Large Cap US Equity Select ETF (RNLC)

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Fund Summary

2023 Estimated Capital Gain Distributions
Please note that none of our First Trust Exchange-Traded Funds are expected to pay a special long-term capital gain distribution in December. Also, none of the First Trust Exchange-Traded Funds are expected to pay any special short-term capital gain distributions in December. 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 Large Cap US Equity Select ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq Riskalyze US Large Cap™ Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and is developed, maintained and sponsored by Riskalyze, Inc. (the "Index Provider").

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

Index Description According to the Index Provider

The Nasdaq Riskalyze US Large Cap™ Index is a modified market capitalization weighted index which seeks to provide a diversified portfolio of dividend-paying US large cap securities.
To be eligible for inclusion in the index, a security must meet certain criteria, including:
- being a member of the Nasdaq US 500 Large Cap™ Index,
- having paid a dividend in the trailing twelve months.
Sector weights are assigned that are equal to the sector weights within the Nasdaq US 500 Large Cap™ Index.
Securities within each sector are equally weighted.
The index is rebalanced and reconstituted on a quarterly basis.

Fund Overview

Ticker	RNLC
Fund Type	Large Cap Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33738R761
ISIN	US33738R7614
Intraday NAV	RNLCIV
Fiscal Year-End	03/31
Exchange	Nasdaq
Inception	6/20/2017
Inception Price	$19.83
Inception NAV	$19.83
Rebalance Frequency	Quarterly
Expense Ratio*	0.60%

* As of 8/1/2023

Current Fund Data (as of 12/4/2023)

Closing NAV¹	$32.90
Closing Market Price²	$32.90
Bid/Ask Midpoint	$32.89
Bid/Ask Discount	0.03%
30-Day Median Bid/Ask Spread³	0.31%
Total Net Assets	$18,097,514
Outstanding Shares	550,002
Daily Volume	5,289
Average 30-Day Daily Volume	1,217
Closing Market Price 52-Week High/Low	$33.58 / $29.43
Closing NAV 52-Week High/Low	$33.52 / $29.42
Number of Holdings (excluding cash)	377

Top Holdings (as of 12/4/2023)*

Holding	Percent
Leidos Holdings, Inc.	0.94%
Monolithic Power Systems, Inc.	0.94%
Intel Corporation	0.93%
Seagate Technology Holdings Plc	0.93%
NetApp, Inc.	0.92%
KLA Corporation	0.91%
Microsoft Corporation	0.91%
QUALCOMM Incorporated	0.91%
International Business Machines Corporation	0.89%
Entegris, Inc.	0.88%

* 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 12/5/2023)⁴	$0.1127
30-Day SEC Yield (as of 10/31/2023)⁵	1.71%
12-Month Distribution Rate (as of 10/31/2023)⁶	1.65%
Index Yield (as of 10/31/2023)⁷	2.33%

Fund Characteristics (as of 11/30/2023)⁸

Maximum Market Cap.	$2,954,245
Median Market Cap.	$35,921
Minimum Market Cap.	$9,948
Price/Earnings	18.66
Price/Book	3.04
Price/Cash Flow	12.69
Price/Sales	1.62

Bid/Ask Premium/Discount (as of 12/4/2023)

	2022	Q1 2023	Q2 2023	Q3 2023
Days Traded at Premium	100	23	18	33
Days Traded at Discount	151	39	44	30

Top Sector Exposure (as of 12/4/2023)

Technology	31.78%
Consumer Discretionary	14.70%
Industrials	12.46%
Health Care	12.18%
Financials	10.12%
Consumer Staples	5.16%
Energy	4.46%
Utilities	2.55%
Telecommunications	2.47%
Real Estate	2.42%
Basic Materials	1.70%

Hypothetical Growth of $10,000 Since Inception (as of 12/1/2023) *

Tracking Index: Nasdaq Riskalyze US Large Cap™ Index

Month End Performance (as of 10/31/2023)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-10.53%	1.16%	3.23%	9.80%	8.84%	N/A	8.28%
After Tax Held	-10.67%	0.72%	2.56%	9.19%	8.13%	N/A	7.61%
After Tax Sold	-6.23%	0.70%	1.92%	7.36%	6.64%	N/A	6.25%
Market Price	-10.56%	1.20%	3.30%	9.77%	8.82%	N/A	8.28%

Index Performance **
Nasdaq Riskalyze US Large Cap™ Index	-10.41%	1.73%	3.91%	10.49%	9.51%	N/A	8.95%
Nasdaq US 500 Large Cap™ Index	-8.29%	11.12%	10.14%	9.50%	10.95%	N/A	10.78%
S&P 500® Index	-8.25%	10.69%	10.14%	10.36%	11.01%	N/A	10.84%

Quarter End Performance (as of 9/29/2023)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-4.13%	4.75%	17.43%	10.46%	7.93%	N/A	9.00%
After Tax Held	-4.27%	4.29%	16.67%	9.84%	7.23%	N/A	8.32%
After Tax Sold	-2.44%	2.82%	10.32%	7.87%	5.89%	N/A	6.83%
Market Price	-4.13%	4.79%	17.52%	10.49%	7.91%	N/A	9.00%

Index Performance **
Nasdaq Riskalyze US Large Cap™ Index	-3.98%	5.27%	18.22%	11.14%	8.60%	N/A	9.67%
Nasdaq US 500 Large Cap™ Index	-3.31%	13.44%	21.42%	9.17%	9.83%	N/A	11.30%
S&P 500® Index	-3.27%	13.07%	21.62%	10.15%	9.92%	N/A	11.37%

3-Year Statistics (as of 10/31/2023)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
RNLC	18.98%	0.26	1.02	0.49	0.96
Nasdaq US 500 Large Cap™ Index	17.94%	---	1.00	0.49	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.

Nasdaq US 500 Large Cap™ Index - The Index is a float modified market capitalization weighted index that contains the top 500 securities from the NASDAQ US Benchmark Index.

S&P 500® Index - The Index is an unmanaged index of 500 companies 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	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.
⁵	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.
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 Riskalyze US Large Cap(TM) Index.
⁸	All market capitalization numbers are in USD$ Millions.
⁹	Inception Date is 6/20/2017

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. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

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.

Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future.

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.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

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.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

As inflation increases, the present value of a fund's assets and distributions may decline.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

Large capitalization companies may grow at a slower rate than the overall market.

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.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

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.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

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

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.

Real Estate Investment Trusts ("REITs") are subject to the risks of investing in real estate, including, but not limited to, changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Increases in interest rates typically lower the present value of a REIT's future earnings stream and may make financing property purchases and improvements more costly. The value of a fund will generally decline when investors in REIT stocks anticipate or experience rising interest rates.

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. 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^®, Nitrogen Wealth, Inc. ("Nitrogen Wealth"), and Nasdaq Riskalyze US Large Cap™ Index are registered trademarks and service marks of Nasdaq, Inc. and Nitrogen Wealth, respectively (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.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value