Certain fund investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Illiquid securities may trade at a discount and may be subject to wide fluctuations in market value.

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. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions.

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.

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.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

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

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on the exchange may be halted due to market conditions or other reasons. There can be no assurance that the requirements to maintain the listing of a fund on the exchange will continue to be met or be unchanged.

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