First Trust Cloud Computing ETF (SKYY)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

On June 24, 2019, the index which the First Trust Cloud Computing ETF (the "Fund") seeks to track changed its name from the "ISE Cloud Computing™ Index" to "ISE CTA Cloud Computing™ Index" (the "Index") and the Index changed its methodology. The methodology is described here.

Investment Objective/Strategy - The First Trust Cloud Computing ETF is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the ISE CTA Cloud Computing™ Index.

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

The index is a modified equal weighted index designed to track the performance of companies involved in the cloud computing industry. To be included in the index, a security must be classified as a Cloud Computing company by the Consumer Technology Association (CTA) and meet the following criteria:
- Minimum market capitalization of $500 million;
- Minimum free float of 20%;
- Minimum three-month average daily dollar trading volume (ADDTV) of $5 million.
Each security is then classified according to the following three business categories:
- Infrastructure-as-a-Service (IaaS): Companies that deliver cloud computing infrastructure - servers, storage, and networks - as an on-demand service.
- Platform-as-a-Service (PaaS): Companies that deliver a platform for the creation of software in the form of virtualization, middleware, and/or operating systems, which is then delivered over the Internet.
- Software-as-a-Service (SaaS): Companies that deliver software applications over the Internet enabling other companies to conduct their operations using the application.
The index employs a modified equal weighted methodology called the Cloud Score Weighting.
- At every index evaluation, each security has its Cloud Score calculated by receiving a score for each category (IaaS, PaaS, and SaaS), 1 if it is operating in that category and 0 if it is not. The maximum score that can be achieved is a 6 (3 for IaaS, 2 for Paas, 1 for Saas).
- Each company's total score is divided by the total sum of the scores in the universe to determine the weight of each security. Individual security weights are capped at 4.5%.
The number of securities in the index is limited to 80 securities.
The index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker	SKYY
Fund Type	Technology
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon
CUSIP	33734X192
ISIN	US33734X1928
Intraday NAV	SKYYIV
Fiscal Year-End	09/30
Exchange	Nasdaq
Inception	7/5/2011
Inception Price	$20.16
Inception NAV	$20.16
Rebalance Frequency	Quarterly
Expense Ratio	0.60%

Current Fund Data (as of 1/15/2021)

Closing NAV¹	$96.56
Closing Market Price²	$96.58
Bid/Ask Midpoint	$96.56
Bid/Ask Premium	0.00%
30-Day Median Bid/Ask Spread³	0.05%
Total Net Assets	$5,996,570,272
Outstanding Shares	62,100,002
Daily Volume	368,124
Average 30-Day Daily Volume	398,941
Closing Market Price 52-Week High/Low	$98.15 / $46.00
Closing NAV 52-Week High/Low	$98.11 / $46.15
Number of Holdings (excluding cash)	64

Top Holdings (as of 1/15/2021)*

Holding	Percent
Oracle Corporation	3.85%
Kingsoft Cloud Holdings - ADR	3.80%
MongoDB, Inc.	3.77%
Microsoft Corporation	3.57%
Alphabet Inc. (Class A)	3.54%
Amazon.com, Inc.	3.53%
Arista Networks, Inc.	3.51%
VMware, Inc.	3.47%
Alibaba Group Holding Limited (ADR)	3.33%
CenturyLink, Inc.	3.28%

* 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 1/18/2021)⁴	$0.0443
30-Day SEC Yield (as of 12/31/2020)⁵	0.16%
12-Month Distribution Rate (as of 12/31/2020)⁶	0.17%
Index Yield (as of 12/31/2020)⁷	0.76%

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 12/31/2020)⁸

Maximum Market Cap.	$1,681,606
Median Market Cap.	$17,642
Minimum Market Cap.	$965
Price/Book	6.76
Price/Sales	4.61

Bid/Ask Premium/Discount (as of 1/15/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	176	7	---	---
Days Traded at Discount	77	3	---	---

Top Sector Exposure (as of 1/15/2021)

Software	53.84%
IT Services	18.45%
Internet & Direct Marketing Retail	6.87%
Technology Hardware, Storage & Peripherals	6.48%
Communications Equipment	6.05%
Interactive Media & Services	3.54%
Diversified Telecommunication Services	3.28%
Health Care Technology	1.49%

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

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	21.16%	57.84%	57.84%	28.24%	26.56%	N/A	18.13%
After Tax Held	21.13%	57.69%	57.69%	27.94%	26.31%	N/A	17.97%
After Tax Sold	12.53%	34.22%	34.22%	22.46%	21.91%	N/A	15.43%
Market Price	21.17%	57.81%	57.81%	28.19%	26.61%	N/A	18.13%

Index Performance **
ISE CTA Cloud Computing™ Index	21.38%	58.80%	58.80%	29.12%	27.17%	N/A	18.78%
S&P Composite 1500 Information Technology Index	12.89%	43.23%	43.23%	28.64%	27.39%	N/A	20.87%
S&P 500 Index	12.15%	18.40%	18.40%	14.18%	15.22%	N/A	13.82%

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

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	21.16%	57.84%	57.84%	28.24%	26.56%	N/A	18.13%
After Tax Held	21.13%	57.69%	57.69%	27.94%	26.31%	N/A	17.97%
After Tax Sold	12.53%	34.22%	34.22%	22.46%	21.91%	N/A	15.43%
Market Price	21.17%	57.81%	57.81%	28.19%	26.61%	N/A	18.13%

Index Performance **
ISE CTA Cloud Computing™ Index	21.38%	58.80%	58.80%	29.12%	27.17%	N/A	18.78%
S&P Composite 1500 Information Technology Index	12.89%	43.23%	43.23%	28.64%	27.39%	N/A	20.87%
S&P 500 Index	12.15%	18.40%	18.40%	14.18%	15.22%	N/A	13.82%

3-Year Statistics (as of 12/31/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
SKYY	21.79%	11.96	1.03	1.18	0.88
S&P Composite 1500 Information Technology Index	21.59%	11.60	1.08	1.20	0.94
S&P 500 Index	18.79%	---	1.00	0.71	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 the ISE CTA Cloud Computing™ 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.

S&P Composite 1500 Information Technology Index - The Index is a capitalization-weighted index of companies classified by GICS as information technology within the S&P Composite 1500 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	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 ISE CTA Cloud Computing(TM) Index.
⁸	All market capitalization numbers are in USD$ Millions.
⁹	Inception Date is 7/5/2011

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 ISE CTA Cloud Computing™ Index. 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 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.

The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

The fund invests in information technology companies, which 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 frequent new product introductions. Certain companies may be smaller and less experienced companies, with limited product lines, markets or financial resources. Information technology company stocks, especially those which are Internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

The risks related to investing in cloud computing companies include interruptions or delays in service, security breaches involving sensitive, proprietary and confidential information, privacy concerns and laws, and other regulations that may limit or otherwise affect the operations of such companies.

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

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® and ISE CTA Cloud Computing™ 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