First Trust RiverFront Dynamic Developed International ETF (RFDI)

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Fund Summary

Investment Objective/Strategy - The First Trust RiverFront Dynamic Developed International ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of developed market companies, including through investments in common stock, depositary receipts and real estate investment trusts, and forward foreign currency exchange contracts.

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

Fund Overview

Ticker	RFDI
Fund Type	International Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
Portfolio Manager/Sub-Advisor	RiverFront Investment Group, LLC
CUSIP	33739P608
ISIN	US33739P6088
Intraday NAV	RFDIIV
Fiscal Year-End	10/31
Exchange	Nasdaq
Inception	4/13/2016
Inception Price	$50.73
Inception NAV	$50.73
Expense Ratio	0.83%

Current Fund Data (as of 5/22/2020)

Closing NAV¹	$49.54
Closing Market Price²	$49.46
Bid/Ask Midpoint	$49.45
Bid/Ask Discount	0.20%
Total Net Assets	$146,151,231
Outstanding Shares	2,950,002
Daily Volume	7,720
Average 30-Day Daily Volume	29,796
Closing Market Price 52-Week High/Low	$60.60 / $39.70
Closing NAV 52-Week High/Low	$60.58 / $39.73
Number of Holdings (excluding cash)	233

Fund Characteristics (as of 4/30/2020)⁶

Maximum Market Cap.	$509,705
Median Market Cap.	$18,679
Minimum Market Cap.	$721
Price/Earnings	13.79
Price/Book	1.60
Price/Cash Flow	8.26
Price/Sales	1.05
Currency Hedge Ratio - Japanese Yen⁷	0.00%
Currency Hedge Ratio - EURO⁷	0.00%
Currency Hedge Ratio - British Pound⁷	0.00%

Top Holdings (as of 5/22/2020)*

Holding	Percent
Nestle S.A. (Registered)	2.79%
Roche Holding AG	2.38%
Novartis AG	1.68%
Novo Nordisk A/S (Class B)	1.15%
GlaxoSmithKline Plc	1.11%
AstraZeneca Plc	1.07%
Toyota Motor Corporation	1.03%
BP Plc	0.96%
Shin-Etsu Chemical Co., Ltd.	0.94%
Daiichi Sankyo Company, Limited	0.92%

* Excluding cash. Holdings are subject to change.

Top Country Exposure (as of 5/22/2020)

Country	Percent
Japan	24.31%
United Kingdom	16.09%
Switzerland	10.28%
France	7.73%
Australia	6.43%
Germany	6.26%
Sweden	5.52%
The Netherlands	3.83%
Denmark	3.07%
Spain	2.85%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 5/26/2020)³	$0.1537
30-Day SEC Yield (as of 4/30/2020)⁴	2.51%
12-Month Distribution Rate (as of 4/30/2020)⁵	3.38%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the recent 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.

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	10	0	0	1
12/31/2019	24	0	0	0
9/30/2019	12	0	0	0
6/30/2019	12	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	37	13	0	1
12/31/2019	39	1	0	0
9/30/2019	48	3	1	0
6/30/2019	46	4	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 5/22/2020)

Health Care	17.29%
Financials	11.96%
Consumer Staples	11.86%
Industrials	11.65%
Consumer Discretionary	11.51%
Materials	9.58%
Information Technology	8.85%
Utilities	4.97%
Energy	4.77%
Communication Services	3.71%
Real Estate	3.14%

Month End Performance (as of 4/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-15.43%	-18.39%	-13.08%	-3.37%	N/A	N/A	1.37%
After Tax Held	-15.54%	-18.50%	-14.11%	-4.29%	N/A	N/A	0.46%
After Tax Sold	-9.14%	-10.89%	-7.66%	-2.87%	N/A	N/A	0.71%
Market Price	-15.76%	-18.53%	-13.56%	-3.66%	N/A	N/A	1.23%

Index Performance **
MSCI EAFE Index	-16.09%	-17.84%	-11.34%	-0.58%	N/A	N/A	2.69%

Quarter End Performance (as of 3/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-23.89%	-23.89%	-16.57%	-4.43%	N/A	N/A	-0.37%
After Tax Held	-23.99%	-23.99%	-17.55%	-5.34%	N/A	N/A	-1.28%
After Tax Sold	-14.14%	-14.14%	-9.68%	-3.62%	N/A	N/A	-0.58%
Market Price	-23.73%	-23.73%	-16.78%	-4.64%	N/A	N/A	-0.42%

Index Performance **
MSCI EAFE Index	-22.83%	-22.83%	-14.38%	-1.82%	N/A	N/A	1.14%

3-Year Statistics (as of 4/30/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
RFDI	16.03%	-2.61	1.05	-0.25	0.98
MSCI EAFE Index	15.01%	---	1.00	-0.09	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.

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.

MSCI EAFE Index - The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

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	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.
⁶	All market capitalization numbers are in USD$ Millions.
⁷	The ratio takes the notional value of the Fund's currency hedges and divides it by the exposure to that particular currency. The hedge ratio can fluctuate as a result of market movement, as hedges are not necessarily reset every day, but instead are allowed to drift within a tolerance band.
⁸	Inception Date is 4/13/2016

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.

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. The fund is subject to management risk because it is an actively managed portfolio. In managing the 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 the fund's investment objectives will be achieved.

The fund is subject to market risk. Market risk is the risk that a particular security owned by the fund or shares of the fund in general may fall in value. 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 industry or country. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

An investment in a fund containing securities of non-U.S. issuers is 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. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

Changes in currency exchange rates and the relative value of non-U.S. currencies may affect the value of the fund's investments and the value of the fund's shares.

Certain securities held by the fund are subject to credit risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result.

Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.

Real estate investment trusts (REITs) are subject to certain risks, including changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession.

The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Because of the fund's utilization of the dynamic currency hedging strategy, the fund may have lower returns than an equivalent non-currency hedged investment when the component currencies are rising relative to the U.S. dollar. Although the fund seeks to minimize the impact of currency fluctuations on returns, the use of currency hedging will not necessarily eliminate exposure to all currency fluctuations.

Forward foreign currency exchange contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged. Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines.

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.

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