First Trust Multi-Manager Small Cap Opportunities ETF (MMSC)

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Fund Summary

2025 Estimated Capital Gain Distributions
Certain First Trust First Trust Exchange-Traded Funds are expected to pay a long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a long-term capital gain distribution, please click here. Also, certain First Trust Exchange-Traded Funds are expected to pay short-term capital gain distributions in December. For a list of exchange-traded funds expected to pay a short-term 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 Multi-Manager Small Cap Opportunities ETF (the "Fund") seeks to provide long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities issued by small capitalization companies. The Fund considers small capitalization companies to be those companies with market capitalizations, at the time of investment, within the market capitalization range of the companies comprising the Russell 2000® Growth Index (as of the index's most recent reconstitution). The Fund's portfolio is principally composed of common stocks issued by companies domiciled in the United States and common stocks issued by non-U.S. companies that are principally traded in the United States. The Fund utilizes a multi-manager approach to provide exposure to the small capitalization growth segment of the equity market through the blending of multiple portfolio management teams.

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

Fund Overview

Ticker	MMSC
Fund Type	Small Cap Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
Portfolio Manager/Sub-Advisor	Driehaus Capital Management LLC, Stephens Investment Management Group, LLC
CUSIP	33740U794
ISIN	US33740U7946
Intraday NAV	MMSCIV
Fiscal Year-End	08/31
Exchange	NYSE Arca
Inception	10/13/2021
Inception Price	$20.19
Inception NAV	$20.19
Total Expense Ratio*	0.95%

* As of 1/2/2025

Current Fund Data (as of 11/28/2025)

Closing NAV¹	$24.24
Closing Market Price²	$24.22
Bid/Ask Midpoint	$24.23
Bid/Ask Discount	0.04%
30-Day Median Bid/Ask Spread³	0.33%
Total Net Assets	$35,150,950
Outstanding Shares	1,450,002
Daily Volume	1,682
Average 30-Day Daily Volume	17,505
Closing Market Price 52-Week High/Low	$24.65 / $15.99
Closing NAV 52-Week High/Low	$24.67 / $16.01
Number of Holdings (excluding cash)	198

Top Holdings (as of 11/28/2025)*

Holding	Percent
Fabrinet	1.41%
Karman Holdings Inc.	1.29%
MACOM Technology Solutions Holdings, Inc.	1.29%
Guardant Health, Inc.	1.28%
AeroVironment, Inc.	1.23%
iRhythm Technologies, Inc.	1.22%
Boot Barn Holdings, Inc.	1.21%
Xometry, Inc. (Class A)	1.21%
VSE Corporation	1.17%
Piper Sandler Companies	1.10%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 10/31/2025)⁴

Among 516 funds in the Small Growth category. This fund was rated 4 stars/516 funds (3 years) based on risk adjusted returns.

Fund Characteristics (as of 10/31/2025)⁵

Maximum Market Cap.	$57,483
Median Market Cap.	$5,795
Minimum Market Cap.	$346
Price/Book	4.67
Price/Cash Flow	23.56
Price/Sales	3.00

Bid/Ask Premium/Discount (as of 11/28/2025)

	2024	Q1 2025	Q2 2025	Q3 2025
Days Traded at Premium	109	39	8	0
Days Traded at Discount	143	21	54	64

Top Sector Exposure (as of 11/28/2025)

Industrials	25.37%
Health Care	25.17%
Information Technology	20.16%
Consumer Discretionary	11.54%
Financials	8.48%
Energy	5.45%
Materials	1.93%
Consumer Staples	0.79%
Communication Services	0.48%
Real Estate	0.36%
Utilities	0.27%

Hypothetical Growth of $10,000 Since Inception (as of 11/26/2025) *

Month End Performance (as of 10/31/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	15.66%	17.50%	20.31%	16.95%	N/A	N/A	4.86%
After Tax Held	15.66%	17.50%	20.11%	16.88%	N/A	N/A	4.82%
After Tax Sold	9.27%	10.36%	12.00%	13.32%	N/A	N/A	3.74%
Market Price	15.63%	17.36%	20.22%	16.87%	N/A	N/A	4.83%

Index Performance **
Russell 2000® Growth Index	13.88%	15.27%	18.81%	14.42%	N/A	N/A	3.45%
Russell 3000® Index	8.11%	16.85%	20.81%	21.76%	N/A	N/A	12.03%

Quarter End Performance (as of 9/30/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁶
Fund Performance *
Net Asset Value (NAV)	12.74%	12.25%	13.59%	18.49%	N/A	N/A	3.76%
After Tax Held	12.74%	12.25%	13.40%	18.43%	N/A	N/A	3.72%
After Tax Sold	7.54%	7.25%	8.03%	14.58%	N/A	N/A	2.88%
Market Price	12.80%	12.15%	13.60%	18.46%	N/A	N/A	3.74%

Index Performance **
Russell 2000® Growth Index	12.19%	11.65%	13.56%	16.68%	N/A	N/A	2.70%
Russell 3000® Index	8.18%	14.40%	17.41%	24.12%	N/A	N/A	11.70%

3-Year Statistics (as of 10/31/2025)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
MMSC	18.90%	3.34	0.87	0.68	0.95
Russell 2000® Growth Index	20.73%	---	1.00	0.53	1.00

Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*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.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. 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.

Russell 2000® Growth Index - The Index measures the performance of the small-cap growth segment of the US equity universe.

Russell 3000® Index - The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

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	The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
⁵	All market capitalization numbers are in USD$ Millions.
⁶	Inception Date is 10/13/2021

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

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Stocks with growth characteristics tend to be more volatile than certain other stocks and their prices may fluctuate more dramatically than the overall stock market.

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

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

The portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

There can be no assurance that the securities held by a fund will stay within a fund's intended market capitalization range.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Each sub-advisor of a multi-managed fund makes investment recommendations independently and they may not complement each other. This may result in an increase in a fund's portfolio turnover rate and higher transaction costs and risks.

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.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. 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. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

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

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value