First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust NASDAQ-100 Equal Weighted Index Fund is an exchange-traded index fund. The investment objective of the Fund is to replicate as closely as possible, before fees and expenses, the price and yield of the NASDAQ-100 Equal Weighted Index^SM.

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

The index consists of companies in the NASDAQ-100 Index.
The index is reconstituted once a year in December, but replacements may be made during the year if there's a replacement in the NASDAQ-100 Index.
The index is an equal weighted index and is rebalanced four times annually in March, June, September and December.
The index contains the same securities as the NASDAQ-100 Index but each of the securities is initially set at a weight of 1.00% of the index and is rebalanced quarterly. The NASDAQ-100 Index includes 100 of the largest non-financial securities listed on Nasdaq.
The equal weighting allows for smaller company performance to contribute as much as the large companies within the Index.

Fund Overview

Ticker	QQEW
Fund Type	Growth
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	337344105
ISIN	US3373441050
Intraday NAV	QQEWIV
Fiscal Year-End	12/31
Exchange	Nasdaq
Inception	4/19/2006
Inception Price	$20.00
Inception NAV	$20.00
Rebalance Frequency	Quarterly
Gross Expense Ratio*	0.59%
Net Expense Ratio*	0.59%

* As of 5/1/2020

Expenses are capped contractually at 0.60% per year, at least until April 30, 2021.

Current Fund Data (as of 2/26/2021)

Closing NAV¹	$102.01
Closing Market Price²	$102.03
Bid/Ask Midpoint	$101.95
Bid/Ask Discount	0.06%
30-Day Median Bid/Ask Spread³	0.05%
Total Net Assets	$1,234,337,450
Outstanding Shares	12,100,002
Daily Volume	104,233
Average 30-Day Daily Volume	107,253
Closing Market Price 52-Week High/Low	$108.55 / $55.28
Closing NAV 52-Week High/Low	$108.53 / $55.21
Number of Holdings (excluding cash)	102

Top Holdings (as of 2/26/2021)*

Holding	Percent
Baidu, Inc. (ADR)	1.42%
Applied Materials, Inc.	1.33%
Micron Technology, Inc.	1.25%
Intel Corporation	1.21%
Illumina, Inc.	1.20%
KLA Corporation	1.18%
Skyworks Solutions, Inc.	1.18%
ASML Holding N.V. (New York Registry Shares)	1.17%
Lam Research Corporation	1.16%
CDW Corporation	1.15%

* 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 1/31/2021)⁴

Among 1,203 funds in the Large Growth category. This fund was rated 3 stars/1,203 funds (3 years), 3 stars/1,075 funds (5 years), 4 stars/789 funds (10 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 3/2/2021)⁵	$0.0929
30-Day SEC Yield (as of 1/29/2021)⁶	0.26%
Unsubsidized 30-Day SEC Yield (as of 1/29/2021)⁷	0.26%
12-Month Distribution Rate (as of 1/29/2021)⁸	0.35%
Index Yield (as of 1/29/2021)⁹	1.76%

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 2/26/2021)¹⁰

Maximum Market Cap.	$2,035,725
Median Market Cap.	$49,302
Minimum Market Cap.	$15,456
Price/Earnings	33.76
Price/Book	5.67
Price/Cash Flow	22.32
Price/Sales	4.12

Bid/Ask Premium/Discount (as of 2/26/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	137	16	---	---
Days Traded at Discount	116	22	---	---

Top Sector Exposure (as of 2/26/2021)

Technology	43.07%
Consumer Services	21.19%
Health Care	13.87%
Consumer Goods	9.68%
Industrials	7.73%
Utilities	2.62%
Basic Materials	0.93%
Telecommunications	0.91%

Month End Performance (as of 1/29/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	19.04%	-0.29%	36.90%	17.96%	20.94%	16.03%	12.11%
After Tax Held	18.99%	-0.29%	36.65%	17.73%	20.66%	15.72%	11.88%
After Tax Sold	11.27%	-0.17%	21.81%	14.05%	17.00%	13.46%	10.31%
Market Price	18.84%	-0.30%	36.87%	17.93%	20.98%	16.01%	12.10%

Index Performance **
NASDAQ-100 Equal Weighted Index^SM	19.23%	-0.23%	37.76%	18.68%	21.68%	16.75%	12.80%
NASDAQ-100 Index®	17.16%	0.32%	45.00%	24.22%	26.11%	20.32%	15.67%
S&P 500 Index	14.05%	-1.01%	17.25%	11.70%	16.16%	13.50%	9.56%

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

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹¹
Fund Performance *
Net Asset Value (NAV)	16.81%	37.35%	37.35%	20.94%	18.99%	16.33%	12.20%
After Tax Held	16.77%	37.10%	37.10%	20.70%	18.71%	16.02%	11.97%
After Tax Sold	9.95%	22.08%	22.08%	16.47%	15.32%	13.73%	10.39%
Market Price	16.82%	37.30%	37.30%	20.90%	18.98%	16.33%	12.20%

Index Performance **
NASDAQ-100 Equal Weighted Index^SM	17.01%	38.19%	38.19%	21.67%	19.71%	17.06%	12.90%
NASDAQ-100 Index®	13.09%	48.88%	48.88%	27.59%	24.27%	20.63%	15.75%
S&P 500 Index	12.15%	18.40%	18.40%	14.18%	15.22%	13.88%	9.69%

3-Year Statistics (as of 1/29/2021)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
QQEW	20.19%	5.21	1.05	0.84	0.97
NASDAQ-100 Index®	20.41%	10.60	1.04	1.09	0.95
S&P 500 Index	18.65%	---	1.00	0.60	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. 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.

**Performance information for the NASDAQ-100 Equal Weighted Index^SM 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.

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	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	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.
⁶	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.
⁷	The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.
⁸	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.
⁹	Index yield represents the weighted average trailing 12-month dividend of the constituents of the NASDAQ-100 Equal Weighted Index(SM).
¹⁰	All market capitalization numbers are in USD$ Millions.
¹¹	Inception Date is 4/19/2006

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 Nasdaq Stock Market LLC.

The fund's return may not match the return of the NASDAQ-100 Equal Weighted Index^SM. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

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. There can be no assurance that the 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.

The fund may invest in securities issued by companies concentrated in a particular sector which involves additional risks including limited diversification. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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.

Nasdaq® NASDAQ-100®, NASDAQ-100 Index®, and NASDAQ-100 Equal Weighted Index℠ are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

©2021 Morningstar, Inc. All Rights Reserved. The Morningstar Rating^TM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value