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*	0.60%
Net Expense Ratio*	0.60%

* As of 5/1/2019

Expenses are capped contractually at 0.60% per year, at least until April 30, 2020.

Current Fund Data (as of 4/3/2020)

Closing NAV¹	$59.67
Closing Market Price²	$59.62
Bid/Ask Midpoint	$59.66
Bid/Ask Discount	0.03%
Total Net Assets	$605,675,380
Outstanding Shares	10,150,002
Daily Volume	58,165
Average 30-Day Daily Volume	186,387
Closing Market Price 52-Week High/Low	$79.88 / $55.28
Closing NAV 52-Week High/Low	$79.87 / $55.21
Number of Holdings (excluding cash)	103

Fund Characteristics (as of 3/31/2020)⁸

Maximum Market Cap.	$1,199,550
Median Market Cap.	$30,211
Minimum Market Cap.	$5,194
Price/Earnings	20.42
Price/Book	3.93
Price/Cash Flow	11.90
Price/Sales	2.34

Top Holdings (as of 4/2/2020)*

Holding	Percent
Regeneron Pharmaceuticals, Inc.	1.62%
Citrix Systems, Inc.	1.56%
Gilead Sciences, Inc.	1.40%
JD.com, Inc. (ADR)	1.38%
Tesla, Inc.	1.37%
Netflix, Inc.	1.34%
Vertex Pharmaceuticals Incorporated	1.34%
T-Mobile US, Inc.	1.33%
NetEase, Inc. (ADR)	1.32%
Amazon.com, Inc.	1.31%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 4/5/2020)³	$0.0960
30-Day SEC Yield (as of 2/28/2020)⁴	0.45%
Unsubsidized 30-Day SEC Yield (as of 2/28/2020)⁵	0.45%
12-Month Distribution Rate (as of 2/28/2020)⁶	0.50%
Index Yield (as of 2/28/2020)⁷	1.07%

Bid/Ask Midpoint vs. NAV (as of 3/31/2020)

Number of Days Bid/Ask Midpoint Above NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2020	27	0	0	0
12/31/2019	48	0	0	0
9/30/2019	21	0	0	0
6/30/2019	22	1	0	0

Number of Days Bid/Ask Midpoint Below NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2020	35	0	0	0
12/31/2019	16	0	0	0
9/30/2019	43	0	0	0
6/30/2019	40	0	0	0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Top Sector Exposure (as of 4/2/2020)

Technology	39.85%
Consumer Services	21.02%
Health Care	14.95%
Consumer Goods	10.15%
Industrials	9.68%
Utilities	2.08%
Telecommunications	1.33%
Financials	0.94%

Month End Performance (as of 2/28/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-2.06%	-5.38%	11.17%	11.78%	10.02%	14.26%	9.99%
After Tax Held	-2.11%	-5.38%	10.94%	11.54%	9.75%	13.95%	9.77%
After Tax Sold	-1.21%	-3.19%	6.61%	9.08%	7.80%	11.87%	8.33%
Market Price	-2.00%	-5.31%	11.22%	11.80%	10.03%	14.26%	9.99%

Index Performance **
NASDAQ-100 Equal Weighted Index^SM	-1.90%	-5.30%	11.84%	12.46%	10.70%	14.97%	10.67%
NASDAQ-100 Index®	0.93%	-2.94%	20.46%	17.91%	15.07%	17.96%	13.22%
S&P 500 Index	-5.50%	-8.27%	8.19%	9.87%	9.23%	12.65%	8.29%

Quarter End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	11.38%	35.78%	35.78%	17.51%	12.16%	14.89%	10.56%
After Tax Held	11.31%	35.50%	35.50%	17.26%	11.88%	14.58%	10.33%
After Tax Sold	6.74%	21.17%	21.17%	13.68%	9.56%	12.44%	8.83%
Market Price	11.36%	35.81%	35.81%	17.49%	12.14%	14.88%	10.56%

Index Performance **
NASDAQ-100 Equal Weighted Index^SM	11.56%	36.65%	36.65%	18.23%	12.85%	15.61%	11.25%
NASDAQ-100 Index®	12.99%	39.46%	39.46%	22.88%	16.91%	18.07%	13.64%
S&P 500 Index	9.07%	31.49%	31.49%	15.27%	11.70%	13.56%	9.08%

3-Year Statistics (as of 2/28/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
QQEW	15.02%	1.21	1.09	0.70	0.96
NASDAQ-100 Index®	15.41%	6.76	1.08	1.03	0.92
S&P 500 Index	13.16%	---	1.00	0.65	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 based on the midpoint of the bid/ask spread on the stock exchange on which shares of the fund are listed for trading 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	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.
⁴	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.
⁵	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.
⁶	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.
⁷	Index yield represents the weighted average trailing 12-month dividend of the constituents of the NASDAQ-100 Equal Weighted Index(SM).
⁸	All market capitalization numbers are in USD$ Millions.
⁹	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 impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value